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Baggeridge feels energy price pain

Brick manufacturer Baggeridge has warned that high energy prices will make a big dent in its interim results next year.
The firm is putting two of its five factories on extended shutdown over the Christmas period in an attempt to cut costs.

Chairman Alexander Ward said: 'Over recent weeks, natural gas prices have been extraordinarily volatile, and well above last year's levels. Along with many of our competitors, we will be implementing extended Christmas shutdowns, at two factories.

'As a consequence, we believe that the first half results will be well below the prior year.'

National brick demand has also fallen back by around 220 million as increased interest rates hit consumer confidence and subdued the housing market.

Baggeridge's pre-tax profits for the year to September fell 30 per cent from £8 million to £5.5 million. Turnover eased off 4 per cent to £50.1 million, compared with £52.3 last time.

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