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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Braime Group Plc | LSE:BMTO | London | Ordinary Share | GB0001185056 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1,850.00 | 1,700.00 | 2,000.00 | 1,850.00 | 1,850.00 | 1,850.00 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Manufacturing Industries,nec | 45.17M | 2.77M | 1.9222 | 7.02 | 19.44M |
TIDMBMTO
RNS Number : 2015R
Braime (T.F.& J.H.) (Hldgs) PLC
19 September 2017
T.F. & J.H. Braime (Holdings) P.L.C.
("Braime" or the "Company")
Interim Results for the six months ended 30th June 2017
Performance
Group sales revenue for the first six months of 2017 increased by 14% to GBP15.54M from GBP13.62M, while profit before tax increased by 28.2 % to GBP0.59M from GBP0.46M for the comparable period of 2016.
This performance is partly due to a general improvement in trading but was also enhanced by the fall in the value of Sterling from the higher levels prevailing in the early part of 2016, which increased the value of group earnings from overseas businesses when consolidated in Sterling.
Dividends
The directors have decided to increase the interim dividend to 3.10p per share. This dividend will be paid on 20th October to the Ordinary and 'A' Ordinary shareholders on the register on the 13th October 2017. The associated ex-dividend date will be 12th October 2017.
Braime Pressings Limited
Sales volume increased substantially but the short-term costs of meeting these increases in sales has been greater than expected and is a situation the directors are continuing to address.
The key to success in manufacturing, as always, lies in the continuous improvement in productivity.
4B division
Overall the subsidiaries in the material handling division have performed well with improvements in both sales and margins. Most of our markets in our sector, even in Europe, are gradually coming out of the recent recession.
Cash flow
The cash position at the start of the period was tight but has steadily improved and is expected to further improve in the second half of the year as the trade receivables are recovered in line with payment terms. The group is committed to some substantial investments and needs to finance these investments from cash flow until the new equipment is fully commissioned. The group continues to operate within its bank facility agreed with HSBC.
As the business continues to expand, the directors remain focused in ensuring that our working capital requirements, particularly for stock, are carefully monitored and controlled.
Forecast for the second half of 2017
The group overall is ahead of both last year and budget and currently we would expect the result for the full year to be ahead of 2016. However, our group, with so much of its earnings coming from overseas markets, is always exposed to the unpredictable fluctuations in global exchange rates and to the vagaries in individual markets.
For further information please contact:
T.F. & J.H. Braime (Holdings) P.L.C.
P. Tiffany - Financial Director
0113 245 7491
W. H. Ireland Limited
Katy Mitchell LLB
0113 394 6628
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated income statement
For the six months ended 30th June 2017
Unaudited Unaudited 6 months 6 months Audited to to year Note 30th 30th to 31st June June December 2017 2016 2016 GBP GBP GBP -------------------------------- ------- ------------ ------------ ------------- Revenue 15,540,422 13,619,008 28,415,449 Changes in inventories of finished goods and work in progress (36,382) 224,198 337,116 Raw materials and consumables used (8,413,376) (7,625,329) (15,890,401) Employee benefits costs (3,636,686) (3,151,829) (6,726,428) Depreciation expense (369,231) (390,290) (801,376) Other expenses (2,426,300) (2,148,239) (3,940,015) -------------------------------- ------- ------------ ------------ ------------- Profit from operations 658,447 527,519 1,394,345 Profit on disposal of tangible - - - fixed assets Finance costs (68,417) (64,523) (150,142) Finance income 2,043 580 29,902 -------------------------------- ------- ------------ ------------ ------------- Profit before tax 592,073 463,576 1,274,105 Tax expense (178,576) (139,289) (419,588) -------------------------------- ------- ------------ ------------ ------------- Profit for the period 413,497 324,287 854,517 -------------------------------- ------- ------------ ------------ ------------- Profit attributable to : Owners of the parent 448,429 384,521 932,101 Non-controlling interests (34,932) (60,234) (77,584) -------------------------------- ------- ------------ ------------ ------------- 413,497 324,287 854,517 -------------------------------- ------- ------------ ------------ ------------- Basic and diluted earnings per share 2 28.72p 22.52p 59.34p
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated statement of comprehensive income
For the six months ended 30th June 2017
Unaudited Unaudited 6 months 6 months Audited to to year 30th 30th to 31st June June December 2017 2016 2016 GBP GBP GBP ------------------------------------- ---------- ---------- ---------- Profit for the period 413,497 324,287 854,517 ------------------------------------- ---------- ---------- ---------- Items that will not be reclassified subsequently to profit or loss Net pension remeasurement gain on post employment benefits - - 10,000 Items that may be reclassified subsequently to profit or loss Foreign exchange (losses)/gains on re-translation of overseas operations (167,670) (151,517) 597,976 Other comprehensive income for the period (167,670) (151,517) 607,976 ------------------------------------- ---------- ---------- ---------- Total comprehensive income for the period 245,827 172,770 1,462,493 ------------------------------------- ---------- ---------- ---------- Total comprehensive income attributable to: Owners of the parent 280,759 233,004 1,540,077 Non-controlling interests (34,932) (60,234) (77,584) ------------------------------------- ---------- ---------- ---------- 245,827 172,770 1,462,493 ------------------------------------- ---------- ---------- ----------
The foreign currency movements arise on the re-translation of overseas subsidiaries' opening balance sheets at closing rates.
