Updates

Michelmersh

June 2026

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.

Michelmersh Brick’s FY25 results show that even premium, niche operators aren’t fully insulated when the construction cycle turns. Revenue slipped a modest 2% to £68.9m but still reflective of a market where activity has softened and visibility remains limited. Profitability followed a similar pattern. EBITDA declined 11% to £12.4m, though the trajectory through the year was more encouraging than the headline suggests. Margins, which dipped to 16% in H1 due to planned maintenance shutdowns, recovered to 20% in the second half as operational efficiency improved. The wider market backdrop remains a clear headwind. UK brick supply has moved decisively ahead of demand, with inventories up 16% to c.558m bricks (around 20 weeks o ...

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Serabi Gold - EBITDA forecast to hit US$144m, 7.5x its five-year average

TMI Trader Portfolio 2 - June 2026

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 (November 2023)

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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