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鈥檚 results season with the firm seeing pre-tax profit rise 9% to 拢12.5m on income up 13% to 拢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 鈥渄epending on the strength of each of those segments鈥�.
Retiring chairman Maetin Warner, who is stepping down after 35 years at the firm, added: 鈥淲e 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.鈥� 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鈥檚 net cash at the year-end was up 拢400,000 to 拢11m with an undrawn credit facility of 拢20m.
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