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated balance sheet
At 30th June 2017
Unaudited Unaudited 6 months 6 months Audited to to year 30th 30th to 31st June June December 2017 2016 2016 GBP GBP GBP Non-current assets Property, plant and equipment 5,232,599 5,285,297 5,357,772 Goodwill 12,270 12,270 12,270 Financial assets - 26,180 - Total non-current assets 5,244,869 5,323,747 5,370,042 --------------------------------- ------------- ------------ ------------- Current assets Inventories 6,383,147 5,887,955 6,119,495 Trade and other receivables 6,506,409 5,712,176 5,213,019 Financial assets - 50,918 51,877 Cash and cash equivalents 13,933 1,243,172 742,474 --------------------------------- ------------- ------------ ------------- Total current assets 12,903,489 12,894,221 12,126,865 --------------------------------- ------------- ------------ ------------- Total assets 18,148,358 18,217,968 17,496,907 --------------------------------- ------------- ------------ ------------- Current liabilities Bank overdraft - (1,517,675) - Trade and other payables (4,705,966) (4,173,632) (4,181,683) Other financial liabilities (1,952,905) (1,981,539) (1,730,288) Corporation tax liability (52,548) (177,586) (146,703) --------------------------------- ------------- ------------ -------------
Total current liabilities (6,711,419) (7,850,432) (6,058,674) --------------------------------- ------------- ------------ ------------- Non-current liabilities Financial liabilities (1,205,986) (1,425,702) (1,360,947) Deferred income tax liability (117,724) (230,235) (117,724) --------------------------------- ------------- ------------ ------------- Total non-current liabilities (1,323,710) (1,655,937) (1,478,671) --------------------------------- ------------- ------------ ------------- Total liabilities (8,035,129) (9,506,369) (7,537,345) --------------------------------- ------------- ------------ ------------- Total net assets 10,113,229 8,711,599 9,959,562 --------------------------------- ------------- ------------ ------------- Capital and reserves Share capital 360,000 360,000 360,000 Capital reserve 257,319 257,319 257,319 Foreign exchange reserve 371,725 (210,098) 539,395 Retained earnings 9,361,797 8,489,708 9,005,528 --------------------------------- ------------- ------------ ------------- Total equity attributable to the shareholders of the parent company 10,350,841 8,896,929 10,162,242 Non-controlling interests (237,612) (185,330) (202,680) --------------------------------- ------------- ------------ ------------- Total equity 10,113,229 8,711,599 9,959,562 --------------------------------- ------------- ------------ -------------
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated cash flow statement
For the six months ended 30th June 2017
Unaudited Unaudited Audited 6 months 6 months year to to to 31st December Note 30th June 30th June 2016 2017 2016 GBP GBP GBP ----------------------------------- ------- ------------ ------------ --------------- Operating activities Net profit 413,497 324,287 854,517 ----------------------------------- ------- ------------ ------------ --------------- Adjustments for: Depreciation 369,231 390,290 801,376 Grants amortised - (6,568) (6,568) Foreign exchange losses (167,670) (151,517) 525,324 Finance income (2,043) (580) (29,902) Finance expense 68,417 64,523 150,142 Gain on sale of plant, machinery and motor vehicles - - (12,538) Adjustment in respect of defined benefit scheme - - 12,000 Income tax expense 178,576 139,289 419,588 Income taxes paid (272,731) (28,557) (491,778) ----------------------------------- ------- ------------ ------------ --------------- Operating activities before changes in working capital and provisions 587,277 731,167 2,222,161 ----------------------------------- ------- ------------ ------------ --------------- Increase in trade and other receivables (1,293,390) (707,077) (207,920) Increase in inventories (263,652) (168,301) (399,841) Increase in trade and other payables 780,374 444,450 272,025 (776,668) (430,928) (335,736) ----------------------------------- ------- ------------ ------------ --------------- Cash generated from operations (189,391) 300,239 1,886,425 ----------------------------------- ------- ------------ ------------ --------------- Investing activities Purchases of