BRICK manufacturer Willdale Limited has started selling stands from its Haydon Industrial Park development as Phase 1 servicing begins, aiming to ease cash flow pressures amid ongoing losses.
For the year ended September 30, 2025, Willdale’s loss widened to US$953 490 from US$796 882 the previous year, due to low working capital, reduced production, and higher operating costs.
Revenue fell 45% to US$6,04 million, driven by a 64% drop in sales volumes, leaving the firm illiquid with just 60 US cents per dollar of short-term debt.
In its first-quarter update for the period ended December 31, 2025, Willdale said stand sales would support cash flow and working capital.
“Servicing of Phase 1 of the Haydon Industrial Park is progressing well, with strong market interest. Stand sales initiated in December have supported critical plant maintenance and working capital needs. The company expects to raise sufficient funds through these sales to acquire a modern all-weather brick-making plant before year-end, in line with the growth strategy,” the company said.
It said development permits for Phase 2 of Haydon and Tenerife are pending, while the Smartsuburb project is expected to start before March 2026. These projects are expected to generate strong returns and stabilise the business in the short to medium term.
Keep Reading
Willdale said the construction sector outlook remained positive.
“Successful capital-raising efforts will restore production capacity and support the acquisition of a modern brick plant. Combined with our quality-focused production systems, this will enhance competitiveness,” it said.
“The strategic location of our land projects within the new city will support demand and generate strong returns throughout the year.”
Revenue in the review period fell 36% year-on-year, mainly due to limited stock. Production was hampered by low working capital, with extrusion down 28% and fired production down 52%, causing a 49% drop in sales volumes.
“The sale of stands in the Haydon Industrial Park has begun to ease working capital pressures, and stock levels are expected to improve significantly in Q2,” Willdale said.
Average selling prices increased by 28%, reflecting the targeted sales mix.
“Both revenue and profitability are expected to improve in the second quarter as production recovers and stand sales continue,” Willdale said.