Michelmersh Board is pleased to continue to commit to their progressive dividend policy reflecting a balanced approach to generating and returning value to their shareholders, and as such, the Board is recommending a final dividend of 3.00 pence per share (2022: 2.95 pence per share), which, together with the 1.50 pence per share interim dividend (2022: 1.30 pence per share), gives a total dividend of 4.50 pence per share (2022: 4.25 pence per share), up 5.9% on last year. The proposed dividend will be paid on 10 July 2024 to members on the register on 7 June 2024 with shares being marked ex-div on 6 June 2024.
Other financial hightlights
Positive financial performance in 2023, with earnings for the year ahead of market expectations
Revenue and profit growth driving 11% increase in Basic EPS
Continued focus on pricing stability for customers to support 2024 demand outlook
Full production capacity maintained throughout the year alongside focused cost management has led to strong profit performance
Resilient operational cash generation supported investment in inventory and capital investment in solar at plants to supplement longer term energy requirement
Launch of SustainableBrick.com, a new website that highlights the benefits of clay brick to their broad customer base
Group cash of £11m at 31 December 2023 and undrawn £20m borrowing facility underpin strong financial resources and strategic optionality