property, plant, machinery and motor vehicles (126,770) (657,387) (998,617) Sale of plant, machinery and motor vehicles - - 12,538 Interest received 2,043 580 27,902 ----------------------------------- ------- ------------ ------------ --------------- (124,727) (656,807) (958,177) ----------------------------------- ------- ------------ ------------ --------------- Financing activities Proceeds from long term - - - borrowings Loan financing repaid 51,877 32,556 57,777 Repayment of borrowings (172,374) (35,464) (101,917) Repayment of hire purchase creditors (133,349) (77,204) (176,432) Interest paid (68,417) (64,523) (150,142) Dividends paid (92,160) (89,280) (131,040) ----------------------------------- ------- ------------ ------------ --------------- (414,423) (233,915) (501,754) ----------------------------------- ------- ------------ ------------ --------------- Decrease in cash and cash equivalents (728,541) (590,483) 426,494 Cash and cash equivalents, beginning of period 742,474 315,980 315,980 ----------------------------------- ------- ------------ ------------ --------------- Cash and cash equivalents (including overdrafts), end of period 3 13,933 (274,503) 742,474 ----------------------------------- ------- ------------ ------------ ---------------
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated statement of changes in equity
For the six months ended 30th June 2017
Foreign Share Capital Exchange Retained Minority Total Capital Reserve Reserve Earnings Total Interests Equity GBP GBP GBP GBP GBP GBP GBP Balance at 1st January 2017 360,000 257,319 539,395 9,005,528 10,162,242 (202,680) 9,959,562 Comprehensive income Profit - - - 448,429 448,429 (34,932) 413,497 Other comprehensive income Foreign exchange losses on re- translation of overseas operations - - (167,670) - (167,670) - (167,670) ---------------------- ---------- ---------- ------------ ------------ ------------- ------------ ------------- Total other comprehensive income - - (167,670) - (167,670) - (167,670) Total comprehensive income - - (167,670) 448,429 280,759 (34,932) 245,827 ---------------------- ---------- ---------- ------------ ------------ ------------- ------------ ------------- Transactions with owners Dividends - - - (92,160) (92,160) - (92,160) ---------------------- ---------- ---------- ------------ ------------ ------------- ------------ ------------- Total transactions with owners - - - (92,160) (92,160) - (92,160) ---------------------- ---------- ---------- ------------ ------------ ------------- ------------ ------------- Balance at 30th June 2017 360,000 257,319 371,725 9,361,797 10,350,841 (237,612) 10,113,229 ---------------------- ---------- ---------- ------------ ------------ ------------- ------------ -------------
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated statement of changes in equity
For the six months ended 30th June 2017
Foreign Share Capital Exchange Retained Minority Total Capital Reserve Reserve Earnings Total Interests Equity GBP GBP GBP GBP GBP GBP GBP Balance at 1st January 2016 360,000 257,319 (58,581) 8,194,467 8,753,205 (125,096) 8,628,109 Comprehensive income Profit - - - 384,521 384,521 (60,234) 324,287 Other comprehensive income Foreign exchange losses on re- translation of overseas operations - - (151,517) - (151,517) - (151,517) ---------------------- ---------- ---------- ------------ ------------ ------------ ------------ ------------ Total other comprehensive income - - (151,517) - (151,517) - (151,517) Total comprehensive income - - (151,517) 384,521 233,004 (60,234) 172,770 ---------------------- ---------- ---------- ------------ ------------ ------------ ------------ ------------ Transactions with owners Dividends - - - (89,280) (89,280) - (89,280) ---------------------- ---------- ---------- ------------ ------------ ------------ ------------ ------------ Total transactions with owners - - - (89,280) (89,280) - (89,280) ---------------------- ---------- ---------- ------------ ------------ ------------ ------------ ------------ Balance at 30th June 2016 360,000 257,319 (210,098) 8,489,708 8,896,929 (185,330) 8,711,599 ---------------------- ---------- ---------- ------------ ------------ ------------ ------------ ------------
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated statement of changes in equity - continued
