Resultados finales
Michelmersh Brick Holdings Plc
("MBH", la "Compañía" o el "Grupo")
Resultados preliminares para el año terminado el 31 de diciembre de 2023
Positive performance - earnings ahead of market expectations
Michelmersh Brick Holdings Plc (AIM: MBH), el fabricante y fabricante de ladrillos especializado, informa sus resultados preliminares para el año que finalizó el 31 de diciembre de 2023.
Aspectos financieros más destacados:
31 Dec 2023
| 31 Dec 2022
| Cambios
| Cambio orgánico 2 | ||
Resultados estatutarios |
|
|
|
| |
Ingresos |
| 77.3m | 68.4m | 13.0% | 1.3% |
Margen bruto | 38.9% | 39.4% | (0.5%) | 0.6% | |
Beneficio operativo | 12.3m | 11.6m | 6.0% | 5.2% | |
Beneficio antes de impuestos | 12.5m | 11.4m | 8.8% | 8.1% | |
Ganancias básicas por acción | 10.44p | 9.41p | 10.9% | 10.2% | |
Efectivo de operaciones | 13.6m | 19.7m |
| ||
El efectivo neto | 11.0m | 10.6m | |||
Dividendo por acción | 4.50p | 4.25p | 5.9% | - | |
Resultados ajustados* |
| ||||
EBITDA ajustado1 | 17.8m | 16.7m | 6.6% | 4.8% | |
Beneficio operativo ajustado | 13.7m | 12.7m | 7.9% | 7.1% | |
Beneficio ajustado antes de impuestos | 13.8m | 12.5m | 10.4% | 9.6% | |
Ganancias ajustadas por acción | 11.91p | 10.61p | 12.3% | 11.6% |
Aspectos interesantes
· Positive financial performance in 2023, with earnings for the year ahead of market expectations
· Revenue and profit growth driving 11% increase in Basic EPS
· Continued focus on pricing stability for customers to support 2024 demand outlook
· Full production capacity maintained throughout the year alongside focused cost management has led to strong profit performance
· Resilient operational cash generation supported investment in inventory and capital investment in solar at plants to supplement longer term energy requirement
· Lanzamiento de SustainableBrick.com, un nuevo sitio web que destaca los beneficios de los ladrillos de arcilla para nuestra amplia base de clientes
· Group cash of £11m at 31 December 2023 and undrawn £20m borrowing facility underpin strong financial resources and strategic optionality
· Final dividend per share of 3.00p resulting in full year dividend of 4.50p, up 5.9% on 2022, demonstrating commitment to progressive dividend policy and confidence in a resilient outlook
Pronóstico:
· Focus on maintaining a well-balanced forward order book and pricing stability expected to support resilient order intake across our diverse end market customer base for 2024
· Energy price hedging in place with over 70% of our expected requirements secured for 2024 with the expectation of a more stable outlook expected to underpin forward prices
· The Group continues to focus on delivering both excellence in product and customer service and with the resilient qualities of our business model the Board remains confident in the strategic outlook of the business.
Al comentar sobre los resultados, Martin Warner, presidente de Michelmersh Brick Holdings Plc, dijo:
"I am very pleased to report on another positive year for the Group, with strong growth across our key financial metrics despite the decline in the broader construction industry.
"We enter 2024 watchful of the interest rate environment and inflation trends and how these affect the timing of the anticipated increase in construction activity levels. Whilst we continue to closely monitor the impact from these macro cycles, we 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.
"As ever, the Group continues to focus on delivering both excellence in product and customer service and with the resilient qualities of our business model the Board remains confident in the strategic outlook of the business.
"As I step down from the business after 35 years of involvement with brick making I would like to thank all my colleagues who have supported me over the years, past and present. The growth from small beginnings has only been possible by their dedication, skill and support in good times and bad.
"I have no doubt that all that has been built in terms of plant and people will mean that the business will continue to prosper from a strong financial base for shareholders, customers and importantly for our employees who make it all happen. This business is truly unique in many ways.
"I would also like to add my personal thanks to Frank Hanna as he steps down for pastures new. We have worked together in the industry for many years, particularly since the acquisition of Freshfield Lane in 2010. He has been a valued colleague and I wish him every success in the future."
*Los Directores creen que las medidas ajustadas brindan una comparación más útil de las tendencias y el desempeño del negocio. Los resultados ajustados excluyen elementos excepcionales que incluyen costos asociados con adquisiciones y la amortización de intangibles adquiridos. El término ajustado no está definido en las NIIF y puede no ser comparable con medidas de título similar utilizadas por otras empresas. .Los resultados de rendimiento ajustados se concilian con los resultados estatutarios en la siguiente tabla.
1 El EBITDA se define como las ganancias antes de intereses, impuestos, depreciación y amortización
2 Organic change presents a percentage comparison year on year excluding the impact of the results of FabSpeed which was acquired on 24 November 2022.
Una sesión informativa para analistas se llevará a cabo virtualmente a las 11:30 am de hoy. Para asistir por favor envíe un correo electrónico GME@dhr-rgv.com.
