Michelmersh Brick Holdings plc
Michelmersh Brick Holdings PLC is a UK AIM-listed manufacturer and distributor of premium clay bricks, pavers, special-shaped bricks and prefabricated brick/facade components, operating under six market-leading brands (Blockleys, Carlton, FabSpeed, Floren, Freshfield Lane, Michelmersh) from five manufacturing plants and three facilities across the UK and Belgium. It produces over 120 million clay bricks and pavers a year, sold mainly through merchants and brick factors into residential new-build, RMI and commercial/specification end markets. The Group also owns New Acres Limited, a non-trading former landfill operator, and strategic investment land.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 23 Mar 2026 · 136 pages · Companies House
Michelmersh Brick Holdings PLC makes premium clay bricks and brick building parts in the UK and Belgium. In 2025 its sales slipped to £68.9m from £70.1m, and profit before tax fell to £4.3m from £8.0m.
The report blames a very difficult building market. UK brick deliveries are still more than 20% below their 2022 peak, and price competition is fierce. Planned factory shutdowns for kiln upgrades cut output, and one of them ran two weeks late. Profit was also reduced by one-off costs from closing the Watlington site and the Hathern Terra Cotta brand. Before such items, operating profit was £8.4m against £10.1m.
Year-end cash fell to £1.3m, and the company had borrowed £2.0m. It also spent £2.0m buying back its own shares, raised no new money from shareholders and kept the dividend at 4.6p a share. Management says buyer caution continues to slow any recovery and is ready for further short-term factory downtime, backed by a £20m borrowing facility. The auditors raised no concerns and no doubts about the company's ability to keep trading.
Residential new-build demand
45% of revenue from residential end market; demand linked to UK housing shortage and government housebuilding targets
page 4Gross margin decline to 34.5% (2024: 35.8%)
Driven by extended Carlton shutdown (kiln/tooling upgrade, 2 weeks longer than planned, ~3m fewer units) and challenging Floren/FabSpeed trading
page 19Chairman: UK brick despatches remain over 20% below the 2022 peak; consumer caution on affordability and uncertainty over UK budget policy continue to weigh on recovery momentum, though the Board holds market share and has a strong balance sheet and £20m RCF to fund the capital allocation framework into 2026.
page 12Progressive/balanced dividend policy; FY2025 total dividend 4.60 pence per share (1.60p interim paid Jan 2025 + 3.00p proposed final), unchanged from FY2024's 4.60p total. Final dividend of 3.00p payable 8 July 2026 to holders on register 5 June 2026, ex-div 4 June 2026. Supplemented by share buyback programme.
page 2011 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
3 figures restated in a later report
Every figure is read again from the following year’s report: 406 confirmed, 8 differ, 3 restated.
| Line | Year | As first filed | In the later report |
|---|---|---|---|
| FY2024 | £1.4mFY2024 report | £1.4mFY2025 report | |
| FY2024 | £12.4mFY2024 report | £12.4mFY2025 report | |
| FY2024 | £7.9mFY2024 report | £6.9mFY2025 report |