22 July 2013 – trading update
The brick manufacturer and landfill company has seen an increase in activity in the six months to 30 June despite the adverse weather conditions with brick dispatches up 10% over the previous year (13% on a like for like basis). This is pleasing as the overall industry remained flat and order intake in the second quarter was very encouraging. The seasonally strong third quarter has started well and there are now signs that the significant industry destocking that began in 2009 is now coming to an end. Although this has yet to translate into price recovery there are signs that stock levels are under pressure and this could be the precursor to an increase in brick prices. The shares continue to move up as the group’s recovery gathers pace but we continue to rate the shares as a BUY.