The Company also notes that it will be hosting an online presentation to retail investors on Thursday 28 March at 10:00am. Those wishing to join the presentation are requested to register via the following link: Registro de reuniones
Michelmersh Brick Holdings Plc Peter Sharp, director ejecutivo Ryan Mahoney, director financiero | Tel.: +44 (0) 1825 430 412 |
Canaccord Genuity Limited (NOMAD y Joint Broker) Max Hartley bobbie hilliam harry pardoe | Tel.: +44 (0) 20 7523 8000
|
Berenberg (Articulación Broker) ricardo bootle Detlir Elizi patricio dolaghan | Tel.: +44 (0) 20 3207 7800 |
Jersey amarillo PR Carlos Goodwin Annabelle testamentos | Tel.: +44 (0) 7747 788 221 Tel: + 44 (0)7775 194 357 |
La información contenida en este anuncio se considera información privilegiada según lo estipulado en las Regulaciones de Abuso de Mercado del Reino Unido. Tras la publicación de este anuncio, esta información privilegiada ahora se considera de dominio público.
Acerca de Michelmersh Brick Holdings PLC:
Michelmersh Brick Holdings PLC es una empresa con siete marcas líderes en el mercado: Blockleys, Carlton, FabSpeed, Freshfield Lane, Michelmersh, Floren.be y Hathern Terra Cotta. Estas divisiones operan dentro de un negocio totalmente integrado, que combina la producción de ladrillos, adoquines, ladrillos con formas especiales, productos de terracota a medida y componentes de ladrillo prefabricados fabricados con precisión. El Grupo también incluye un operador de vertederos, New Acres Limited, y busca desarrollar futuros vertederos y oportunidades de desarrollo en activos de terrenos auxiliares.
Establecida en 1997, la Compañía ha crecido a través de adquisiciones y crecimiento orgánico hasta convertirse en un negocio rentable y rico en activos, que produce más de 122 millones de ladrillos y adoquines de arcilla por año. Michelmersh posee actualmente la mayoría de las marcas de ladrillos de fabricación premium del Reino Unido y es un fabricante líder de adoquines de ladrillos y arcilla con especificaciones.
Michelmersh se esfuerza por ser una empresa bien invertida, a largo plazo, sostenible y ambientalmente responsable. La oportunidad, la formación y la seguridad para todos los empleados, al tiempo que satisfacen las necesidades de las partes interesadas, están a la vanguardia de todo lo que hacemos. Nuestro objetivo es liderar el camino en la producción de algunos de los productos de arcilla de primera calidad de Gran Bretaña y mejorar nuestro medio ambiente agregando valor al paisaje arquitectónico para las generaciones venideras.
Somos Michelmersh Brick Holdings PLC: somos "el especialista en ladrillos de Gran Bretaña".
Visite los sitios web del Grupo en: www.mbhplc.co.uk, www.bimbricks.com y www.ladrillosostenible.com
Chief Executive Officers' Statement
We are pleased to report on another positive year of progress for the Michelmersh Group, which has been significantly influenced by all of our staff in the UK and Belgium and their ongoing support in continuing to provide the highest quality product and service to all of our loyal customers.
At the centre of our strategy is the belief that sustainable growth is best supported through maintaining a broad range of end customers who cover the fullest spectrum of applications and channels within the construction industry. Despite a 30% decline in new build construction activity over the last twelve months, and the associated impact on brick despatches, we have achieved these positive results this year due to this strategic approach. Focusing our portfolio on diverse end markets, each with different supply and demand fundamentals, has created a business that continues to deliver growth in more challenging conditions. We remain very grateful for the longevity and depth of our customer relationships, which support this approach and our focus on providing excellent products and services alongside balancing the needs of all our stakeholders.
Despite the uncertainty in the construction sector, the fundamentals in our end markets remain positive with a critical shortage of both new residential and social housing and a significant legacy housing inventory constructed with brick façades, underpinning future Repairs, Maintenance and Improvement ("RMI") demand with continued requirements for brick cladding remedial solutions. It is also clear that the two major political parties remain committed to reversing the decades long decline in house building with the certainty of meaningful population growth in 2024 and beyond exacerbating the need for new housing.
Our fundamental core competency remains our significant strength in the premium end of the brick market in the UK and Benelux regions. We view the long-term fundamentals of these markets as positive, with brick continuing to be the façade material of choice due to its longevity, sustainable and energy efficiency qualities, low-cost base and broad aesthetic appeal. Demand for bricks across the sector has declined over the last twelve months in line with the consumer environment. Consequently, brick inventory volumes for the sector are above the five year average at c.575 million. In response, across the industry, manufacturing capacity of approximately 25% has been mothballed or permanently closed in the UK with uncertainty at the point the market will return to 2022 levels. However, given this change in dynamics from 2021 and 2022, our ability to address the market's broad spectrum supports the resilience of our outlook.
As a complement to our core brick manufacturing business, we remain very pleased with our acquisition of FabSpeed, which we completed at the end of November 2022 and have had a successful first full year of ownership, focusing on its strategic integration into our commercial and operational teams. Subsequent to the acquisition, we have focused on the opportunities to combine FabSpeed with our existing clay product manufacturing business, as we aim to create a leading player in clay and associated pre-fabricated products, including brick cladding systems, brick clad chimneys and arches. We are excited about expanding the product offering, the enhanced routes to market, the complementary customer base and distribution channels that FabSpeed has now brought to the enlarged Group.
Following the decision to cease brick making operations at Charnwood in December 2022, we previously highlighted our intention to use the vacant factory space in the first phase of our growth strategy for FabSpeed, as we looked to repurpose the site and expand the operations and reach of our acquired prefabricated portfolio. The site renovation work was completed in March and FabSpeed began prefabricated operations, alongside the existing manufacturing of our bespoke Hathern Terra Cotta range, and will specifically focus on expanding the customer reach of our brick slip system portfolio. Later in the year we commenced remedial work on some vacant adjacent space at our Carlton plant with a view to further expanding our FabSpeed operations onto our owned sites and target further operational efficiency.