For the six months ended 30th June 2017
Foreign Share Capital Exchange Retained Minority Total Capital Reserve Reserve Earnings Total Interests Equity GBP GBP GBP GBP GBP GBP GBP Balance at 1st January 2016 360,000 257,319 (58,581) 8,194,467 8,753,205 (125,096) 8,628,109 Comprehensive income Profit - - - 932,101 932,101 (77,584) 854,517 Other comprehensive income Net pension remeasurement gain recognised directly in equity - - - 10,000 10,000 - 10,000 Foreign exchange gains on re- translation of overseas operations - - 597,976 - 597,976 - 597,976 ---------------------- ---------- ---------- ----------- ------------ ------------- ------------ ------------ Total other comprehensive income - - 597,976 10,000 607,976 - 607,976 Total comprehensive income - - 597,976 942,101 1,540,077 (77,584) 1,462,493 ---------------------- ---------- ---------- ----------- ------------ ------------- ------------ ------------ Transactions with owners Dividends - - - (131,040) (131,040) - (131,040) ---------------------- ---------- ---------- ----------- ------------ ------------- ------------ ------------ Total transactions With owners - - - (131,040) (131,040) - (131,040) ---------------------- ---------- ---------- ----------- ------------ ------------- ------------ ------------ Balance at 31st December 2016 360,000 257,319 539,395 9,005,528 10,162,242 (202,680) 9,959,562 ---------------------- ---------- ---------- ----------- ------------ ------------- ------------ ------------
T.F. & J.H. Braime (Holdings) P.L.C.
Notes to the interim financial report
1. Accounting policies
Basis of preparation
The interim financial report has been prepared using accounting policies that are consistent with those used in the preparation of the full financial statements to 31st December 2016 and those which management expects to apply in the group's full financial statements to 31st December 2017.
This interim financial report is unaudited. The comparative financial information set out in this interim financial report does not constitute the group's statutory accounts for the period ended 31st December 2016 but is derived from the accounts. Statutory accounts for the period ended 31st December 2016 have been delivered to the Registrar of Companies. The auditors have reported on those accounts. Their audit report was unqualified and did not contain any statements under Section 498 of the Companies Act 2006.
The group's condensed interim financial information has been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted for the use in the European Union and in accordance with IAS 34 'Interim Financial Reporting' and the accounting policies included in the Annual Report for the year ended 31st December 2016, which have been applied consistently throughout the current and preceding periods.
2. Earnings per share and dividends
Both the basic and diluted earnings per share have been calculated using the net results attributable to shareholders of T.F. & J.H. Braime (Holdings) P.L.C. as the numerator.
The weighted average number of outstanding shares used for basic earnings per share amounted to 1,440,000 (2016 - 1,440,000). There are no potentially dilutive shares in issue.
6 months to 30th June 2017 GBP Dividends paid Equity shares Ordinary shares Interim of 6.40p per share paid on 12th May 2017 30,720 'A' Ordinary shares Interim of 6.40p per share paid on 12th May 2017 61,440 ------------------------------------------------------ ----------- Total dividends paid 92,160 ------------------------------------------------------ ----------- Year to 31st December 2016 GBP Dividends paid Equity shares Ordinary shares Interim of 6.20p per share paid on 12th May 2016 29,760 Interim of 2.90p per share paid on 21st October 2016 13,920 ------------------------------------------------------ ----------- 43,680 ------------------------------------------------------ ----------- 'A' Ordinary shares Interim of 6.20p per share paid on 12th May 2016 59,520 Interim of 2.90p per share paid on 12th October 2016 27,840 ------------------------------------------------------ ----------- 87,360 ------------------------------------------------------ ----------- Total dividends paid 131,040 ------------------------------------------------------ -----------
T.F. & J.H. Braime (Holdings) P.L.C.
