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Michelmersh Brick

  • BY: Andrew Hore |
  • POSTED: 20/07/2009 |

Michelmersh Brick has completed the refinancing of its borrowings.

The brick maker says that the Barclays bridging loan and revolving loan facilities have been extended with repayment due on 1 June 2011. This sparked a 1.5p rise in the share price to 22.5p a share, which values Michelmersh at 9.09m. 

Michelmersh says that the renewed facilities will help it to take advantage of opportunities in its market as competitors withdraw from markets.

Net debt was 17.1m at the end of 2008 and the significant depreciation charge means that the figure could fall slightly this year despite house broker Charles Stanley forecasting a 2009 loss of 500,000.

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