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Michelmersh (MBH) investor relations material
Michelmersh H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue increased 1.1% year-over-year to £35.8m, driven by resilient UK dispatch volumes despite challenging European markets.
Adjusted EBITDA fell 18.1% to £5.9m, with margin at 16.5% (down from 20.3%), impacted by one-off shutdowns and cost pressures.
Gross profit declined 6.3% to £12.0m due to an extended shutdown at Carlton, impacting profits.
Interim dividend of 1.60p declared, reflecting confidence in outlook and shareholder returns.
CEO transition: Peter Sharp stepped down, Ryan Mahoney appointed CEO, Rachel Warren as CFO; board continuity maintained.
Financial highlights
Revenue: £35.8m (up 1.1% year-over-year).
Gross margin: 33.6% (down from 36.2%).
Adjusted EBITDA: £5.9m (down 18.1%).
Adjusted operating profit: £4.0m (down 24.5%).
Net cash position of £1.5m maintained at period end.
Outlook and guidance
Order intake continues to outpace manufacturing volumes, supporting a balanced order book.
Temporary closure of Floren in Q3 due to weak Belgian market, with reopening planned for Q4.
Full-year FY25 performance expected to be broadly in line with FY24, with growth targeted for FY26.
Energy price hedging covers over 70% of expected requirements for H2 2025.
Medium-term fundamentals remain positive, but timing of recovery in UK and Belgium is uncertain.
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