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Brickability

October 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.

Brickability reported full year results for the year ended March slightly ahead of previously upgraded forecasts with revenue up almost 31% to £681m (like for like sales: +4%) and EBITDA increasing 30% to £51.5m (EBITDA margin: 7.6%). Eps was 11.9p (FY’22: 10.1p). Net debt was just £8m (net debt / EBITDA: 0.16x), lower than originally expected thanks to the EBITDA step-up, reduced working capital and lower capex. That powered a 5% rise in dividend to 3.16p. Bricks and Building (73% turnover) increased sales 23% (1.4% like-for-like) to £498.6m with demand softening in H2, albeit benefiting from price rises and more favourable mix. Adjusted EBITDA rose almost 24% to £30.1m. Importing (Bespoke Brick, McCann Logistics, M ...

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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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Brickability

October 2023

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