By Joe Hoppe
Michelmersh Brick Holdings PLC shares rose Thursday after it said that performance continued to be positive in the final quarter of 2022 and that it expects to beat full-year market views, and declared a share buyback of up to 3.0 million pound ($3.6 million).
Shares at 0816 GMT were up 6.5 pence, or 8.3% at 85.0 pence.
The specialist brick manufacturer said that since reporting its first-half results on Sept. 6, performance has been good and it was seeing robust demand in its end markets. As such, it expects revenue and profit expectations to beat market views for 2022, though it didn’t provide any figures.
“Further, the group continues to have a strong and well-balanced forward order book, [and] a strong balance sheet with cash reserves post acquisition of Fabspeed Holdings Ltd. as announced [separately] today of GBP8.5 million, giving management confidence as we look into 2023,” the company said.
Michelmersh said it was managing its supply chain and energy costs in line with management expectations, despite operating in a more challenging environment.
The company also said to reduce its share capital and return value to shareholders it will repurchase shares in a program running until Feb. 27.
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