Our 2023 financial performance and strong balance sheet have allowed us to deliver on our core business priorities and equally ensure that we can continue to invest in the Group and continue to deliver against our sustainability initiatives. During the year we completed the new building to house the automated robot pallet mixing equipment in Florenand with the additional roof space added a further 25% of solar capacity on site to deliver 50% of our electricity requirement in Belgium on an annualised basis. Following the success at Floren, we obtained our licences to add solar panels at Blockleys, with installation completed in the second half of the financial year. As we look into 2024 and beyond, we will continue to add to the pipeline of sustainability and manufacturing initiatives to deliver incremental improvements to our processes.
Importantly, our year-end cash position of £11 million and the undrawn £20 million bank facility continues to provide us with both financial resilience and flexibility to continue pursuing and meeting our ongoing strategic objectives.
We remain fully committed to our progressive dividend policy with a full year dividend of 4.50 pence per share underlining our confidence in the resilient outlook for the business. All of this leaves us well-positioned to deliver further progress in our 2024 financial year and beyond.
Cambios de junta
We announced on 26 May 2023 that Frank Hanna had informed the Board of his decision to leave the Company to take up the position of CEO of the Brickability Group.
Frank and I were appointed Joint Chief Executive Officers ("JCEO") in January 2016 and since that time I am very proud of the significant growth and success the Company has achieved. Since 2016, the Group's' annual brick output has increased from 70 million to over 122 million, the portfolio has broadened to include brick fabricated products and the Company has entered the European market with Floren. Frank has been associated with the Group for 32 years, joining officially in 2010, when as a shareholder of Freshfield Lane it was acquired by Michelmersh. Frank has been an excellent JCEO of Michelmersh and a highly valued colleague and member of the Board and he is leaving with our sincere thanks for his immense contribution in building a business with strong fundamentals underpinned by the longevity and depth of our customer relationships.
We also announced on 1 August 2023 that Martin Warner had informed the Board of his decision to retire as Chair at the AGM in May 2024. Martin will be succeeded by Tony Morris who is currently a Non-Executive Director. Alongside, we also announced that Rob Fenwick had joined the Company as Non-Executive Director.
Martin was appointed Chair in 2016, having previously been joint founder and Chief Executive Officer. He has overseen transformational growth over that period supporting the Group on its progressive journey to becoming a leading premium brick manufacturer and brick prefabrication specialist across the UK and Belgium. On a personal note, I would like to thank Martin for his valued support and guidance over many years. I look forward to continuing working with Tony as we look to the future with confidence and the business being in a strong position to continue to deliver against our strategy.
Tony, who joined the Board in November 2020, has brought a wealth of experience in M&A and equity capital markets to the Group, and over the last three and a half years with Michelmersh has added significant construction industry and clay manufacturing sector knowledge, alongside his role as Chair of the Remuneration Committee.
Rob, who joined the Board in 2023, has extensive operational experience, having spent 20 years with Howden Joinery Group plc. Rob was Chief Operating Officer of the supply division at Howdens for 14 years before spending a year as Chief Governance Officer. Rob is also a Non-Executive Director of Andrew Marr International Ltd and Kronospan Holdings Ltd.
With these changes, we believe that the Board has the appropriate balance of skills and experience to support the Group as we continue to deliver against our strategic objectives.
Sostenibilidad
The Group continues to believe in the importance of being a senior representative of the clay brick manufacturing industry and to champion the carbon and broader sustainability benefits of utilising our product portfolio in the built environments of the UK and northern Europe. As we highlighted last year, for Michelmersh this will always be focused on incremental improvements as we look to our internal knowledge and the right external partnerships to both develop and adopt the technical solutions that will continue to deliver against the outlined targets in our 2021 Sustainability Report. As a result, we are very pleased that during the year we have already achieved a 24.2% reduction in carbon intensity ratio since our 2016 baseline, well ahead of our target which we have now increased from 5% to 25% by 2030 which represents significant progress.
With the recognised importance in championing the sustainability of our portfolio, we were delighted to launch LadrilloSustentable.com, un nuevo sitio web que destaca los beneficios de los ladrillos de arcilla para nuestra amplia gama de clientes finales. Este recurso de información tiene como objetivo reforzar a los arquitectos la evolución y la inversión que la industria está realizando hacia mejoras innovadoras relacionadas con la sostenibilidad, al tiempo que muestra los beneficios sostenibles del ladrillo de arcilla. El sitio también está dirigido a la industria de la construcción y aprovecha los numerosos recursos de cálculo de carbono disponibles para ayudar al sector a lograr colectiva y colaborativamente el cero neto. A través de los productos e iniciativas mostrados en el sitio web, esperamos liderar el camino en prácticas de construcción sostenible e ilustrar cómo se pueden adoptar para las generaciones futuras.
Premios y reconocimientos
Estamos encantados de que nuestra cartera de productos de alta calidad haya sido reconocida una vez más en 2023 a través de nuestros éxitos en los premios de la industria de la Brick Development Association ("BDA"). los 47th BDA awards saw the Group win five awards, alongside one commendation, which was almost a third of the awards presented during this year's event.
This year's awards showcased the ever-expanding utilisation of brick across the construction industry, with notable contributions in the Urban Regeneration, Innovation and Refurbishment categories as well as celebrating brick architecture across the wide spectrum of more traditional uses. These accolades are a testament to the pivotal role that our products play in housing developments, public buildings and commercial developments, underscoring the exceptional environmental and sustainability attributes of clay brick across the country.
