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Braime 5%Prf | LSE:BMTP | London | Preference Share |
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RNS Number : 7341C Braime (T.F.& J.H.) (Hldgs) PLC 04 September 2008 Interim results for the six months ended 30th June 2008 Group sales revenue for the first six months of 2008 increased by 24% from £5.89m to £7.28m and the company made a profit before tax for the first half of 2008 of £125,000. This compares to a profit of £67,000 in 2007 and a loss of £218,000 in 2006 in the same period. The group was cash negative in the first half of 2008. This was caused by an increase in trade debtors, following the significant increase in sales revenue, and an increase in inventories, due to the sudden and steep rise in the cost of raw materials. The company continues to trade well within its borrowing facilities and we expect the group to be cash generative for the full year, ending 31st December 2008. The sizeable accumulated losses in 2005 and 2006 have put considerable strain on the company's financial resources, as has the need to finance the recent large increase in group revenue. As a result, the directors have reluctantly decided that it would not be appropriate to pay an interim dividend in 2008. The profitability of the group continues to improve and, providing this is sustained, the directors plan to progressively restore dividend payments to the shareholders. Performance of group companies 4B division The subsidiaries distributing our 4B brand of components to the material handling sector worldwide have all enjoyed substantial growth and we expect this to continue in the second half of the year. We are fortunate that over 80% of sales of "4B" products are in overseas markets and are primarily to customers in the agro industry or process industries, sectors benefiting from the surge in commodity prices, insulating us from most of the consequences of the current economic problems in the UK. The downside is that we have also seen unprecedented inflation in the cost of some of our raw materials, with UK steel prices rising 50% and world plastic prices increasing by 100% since the start of 2008. Given our complex product mix, passing on price increases to customers on a continuous basis is both time consuming and destabilizing and the inevitable delays in the acceptance by our customers of such large price increases has had a short term negative effect on our margins. Pressings division The sales revenue of Braime Pressings has remained largely unchanged from the first half of 2007 and the losses in this company have not been reduced. This is hugely disappointing. Through no fault of our own, the start up of the new major product line for an automotive components supplier has been repeatedly delayed by our customer but is now scheduled finally to come on stream from September 2008. We have made a significant capital investment in this project and the long delay has had a serious effect on the performance of Braime Pressings both in 2007 and 2008. Equally, once this project commences, it will have a substantial long term positive impact both on the result of Braime Pressings and of the group. Relocation While the company is still receiving enquiries from parties interested in developing our site in Leeds, the effect of the downturn in the housing market makes it unlikely that a realistic offer, based on the primarily residential brief approved by the planning officers, will be forthcoming in the foreseeable future. The company still wishes to relocate its manufacturing business to more economic premises, as soon as this becomes a viable option, and continues to explore other alternatives. Outlook The UK economy appears to be entering a recession and across the world the huge inflation in commodity prices is creating economic instability. In spite of this unfavourable general economic background, the directors believe that the group will be able to continue the progress made over the past 18 months. Condensed Consolidated Income Statement for the six months ended 30th June 2008 30th June 2008 30th June 2007 31st December 2007 £ £ £ (unaudited) (unaudited) (audited) Revenue 7,277,564 5,887,371 11,838,813 Profit from operations 152,203 78,025 167,352 Finance costs (161,247) (162,913) (321,762) Finance income 133,623 151,996 292,467 Result for the period before 124,579 67,108 138,057 tax Tax expense @ 28% (2007 - 30%) (34,882) (20,132) (128,793) for interim figures Net result for the period 89,697 46,976 9,264 Basic profit per share 6.23p 3.26p 0.01p Condensed Consolidated Statement of