Brickmaker says it is continuing to restructure following purchase of Freshfield Lane Brickworks
Brick firm Michelmersh has announced it is to undergo further restructuring following the acquisition of Freshfield Lane Brickworks.
It told the stock market that it would be seeking more efficiencies in the second half of the year.
Turnover at the brick manufacturer was up 18% to £10.7m in the first six months of 2010, compared to £9.1m in the first half of 2009. Pre-tax profit was up to £530,000, compared to a loss of £141,000 in the same period in 2009.
The figures were skewed by the firm’s acquisition of Freshfield Lane Brickworks in March for £9.6m. The purchase increased the number of bricks sold over the six months, going from 26m in the first half of 2009 to 32m in 2010. The average sellling price was “slightly reduced” due to the products available from the new acquisition.
The firm has already made redundnancies and is expected to make more this year.
Its financial report this morning said: “Further restructuring is under way in the second half of the year as we seek efficiencies and a reduction in administrative costs going forward. Since the period end we have made the decision to centralise our administrative and accounting functions at FLB.”