Among our awards was recognition for Archio's Becontree Estate as part of a significant house-building initiative in the London Borough of Barking and Dagenham. Becontree Estate used Freshfield Lane's First Quality Multi which helped successfully blend this project into the area's historic London environment.
Further success came with MAST Architects winning the Urban Regeneration Award with a mixed-use project in Clydebank, Scotland, located on a former shipyard site. It represents the initial phase of a residential development plan to reintegrate the waterfront with the town, and utilised Blockley's Porcelain White Smooth and complementary products to harmonise the build with its nautical surroundings.
Winning the Commercial Award, Feilden Clegg Bradley Studios, designed a six-story office building with a focus on sustainability and community integration. Utilising Freshfield Lane's First Quality Multi, the building's brickwork demonstrated that energy-efficient features, beauty, functionality and sustainability can coexist.
The recognition of these influential projects and the wider success at the National RIBA awards on additional educational, urban regeneration and retrofit developments further highlights that as Britain's Brick Specialists, the Group aims to inspire beautiful, comfortable, safe and sustainable architecture for a future built environment we can be proud of.
CARIDAD
Our commitment to being a socially engaged and responsible employer did not change this year and we carried on from our charitable commitments in 2022 by increasing our donations and the provision of support to charities and community projects. As part of our decision-making process in selecting charities to support, we invite all staff to put forward nominations for the following financial year. We continued the process for this year and the charities we supported were all nominated by our people. The two main charities we selected from the nominations were The Lighthouse Construction Project and The Brain Tumour Centre.
The Lighthouse Construction charity carries out incredible work in the breadth of the support they provide to workers and their families in the construction industry. The Brain Tumour Centre not only invests heavily in scientific research but also looks at ways they can help improve the lives of all those who have been diagnosed with a brain tumour. In addition to the annual staff nominations, we also supported numerous community events local to our manufacturing facilities as well as donating to individual staff charity fundraisers throughout the year.
Apoyando la educación
We have been proud supporters of colleges for many years, which was cemented by the Group with the official launch of 'Pledge 100' in 2020 to encourage youth training in skill-based occupations and those embarking on careers in the construction industry. The industry continues to face a very well-publicised shortage of skilled bricklayers, with gaps in funded support across all sectors of construction and we believe this additional assistance is vital to encourage the next generation to apply for construction-focused employment as the country faces the challenge of meeting the critical shortage of both new houses alongside the importance of well-maintained older housing stock.
We have once again supported this commitment to training the next generation of bricklayers by donating over 120,000 bricks through our "Pledge 100" initiative, ahead of the 100,000 we achieved annually since 2020. Supporting industry education and training, including bricklayers and architectural design courses, remains one of our core commitments.
Throughout 2023 we supported 14 institutions across the UK through the provision of bricks they need to ensure students can learn the appropriate skills necessary to fulfil their training as bricklayers of the future. With the additional bricks this year we also supported five community and charity led projects that support local communities surrounding our factories.
In addition to offering products for students to learn with in practical lessons, we also continued to supply hundreds of copies of the "Guide to Successful Brickwork" to vocational training courses.
Resultados de grupo
As a result of the strong trading performance across the business, the Group delivered positive growth for the 2023 financial year. The 2023 results include the positive impact of FabSpeed, our prefabricated building product acquisition in November 2022 and for comparison purposes, we include like-for-like narrative to remove the full year of benefit in 2023 and the one month contribution in 2022 for our key financial metrics.
Aspectos financieros más destacados
| Año terminado 31 Dec 2023 | Año terminado 31 Dec 2022 |
Cambios | |
Ingresos |
| 77.3m | 68.4m | 13.0% |
Margen bruto |
| 38.9% | 39.4% | (0.5%) |
EBITDA ajustado *1 | 17.8m | 16.7m | 6.6% | |
Beneficio operativo ajustado * | 13.7m | 12.7m | 7.9% | |
Beneficio operativo | 12.3m | 11.6m | 6.0% | |
Beneficio ajustado * antes de impuestos | 13.8m | 12.5m | 10.4% | |
Beneficio antes de impuestos | 12.5m | 11.4m | 8.8% | |
Ganancias por acción básicas ajustadas* | 11.91p | 10.61p | 12.3% | |
Ganancias básicas por acción | 10.44p | 9.41p | 10.9% | |
Dividendo por acción | 4.50p | 4.25p | 5.9% |
*Los Directores creen que las medidas ajustadas brindan una comparación más útil de las tendencias y el desempeño del negocio. Los resultados ajustados excluyen elementos excepcionales que incluyen costos asociados con adquisiciones y la amortización de intangibles adquiridos. El término ajustado no está definido en las NIIF y puede no ser comparable con medidas de título similar utilizadas por otras empresas. Los resultados de rendimiento ajustados se concilian con los resultados estatutarios en la siguiente tabla.
1 El EBITDA se define como las ganancias antes de intereses, impuestos, depreciación y amortización
Revenue for the year increased by 13.0% to £77.3 million (2022: £68.4 million) over the equivalent period in 2022. Removing the impact of FabSpeed, revenue increased by 1.3% which was supported by a price increase implemented across the portfolio from the start of the year, as we continued to target mitigating the increase in our input costs, offset by a 10% reduction in despatches predominantly due to more challenging conditions in the final quarter. The Group revenue performance undoubtedly benefited from the broader reach of our portfolio across our diverse customer base with the construction sector activity declining year on year by around 30%. Despite the reduction in despatches in the fourth quarter, we took the decision to both, maintain normal production volumes as we targeted maximum operational leverage from our broader manufacturing base, and invest in the appropriate inventory levels to support our FY24 expectations and to provide our loyal customer base with a consistent supply of our product portfolio.
