Profit fall of 28% caused by difficult housing market and rising energy costs.
Difficult market conditions and higher energy costs have led to a 29% fall in profit at Baggeridge Brick. It said that a slow down in the housing sector had contributed to the slump in profit.
For the six months to 31 March 2005 pre-tax profit was 拢2.26m, down from 拢31.17m over the same period last year. Turnover was also lower, falling 3.8% to 拢23.75m.
Baggeridge said that the fall in turnover in its 黑洞社区 Materials division reflected a slowdown in demand for bricks. This was compounded by a substantial rise in the price of gas, which the brick manufacturer said it was not able to offset with an increase in the price of bricks.
Chairman Alexander Ward said: 鈥淪econd half performance relative to the comparative period last year will depend on the strength of the UK brick market and our ability to recover through improved prices increased energy costs faced by the whole of our industry.鈥�
He added: 鈥淣otwithstanding the current difficulties, particularly in the housing market, the Board remains positive about the Group鈥檚 long term prospects.
