26 March 2012 – final results
Results for 2011 were solid. Turnover was up 4% to £24.3m (2010: £23.3m) and earnings per share were 2.60p (2010: loss per share 9.82p). The net asset value slipped a touch from 64p to 60p but this still represents a steep premium to the current share price and should offer support.
The company has said that it looks forward with cautious optimism. Although challenges remain, Michelmersh Brick has returned to profitability and is generating cash. At the current share price we continue to rate the shares as a BUY.