As a result of the positive revenue performance, operating profit of £12.3 million was up 6.0% on the comparative period (2022: £11.6 million) and profit before tax of £12.5 million was up 8.8% (2022: £11.4 million). On a like-for-like basis, removing FabSpeed, these increases were 5.3% and 8.1% respectively. The lower contribution from FabSpeed to our profit performance reflected our focus in our first full year of ownership on integration initiatives as we aligned our commercial teams and embedded our operational processes and procedures across the four acquired operational sites. Equally, at acquisition, FabSpeed's product portfolio was more aligned to the new build environment and as such our margins and profit were impacted more than the organic business by the broader decline in construction activity, particularly for the volume house builders.
Following over two years of significant cost base volatility we continued to closely manage our input costs through the year. As such, we benefited from the stability of securing the price for 90% of our energy requirements across 2023 and we have energy contracts in place for 70% of our expected requirements in 2024 with further contracts into 2025 and 2026 in line with this approach. Whilst remaining watchful of the impact of global macro factors, on balance we see utility pricing returning to a more consistent level in the medium term. The profit metrics and cost management strategy underline the Company's continuing success of managing our operational efficiency to maximise our financial returns, whilst importantly maintaining a close relationship with our loyal customers through our ability to deliver a greater degree of pricing visibility and inventory availability certainty.
On a reported basis, the results include the impact of the amortisation of acquired intangibles which increased by £0.2 million year on year as a result of beginning to amortise the intangible assets capitalised from our FabSpeed acquisition. On an adjusted basis, to remove the impact of these items, adjusted EBITDA of £17.8 million (2022: £16.7 million) is ahead by 6.6% against 2022 and 4.8% on a like-for-like basis. As we highlighted in our 2022 year-end results, this was at a slightly reduced adjusted EBITDA margin of 23.0% (2022: 24.4%), reflecting the importance of a balanced pricing strategy for our customers and earnings growth alongside the necessity to secure robust forward demand in our core markets with a significant decline in construction activity.
After a tax charge of £2.8 million (2022: £2.5 million), the Group recorded a profit for the year after tax of £9.7 million (2022: £8.9 million), an increase of 9.0%. The tax rate of 22.4% (2022: 22.1%) reflects our effective Group tax rate for the year, which is a small increase on 2022 and follows the change announced in the 2021 Budget and ratified by parliament which increased the standard rate of UK corporation tax from 19% to 25% effective from 1 April 2023.
Basic earnings per share increased by 10.9% to 10.44p (2022: 9.41p). This increase ahead of profit was due to the benefits of a balanced capital allocation strategy with our strong balance sheet supporting a buyback programme which ran from November 2022 to September 2023 and reduced the basic shares in issue by 2.25 million shares with our focus on continuing to return value to shareholders and also to reduce the impact of share dilution.
La siguiente tabla (medidas de rendimiento ajustadas) proporciona una conciliación clara del rendimiento ajustado con las cifras informadas.
Medidas de desempeño ajustadas | Año terminado | Año terminado | Cambios |
31 Dec 2023 | 31 Dec 2022 | ||
000 £ | 000 £ | ||
Beneficio operativo | 12,338 | 11,609 | 6.0% |
Ajustes: |
| ||
Amortización de intangibles adquiridos | 1,370 | 1,133 | |
Beneficio operativo ajustado a | 13,708 | 12,742 | 7.9% |
Depreciación | 4,105 | 3,915 | |
EBITDA ajustado a | 17,813 | 16,657 | 6.6% |
Costos financieros | 119 | (214) | |
Depreciación | (4,105) | (3,915) | |
Beneficio ajustado antes de impuestos a | 13,827 | 12,528 | 10.4% |
| |||
Ganancias básicas por acción | 10.44p | 9.41p | 10.9% |
Utilidad básica ajustada por acción a | 11.91p | 10.61p | 12.3% |
a Includes adjustments to exclude amortisation of acquired intangibles.
Efectivo neto y capital de trabajo
Cash generated from operations for the year was £13.6 million, compared to £19.7 million in 2022 which was an exceptionally strong year for the Group, and was supported by our resilient trading through the year. Our operational cash flow was impacted by the decision to invest in our inventory position through increased raw material stocks and finished goods in support of our expectations for 2024. As a result, operating cash conversion from adjusted EBITDA was lower at 76.4% compared to 117.9% in 2022 although this is still seen as a very positive performance given the broader construction activity decline.
