)

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%), mainly due to a one-off shutdown at Carlton and weak Belgian demand.
Interim dividend maintained at 1.60p per share, reflecting confidence in the business outlook.
CEO transition: Peter Sharp stepped down, succeeded by Ryan Mahoney; Rachel Warren appointed CFO.
Net cash position of £1.5m and a £20m borrowing facility support financial resilience.
Financial highlights
Revenue: £35.8m (up 1.1% year-over-year); gross margin: 33.6% (down from 36.2%).
Adjusted operating profit: £4.0m (down 24.5%); adjusted EBITDA: £5.9m (down 18.1%).
Adjusted EPS: 3.30p (down 22.9%); basic EPS: 2.47p (down 26.7%).
Net asset value per share: 101.3p (up from 98.3p); net cash: £1.5m at period end.
Operating cash conversion: 72.9% for HY25; capital expenditure was £3.8m, front-loaded for efficiency improvements.
Outlook and guidance
Order intake continues to outpace manufacturing volumes, supporting a balanced order book for H2.
Temporary closure of Floren in Q3 due to slow Belgian market recovery, with reopening planned for Q4.
Full-year 2025 performance expected to be broadly in line with FY24, with growth anticipated in 2026.
Energy price hedging covers over 70% of expected requirements for H2 2025.
Medium-term market fundamentals remain positive, but timing of recovery in UK and Belgium is uncertain.
Next Michelmersh earnings date

Next Michelmersh earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage