Updates

Michelmersh

November 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

While others in the building sector have complained of deteriorating macro conditions, Michelmersh Brick has outperformed its peers, delivering robust interims with record revenue and profits for H1. Revenues rose 23.5% year-on-year to £42m (10.3% organic) underpinned by a strong forward order book with customers and end markets. Of course some of this growth was due to acquisitions. Like-for-like volumes were flat and have been focused on core product ranges to facilitate productivity efficiencies and reduce inventories. This, aided by price increases, meant adjusted pretax profit and eps grew 12% year-on-year (10% organic) to £6.8m and 5.7p, respectively. Cash generation was robust with net cash rising £0.9m to £11.8m, wh ...

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Dunelm

Restaurant Group

Michelmersh - Dividend yield 4.9% and NAV per share of 98p suggest material under-valuation (October 2024)

Michelmersh Brick - Three “reverse profit warnings” in two years! (May 2024)

Michelmersh (January 2024)

Michelmersh (May 2023)

Michelmersh - Significantly eps enhancing acquisition (February 2023)

Michelmersh (November 2022)

Michelmersh (June 2022)

Michelmersh Brick - Manufacturer of premium bricks beating expectations (February 2022)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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