Michelmersh Brick's FY pretax profit steady

Michelmersh Brick has posted a steady FY pretax profit of £4.5m, from £4.5m a year earlier. It said dividend had been doubled to 2p a share.

Chairman Eric Gadsden said Michelmersh sat in a well-defined segment of the UK brick sector.

"Our high-quality products set technical standards and our service levels are recognised by our customers. We continue to develop the business around our product offering and commitment to our customers."

Turnover was £30.1m, from £29.1m. The company was debt-free with a year-end cash balance of £4.7m, from £2.9m.

Looking ahead, Michelmersh said the UK construction sector was facing continued demands to provide increased residential output to meet the housing shortage.

"This will support demand for bricks alongside other products and the short and medium term prospects for our industry encourage investment. The Board will continue to evaluate industry opportunities as they arise."

Gadsden was retiring as chair and would be replaced by Martin Warner.