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| Año terminado 31 Dec 2023 | Año terminado 31 Dec 2022 |
| ||||||
Efectivo neto generado por operaciones |
|
| 13.6m | 19.7m |
|
|
| |||
Impuesto pagado |
| (£ 2.8 millones) | (£ 1.7 millones) |
|
| |||||
Intereses recibidos/(pagados) |
| 0.1m | (£ 0.2 millones) |
|
|
| ||||
Compra de propiedad, planta y equipo |
| (£ 3.1 millones) | (£ 3.0 millones) |
|
| |||||
Producto de la venta de terrenos | 1.1m | - |
|
| ||||||
deuda pagada |
| - | (£ 0.8 millones) |
|
|
| ||||
Acciones propias adquiridas |
| (£ 1.9 millones) | (£ 1.5 millones) |
|
|
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Liquidación de opciones sobre acciones canceladas |
| (£ 1.8 millones) | - |
|
|
| ||||
Adquisición de FabSpeed (neto de efectivo) |
| - | (£ 6.1 millones) |
|
|
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Pagos de arrendamiento |
| (£ 0.9 millones) | (£ 0.7 millones) |
|
|
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Dividendo pagado |
| (£ 4.0 millones) | (£ 3.3 millones) |
|
|
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Otro |
| 0.1m | - |
|
|
| ||||
Aumento neto de efectivo y equivalentes de efectivo |
| 0.4m | 2.4m |
|
|
| ||||
Efectivo neto antes de pasivos por arrendamiento |
| 11.0m | 10.6m |
|
|
| ||||
At the year end the Group had net cash before lease liabilities of £11.0 million (2022: £10.6 million). In addition to our growing cash position, our £20.0 million Sterling and Euro denominated bank facility remains undrawn (2022: £20 million and undrawn) and is committed to 22 December 2026, following the exercise in November of the second of our two one year extension options.
As we enter 2024, the cash generating fundamentals of the Group, net cash position and strong balance sheet provide us with the capacity to continue to invest in the business to support both capital initiatives and our commitment to maintaining our progressive dividend policy. Importantly, the strength of our balance sheet provides us with significant confidence in our financial stability as we continue to trade in an uncertain economic environment.
Nuestra política a largo plazo es mantener una sólida posición financiera y mantener el índice de deuda neta a EBITDA ajustado cómodamente por debajo de dos veces.
Compra de acciones propias
We launched a share buyback programme at the end of November 2022, which continued to the end of September 2023, to reduce the share capital of the Group in order to return value to shareholders; as at 31 December 2023 the Group had purchased 2,225,000 shares (2022: 60,000) shares for a total consideration of £2 million (2022: £0.05 million). The shares continue to be held as treasury shares.
Alongside the buyback programme, we continue to prioritise the future expected returns of shareholders by focusing on the volume of our issued share capital. As a result, 2 million 2017 LTIP options were cancelled in November 2022 and converted to a cash settlement. The cash settlement value of £1.8 million was paid in the year which included all associated employment tax obligations.
Propiedad, planta y equipo.
The capital expenditure invested in the year highlights our continued broader focus on delivering technically feasible sustainability improvements. The principal expenditure was focused on Floren where we have completed the construction of a building to house automated robot pallet mixing equipment and utilised the roof to add additional solar capacity which now collectively provides over 50% of our electricity needs. Given the proven success in Floren, we applied for a G99 Connection through the National Grid to add solar panels to Blockleys, which we received during the first half and completed the addition of the solar panels in H2. Alongside, we continued our programme of planned roll-outs to electrify our fork-lift fleet which during the year was focused on Michelmersh.
Additionally, over the last few years, we have focused on preparing non-core land at Blockleys ahead of its release for alternative use. The sale of surplus investment land remains an important pillar of our lifetime revenue sources. During the year we received £1.1 million from the sale of this surplus land with the price agreed under the terms of a legacy option agreement. The land had previously been valued at the option price so the sale was released at our balance sheet carrying value with no one-off impact to the earnings statement.
Dividendo
The Board is pleased to continue to commit to our progressive dividend policy reflecting a balanced approach to generating and returning value to our shareholders, and as such, the Board is recommending a final dividend of 3.00 pence per share (2022: 2.95 pence per share), which, together with the 1.50 pence per share interim dividend (2022: 1.30 pence per share), gives a total dividend of 4.50 pence per share (2022: 4.25 pence per share), up 5.9% on last year. The proposed dividend will be paid on 10 July 2024 to members on the register on 7 June 2024 with shares being marked ex-div on 6 June 2024.
Outlook
We are proud to have maintained our track record of consistent delivery against our strategic and financial targets despite the steep decline in construction activity over the last financial year. Despite these challenges, our singular vision of well-maintained and efficient operations that manufacture the highest quality premium brick products for our customers remains the integral element to our success. We believe in the resilient fundamentals of our business which is underpinned by the quality of our product portfolio and the strength of our customer and distributor relationships.
Despite the lower consumer demand in our markets, we remain well placed at the premium end of the brick market in the UK and Benelux markets. The long-term fundamentals of these markets are positive, with brick continuing to be the façade material of choice due to its longevity, sustainability and energy efficient qualities in use, low cost and broad aesthetic appeal. Importantly, the ongoing strength of our balance sheet provides us with financial strength and also the flexibility to invest in our strategic capital allocation options.
As we enter 2024, whilst there are more positive inflation and interest rate indicators across the UK and Northern Europe, the landscape remains uncertain as does the inflection point for improved activity levels in the construction industry. In our cost base, given the high energy requirements for brick manufacturing, the outlook for energy pricing looks to be improving and we will continue to target the appropriate balance of fixed price certainty alongside the opportunity to access the potential for improved pricing. With this balance in mind, we are deliberately hedged at 70% for 2024 with further contracts into 2025 and 2026.
