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Brick producer and house builder target AIM in search for growth

FINANCE

TWO SMALLER building companies, Michelmersh Brick Holdings and Oakdene Homes, defied growing stock market gloom this week and unveiled plans to raise cash by listing their shares on the junior Alternative Investment Market.

Michelmersh, the Hampshire-based hand-made bricks producer, plans to raise around £6 million by placing new shares on AIM.

The firm says it is in a strong position to supply prestige building projects and plans to increase capacity to 85 million bricks a year.

In the year to last November, the firm made underlying pre-tax profits of £1.53 million on revenues of £18.9 million.

South-east-based Oakdene Homes is graduating from the Ofex market to AIM through a placing of shares at 110p, raising £5 million before expenses.

The firm specialises in new homes and refurbishments in Surrey, East and West Sussex and the London boroughs.

It has a 500-plot land bank. Last year it made pre-tax profits of £3 million.