Recognised Income and Expense for the six months ended 30th June 2008 30th June 2008 30th June 2007 31st December 2007 £ £ £ (unaudited) (unaudited) (audited) Exchange difference on 1,236 (9,684) 17,557 translation of foreign operations Actuarial gains recognised - - 118,000 directly in equity Total income and expense 1,236 (9,684) 135,557 recognised in equity Net income/(expense) 1,236 (9,684) 135,557 recognised in equity Profit for period 89,697 46,976 9,264 Total recognised income and 90,933 37,292 144,821 expense for the period Attributable to: Equity holders of T.F. & J.H. 90,933 37,292 144,821 Braime (Holdings) P.L.C. Consolidated Balance Sheet at 30th June 2008 30th June 2008 30th June 2007 31st December 2007 £ £ £ (unaudited) (unaudited) (audited) Assets Non-current assets Property, plant and equipment 802,916 689,748 862,998 Employee benefits 74,000 - 97,000 Total non-current assets 876,916 689,748 959,998 Current assets Inventories 2,656,962 2,521,209 2,535,671 Trade and other receivables 3,315,784 3,001,803 2,713,165 Cash and cash equivalents 1,419,603 1,429,619 1,493,734 Total current assets 7,392,349 6,952,631 6,742,570 Total assets 8,269,265 7,642,379 7,702,568 Liabilities Current liabilities Bank overdraft 1,368,047 1,294,875 1,387,668 Trade and other payables 2,604,927 2,346,046 2,162,084 Other financial liabilities 273,114 182,166 231,645 Corporation tax liability 34,882 20,132 35,667 Total current liabilities 4,280,970 3,843,219 3,817,064 Non-current liabilities Financial liabilities 349,212 327,539 337,354 Employee benefits - 31,000 - Total non-current liabilities 349,212 358,539 337,354 Total liabilities 4,630,182 4,201,758 4,154,418 Total net assets 3,639,083 3,440,621 3,548,150 Capital and reserves attributable to equity holders of the parent company Share capital 360,000 360,000 360,000 Capital reserve 77,319 77,319 77,319 Foreign exchange reserve (7,756) (36,233) (8,992) Retained earnings 3,209,520 3,039,535 3,119,823 Total equity 3,639,083 3,440,621 3,548,150 Consolidated Cash Flow Statement for the six months ended 30thJune 2008 31st December 30th June 2008 30th June 2007 2007 £ £ £ (unaudited) (unaudited) (audited) Operating activities Net profit from ordinary 89,697 46,976 9,264 activities Adjustments for: Depreciation 105,021 88,493 168,183 Grants amortised (828) (828) (1,656) Foreign exchange 1,246 (9,810) 19,535 gains/(losses) Investment income (133,623) (151,996) (292,467) Interest expense 161,247 162,913 321,762 Gain on sale of plant, - - (6,123) machinery and motor vehicles Income tax expense 34,882 20,132 128,793 Operating profit before 167,945 108,904 338,027 changes in working capital and provisions Increase in trade and other (602,619) (390,066) (153,188) receivables Increase in inventories (121,291) (323,287) (337,749) Increase in trade and other 454,170 499,254 327,326 payables (Increase)/decrease in 27,000 34,000 35,000 provisions and employee benefits (242,740) (180,099) (128,611) Cash generated from operations 14,902 (24,219) 218,680 Income taxes paid (35,667) (33,063) (131,397) Investing activities Purchases of plant, machinery (32,657) (53,682) (163,474) and motor vehicles Sale of plant, machinery and 35,843 8,922 10,375 motor vehicles Interest received 28,623 27,996 59,467 31,809 (16,764) (93,632) Financing activities Repayment of hire purchase (47,597) (20,500) (56,026) creditors Interest paid (60,247) (53,913) (114,762) Loan received 42,300 - - (65,544) (74,413) (170,788) Decrease in cash and cash (54,500) (148,459) (177,137) equivalents Cash and cash equivalents 106,066 283,203 283,203 (including overdrafts), beginning of period Cash and cash equivalents 51,566 134,744 106,066 (including overdrafts), end of period Notes to the interim financial report Accounting policies Basis of preparation This 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 2007 and those which management expects to apply in the group's full financial statements to 31st December 2008. This interim financial report in 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 2007 but is derived from the accounts. Statutory accounts for the period ended 31st December 2007 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 237(2) or (3) Companies Act 1985. 4th September 2008 For further information please contact: T.F. & J.H. Braime (Holdings) P.L.C. David H. Brown FCA - Financial Director 0113 245 7491 W. H. Ireland Limited Katy Mitchell LLB 0113 3946628 This information is provided by RNS The company news service from the London Stock Exchange END IR ILFFIAFISIIT
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