Michelmersh Brick Holdings Board has declared an interim dividend of 1.60 pence per ordinary share ("pps") (30 June 2025: 1.60pps). The dividend will be paid on 7 January 2027 to members on the register on 27 November 2026 and is not accrued in the 30 June 2026 interim accounts. The ex-dividend date will be 26 November 2026.
Other financial highlights include:
Resilient first half, with revenue down 9.5% as expected, reflecting the impact of operational integration and a competitive brick pricing environment
Improved margin performance with a 340 basis point uplift in gross margin to 37.0% and 200 basis point uplift in Adjusted EBITDA margin to 18.5% as a result of a focus on operational cadence and reorganisation activities
Outperformance of UK market despatch volumes which were down c. 9% in the first half, with the Group down c. 2% over the same period, a result of the diversity of their end markets and the quality of their products
UK market despatch volumes remain over 25% below 2022 peak on a rolling 12 month basis
Order intake tracked ahead of manufacturing volumes albeit with inconsistent order book call off rates, highlighting customer uncertainty and ongoing impact of cautious consumer sentiment
Competitive pricing environment with the Group focused on targeting stable average selling prices to support customers in their strategic decision making
Fall in UK sector brick production volumes over the prior year of c. 10% supported stable market inventory volumes with production matching despatch volumes through the period
Active management of input costs on a risk-based approach, with energy costs hedged through the remainder of FY26 at +90% to support ongoing margin improvement
Cash from operations was lower than the prior period, mainly due to timing of receivables following a quieter Q1 and a stronger Q2 despatch profile
Strong balance sheet despite challenging markets, with net debt of £5.0 million and available £20 million borrowing facility underpinning financial resilience and flexibility to continue to pursue balanced capital allocation policy
