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Michelmersh Brick

  • BY: Andrew Hore |
  • POSTED: 20/05/2010 |

Brick manufacturer Michelmersh Brick expects to complete the sale of surplus assets from the purchase of Freshfield Lane Brickworks in the near future.

Surplus agricultural land should be sold for 1.4m. Two residential properties are likely to be sold for more than their book value. There should also be a profit on the sale of other properties.

Additional cash should come in from the deal with Persimmon for the Telford site. Michelmersh has also extended its debt facilities.

Like-for-like sales are well in excess of the previous year.

At 39.5p a share, up 1.5p on the day, Michelmersh is valued at 23m.

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