Notes to the interim financial report - continued
3. Cash and cash equivalents Unaudited Unaudited Audited 6 months 6 months year to to to 31st 30th June 30th June December 2017 2016 2016 GBP GBP GBP Cash at bank and in hand 13,933 1,243,172 742,474 Bank overdrafts - (1,517,675) - -------------------------- ------------ ------------ ---------- 13,933 (274,503) 742,474 -------------------------- ------------ ------------ ---------- 4. Segmental information Unaudited 6 months to 30th June 2017 Central Manufacturing Distribution Total GBP GBP GBP GBP -------------------------- ---------- -------------- ------------- ----------- Revenue External - 2,004,199 13,536,223 15,540,422 Inter company 355,227 1,126,847 2,237,514 3,719,588 -------------------------- ---------- -------------- ------------- -----------
Total 355,227 3,131,046 15,773,737 19,260,010 -------------------------- ---------- -------------- ------------- ----------- Profit EBITDA 236,409 (624,192) 1,415,461 1,027,678 Finance costs (45,245) (11,515) (11,657) (68,417) Finance income 1,469 175 399 2,043 Depreciation (206,932) - (162,299) (369,231) Tax expense - - (178,576) (178,576) -------------------------- ---------- -------------- ------------- ----------- (Loss)/profit for the period (14,299) (635,532) 1,063,328 413,497 -------------------------- ---------- -------------- ------------- ----------- Assets Total assets 4,000,762 709,717 13,437,878 18,148,357 Additions to non current assets 222,479 - 21,579 244,058 Liabilities Total liabilities 980,330 2,185,462 4,869,336 8,035,128
T.F. & J.H. Braime (Holdings) P.L.C.
Notes to the interim financial report - continued
4. Segmental information - continued Unaudited 6 months to 30th June 2016 Central Manufacturing Distribution Total GBP GBP GBP GBP -------------------------- ---------- -------------- ------------- ----------- Revenue External - 1,793,834 11,825,174 13,619,008 Inter company 111,138 1,036,547 1,785,464 2,933,149 -------------------------- ---------- -------------- ------------- ----------- Total 111,138 2,830,381 13,610,638 16,552,157 -------------------------- ---------- -------------- ------------- ----------- Profit EBITDA 42,855 (219,819) 1,094,773 917,809 Finance costs (27,760) (17,133) (19,630) (64,523) Finance income - 267 313 580 Depreciation (35,765) (176,568) (177,957) (390,290) Tax expense (13,072) - (126,217) (139,289) -------------------------- ---------- -------------- ------------- ----------- (Loss)/profit for the period (33,742) (413,253) 771,282 324,287 -------------------------- ---------- -------------- ------------- ----------- Assets Total assets 4,489,887 2,163,769 11,564,312 18,217,968 Additions to non current assets - 754,777 243,354 998,131 Liabilities Total liabilities 1,352,359 2,906,318 5,247,692 9,506,369 Audited year to 31st December 2016 Central Manufacturing Distribution Total GBP GBP GBP GBP -------------------------- ---------- -------------- ------------- ----------- Revenue External - 3,564,987 24,850,462 28,415,449 Inter company 472,671 2,659,476 4,443,233 7,575,380 -------------------------- ---------- -------------- ------------- ----------- Total 472,671 6,224,463 29,293,695 35,990,829 -------------------------- ---------- -------------- ------------- ----------- Profit EBITDA (143,881) 180,991 2,158,611 2,195,721 Finance costs (73,959) (25,867) (50,316) (150,142) Finance income - 2,489 27,413 29,902 Depreciation (279,022) (140,585) (381,769) (801,376) Tax expense (40,740) 98,242 (477,090) (419,588) -------------------------- ---------- -------------- ------------- ----------- (Loss)/profit for the period (537,602) 115,270 1,276,849 854,517 -------------------------- ---------- -------------- ------------- ----------- Assets Total assets 4,497,238 1,008,429 11,991,240 17,496,907 Additions to non current assets 1,022,501 - 347,010 1,369,511 Liabilities Total liabilities 1,022,777 2,139,638 4,374,930 7,537,345
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EKLFFDKFBBBE
(END) Dow Jones Newswires
September 19, 2017 11:11 ET (15:11 GMT)
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