Income and profit at business both head north
Having less exposure to the housing market helped lift revenue and profit at brickwork firm Michelmersh last year.
The company has fared better than in its peers in this year’s results season with the firm seeing pre-tax profit rise 9% to £12.5m on income up 13% to £77m.
The firm splits its turnover between new build housing, RMI and commercial work with CFO Ryan Mahoney saying the firm looks to adjust the amount of work it carries out in those markets “depending on the strength of each of those segments”.
Retiring chairman Maetin Warner, who is stepping down after 35 years at the firm, added: “We believe in our business model, maintaining a broad customer base across multiple end markets, and continue to see robust levels of order intake as a result.” Warner is being replaced by non-executive Tony Morris who has been at the firm just over three years.
Also leaving is joint chief executive Frank Hanna who starts as group chief executive of construction materials distributor Brickability in the middle of next month. Hanna has been joint CEO since the start of 2016.
Michelmersh’s net cash at the year-end was up £400,000 to £11m with an undrawn credit facility of £20m.
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