Baggeridge reveals "soaring" pre-tax profit

Baggeridge Brick has today (Wednesday) revealed a 95% rise in pre-tax profit to £6.21m (2002: £3.17m) on "record" turnover of £53.1m (2002: 47.4m) for the year to September.

The UK's fourth largest brick manufacturer added that the net debt of £4.35m a year ago has vanished, and the group now has net funds of £1.31m.

Operating profit from building materials was particularly strong at £6.20m (2002: £2.61m) on turnover up 14% to £52.60m (2002: £46.26m), said the company.

Baggeridge's chairman Alex Ward put this down to increased new build housing and a stronger repair, maintenance and improvement market.

Ward added: "The current financial year has started well with continuing good demand, particularly from housebuilders. Although we are faced with increased costs in the current year, particularly with regard to gas, and the disruption to manufacturing caused by the investment in Kingsbury, the company is well placed to show further progress.

"UK brick stocks are currently at their lowest level since 1989 and supply and demand in the industry as a whole is in better balance. This is encouraging and should enable Baggeridge to benefit from current market conditions."