As ever, we remain focused on mitigating our cost risks alongside maintaining appropriate portfolio pricing to support our customers, and as such, we have held prices at the start of 2024. The Group continues to prioritise a quality and balanced forward order book derived from our diverse and broad loyal customer and distributor relationships, supported by demand from across the social and specification housing, RMI and commercial sectors. We believe the quality fundamentals in our business will provide resilience and we are well placed to continue our strategic progress through 2024 and beyond.
pedro agudo
Director Ejecutivo
Cuenta de resultados consolidada
para el año terminado el 31 de diciembre de 2023
| 2023
000 £ | 2022
000 £ | |
Ingresos | 77,338 | 68,375 | |
El costo de ventas | (47,279) | (41,463) | |
Beneficio bruto | 30,059 | 26,912 | |
Gastos administrativos | (16,421) | (14,225) | |
Amortización de intangibles | (1,370) | (1,133) | |
(17,791) | (15,358) | ||
Otros ingresos | 70 | 55 | |
Beneficio operativo | 12,338 | 11,609 | |
Ingresos / (gastos) financieros | 119 | (214) | |
Beneficio antes de impuestos | 12,457 | 11,395 | |
Taxation | (2,795) | (2,518) | |
Beneficio del ejercicio | 9,662 | 8,877 | |
Ganancia básica por acción atribuible a los accionistas de la compañía | 10.44p | 9.41p | |
Utilidad diluida por acción atribuible a los accionistas de la compañía | 10.09p | 9.20p |
Declaración consolidada de ingreso comprensivo
para el año terminado el 31 de diciembre de 2023
| 2023 000 £ | 2022 000 £ | |
Beneficio del ejercicio | 9,662 | 8,877 | |
Otros ingresos / (gastos) integrales | |||
Elementos que pueden ser reclasificados posteriormente a resultados | |||
Movimientos de divisas | 41 | (257) | |
Partidas que no se reclasificarán posteriormente a resultados | |||
Déficit de revaluación de propiedad, planta y equipo | (2,692) | (1,115) | |
Superávit de revaluación de propiedad, planta y equipo | 1,199 | 2,716 | |
Crédito fiscal por ejercicio de opciones | 26 | 18 | |
Impuesto diferido sobre movimiento de revalorización | 383 | (466) | |
(1,043) | 896 | ||
Resultado integral total del año | 8,619 | 9,773 |
Hoja de balance consolidado
a 31 de diciembre de 2023
| 2023 000 £ | 2022 000 £ | |
Activos | |||
Activos no corrientes | |||
Activos intangibles | 23,951 | 25,291 | |
Propiedad, planta y equipo. | 63,366 | 65,932 | |
87,317 | 91,223 | ||
Activos circulantes | |||
Los inventarios | 16,462 | 9,684 | |
Cuentas comerciales y otras cuentas por cobrar | 9,241 | 11,801 | |
Efectivo y equivalentes de efectivo | 10,958 | 10,598 | |
Total de activos corrientes | 36,661 | 32,083 | |
los activos totales | 123,978 | 123,306 | |
Pasivos | |||
Pasivo circulante | |||
Comerciales y otras cuentas a pagar | 12,803 | 15,860 | |
Pasivos por arrendamiento | 698 | 761 | |
Impuesto de sociedades por pagar | 1,528 | 1,159 | |
Total pasivo corriente | 15,029 | 17,780 | |
Pasivos no corrientes | |||
Pasivos por arrendamiento | 743 | 523 | |
Pasivos por impuestos diferidos | 15,362 | 16,034 | |
16,105 | 16,557 | ||
Pasivos totales | 31,134 | 34,337 | |
Activos netos | 92,844 | 88,969 | |
Patrimonio atribuible a los accionistas | |||
Capital social | 19,181 | 19,181 | |
Compartir cuenta premium | 16,724 | 16,724 | |
Reservas | 21,615 | 21,435 | |
Ganancias retenidas | 35,324 | 31,629 | |
Equidad total | 92,844 | 88,969 |
Estado de cambios en el patrimonio neto consolidado
para el año terminado el 31 de diciembre de 2023
Capital social | Otras reservas | Compartir premium | retenido | Total | |
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |
Al 1 de enero de 2022 | 19,127 | 21,763 | 16,536 | 27,698 | 85,124 |
Ganancias del año | - | - | - | 8,877 | 8,877 |
Déficit de revalorización | - | (1,115) | - | - | (1,115) |
Superávit de revalorización | - | 2,716 | - | - | 2,716 |
Crédito fiscal por ejercicio de opciones | - | 18 | - | - | 18 |
Impuesto diferido sobre revalorización | - | (466) | - | - | (466) |
Diferencia de moneda | - | (257) | - | - | (257) |
Total de ingresos integrales | - | (76) | - | 6,129 | 6,053 |
Total de ingresos integrales | - | 896 | - | 8,877 | 9,773 |
Ajuste de apertura | - | (10) | - | - | (10) |
Pagos basados en acciones | - | 980 | - | - | 980 |
Compra de acciones propias | - | - | - | (1,540) | (1,540) |
Liberado al vencimiento de las opciones | 16 | (1,661) | - | 65 | (1,580) |
Impuesto diferido sobre opciones sobre acciones | - | (533) | - | - | (533) |
Acciones emitidas durante el año | 8 | - | 23 | - | 31 |
Al 31 de diciembre de 2022 | 19,181 | 21,435 | 16,724 | 31,629 | 88,969 |
Ganancias del año | - | - | - | 9,662 | 9,662 |
Déficit de revalorización | - | (2,692) | - | - | (2,692) |
Superávit de revalorización | - | 1,199 | - | - | 1,199 |
Crédito fiscal por ejercicio de opciones | - | 26 | - | - | 26 |
Impuesto diferido sobre revalorización | - | 383 | - | - | 383 |
Diferencia de moneda | - | 41 | - | - | 41 |
Total de ingresos / (gastos) integrales | - | (1,043) | - | 9,662 | 8,619 |
Pagos basados en acciones | - | 1,258 | - | - | 1,258 |
Compra de acciones propias | - | - | - | (1,974) | (1,974) |
Impuesto diferido sobre opciones sobre acciones | - | (102) | - | - | (102) |
Shareplan purchase | - | 67 | - | - | 67 |
Dividendo pagado | - | - | - | (3,993) | (3,993) |
Al 31 de diciembre de 2023 | 19,181 | 21,615 | 16,724 | 35,324 | 92,844 |
Estado consolidado de flujos de efectivo
para el año terminado el 31 de diciembre de 2023
| 2023 000 £ | 2022 000 £ | |
flujos de efectivo por actividades operacionales | |||
Beneficio antes de impuestos | 12,457 | 11,395 | |
Beneficio por venta de activos fijos | (15) | - | |
Finanzas (ingresos)/gastos | (119) | 214 | |
Depreciación | 4,105 | 3,915 | |
Amortización | 1,370 | 1,133 | |
Cargo por pago basado en acciones | 1,258 | 980 | |
Flujos de efectivo de las operaciones antes de cambios en el capital de trabajo | 19,056 | 17,637 | |
Disminución / (aumento) de inventarios | (6,777) | 1,022 | |
Disminución / (aumento) de las cuentas por cobrar | 2,560 | 307 | |
(Disminución) / aumento de las cuentas por pagar | (1,219) | 683 | |
Efectivo neto generado por operaciones | 13,620 | 19,649 | |
Impuestos pagados | (2,790) | (1,655) | |
Efectivo neto generado por actividades operativas | 10,830 | 17,994 | |
Flujos de efectivo de actividades de inversión | |||
Compra de propiedad, planta y equipo | (3,085) | (3,028) | |
Producto de la venta de terrenos | 1,101 | - | |
Inversión en activos intangibles | (30) | - | |
Acquisition | - | (6,073) | |
Efectivo neto utilizado en actividades de inversión | (2,014) | (9,101) | |
Flujos de efectivo de actividades de financiación | |||
Pagos de arrendamiento | (885) | (721) | |
Reembolso de pasivos que devengan intereses | - | (785) | |
Intereses recibidos/(pagados) | 119 | (214) | |
Producto de la emisión de acciones | - | 31 | |
Settlement of cancellation of options | (1,798) | ||
Acciones propias adquiridas | (1,941) | (1,540) | |
Dividendo pagado | (3,993) | (3,276) | |
Efectivo neto utilizado en actividades de financiación. | (8,498) | (6,505) | |
Aumento neto de efectivo y equivalentes de efectivo | 319 | 2,388 | |
Efectivo y equivalentes de efectivo al inicio del año | 10,598 | 8,467 | |
Diferencias de cambio de divisas | 41 | (257) | |
Efectivo y equivalentes de efectivo al final del año | 10,958 | 10,598 | |
El efectivo y equivalentes de efectivo comprenden: | |||
Efectivo en banco y en mano | 10,958 | 10,598 | |
sobregiro bancario | - | - | |
10,958 | 10,598 |
NOTAS A LA DECLARACIÓN PRELIMINAR DEL GRUPO
1. Políticas de contabilidad
The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under accounting standards as adopted for use in the UK.
Los estados financieros consolidados se presentan en libras esterlinas y todos los valores se redondean al millar más cercano ("£000"), excepto donde se indique lo contrario.
2. Información Financiera
La información financiera establecida en este Anuncio Preliminar no constituye los estados financieros legales del Grupo para los años terminados el 31 de diciembre de 2023 o 2022. La información financiera ha sido extraída de los estados financieros legales del Grupo para los años terminados el 31 de diciembre de 2023 y 2022. los auditores han informado sobre esos estados financieros; su informe no tenía salvedades, no incluía referencias a ningún asunto sobre el que los auditores llamaran la atención a modo de énfasis y no contenía una declaración en virtud de la Sección 498(2) o (3) de la Ley de Sociedades de 2006.
Las cuentas legales del año finalizado el 31 de diciembre de 2023 se presentarán ante el Registro de Empresas después de la Asamblea General Anual de la Compañía. Las cuentas legales para el año terminado el 31 de diciembre de 2022 se han presentado ante el Registro de Empresas. El informe de los auditores sobre esas cuentas reglamentarias tampoco tenía salvedades y tampoco contenía una declaración en virtud de la sección 498(2) o (3) de la Ley.
3. Ganancias por acción
Basic
El cálculo de las ganancias por acción de las operaciones continuas se basa en la ganancia del año de £9,662,000 (2022: £8,877,000) y 92,535,734 (2022: 94,467,688) número promedio ponderado de acciones ordinarias.
Diluido
El cálculo de las ganancias diluidas por acción de las operaciones continuas se basa en la ganancia del año de £9,662,000 2022 8,877,000 (95,482,319: £2022 96,444,459 XNUMX) y XNUMX XNUMX XNUMX (XNUMX: XNUMX XNUMX XNUMX) número promedio ponderado de acciones ordinarias.
4. Dividendo
La Junta ha recomendado un dividendo final para el año de 3.00 peniques por acción, que se pagará el 10 de julio de 2024 a los accionistas cuyos nombres aparezcan en el registro de miembros al cierre de operaciones el 7 de junio de 2024.
5. Informe Anual y Cuentas
Las copias de este anuncio están disponibles y el Informe Anual estará disponible a su debido tiempo en el sitio web del Grupo. www.mbhplc.co.uk y del domicilio social de la Sociedad en carril de campo fresco, Danehill, Haywards Heath, West Sussex RH17 7HH.
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.