Final Results

 

TIDMBMTO TIDMBMT TIDMBMTP 
 
RNS Number : 8442O 
Braime (T.F.& J.H.) (Hldgs) PLC 
13 March 2009 
 

T.F. & J.H. BRAIME (HOLDINGS) P.L.C. 
 
 
At a meeting of the directors held here today, the accounts for the year ended 
31st December 2008 were submitted and approved by the directors. The preliminary 
profits statement is as follows: 
 
 
Chairman's statement 
The performance of the group has continued its steady recovery. For the year 
ending 31st December 2008, sales revenue increased by 28% from GBP11.8m in 2007 
to GBP15.2m in 2008 and the profit before tax improved from GBP138,000 to 
GBP527,000. 
 
 
After deducting tax due on profits largely made in the USA, the profit after tax 
increased from GBP9,000 in 2007 to GBP251,000 in 2008. 
 
 
The company has been fortunate in the current economic crisis in that over 70% 
of group sales are made overseas and that our main markets - the storage and 
processing of raw materials from cereal crops to minerals and cement - are 
sectors that remained buoyant throughout most of 2008. 
 
 
During 2008 the financial resources of the company were put under considerable 
strain. The cost of some of core raw materials rose by over 50%. Additionally 
this problem was exacerbated by the increase in our working capital requirements 
brought about by the increase in debtors and stocks resulting from the welcome, 
but abnormally rapid, jump in sales revenue. 
 
 
In light of this situation, the directors have decided to restore a small 
interim dividend of 1.50p per shares but not to pay a final dividend for 2008. 
This interim dividend, to fall within the 2008/09 tax year, will be paid to 
shareholders on 3rd April 2009 whose names are on the register on 27th March 
2009. 
 
 
The pressure on our financial resources is now reducing. Raw material prices 
have fallen back by around 50% to the levels of January 2008 and sales revenue 
is not predicted to increase in 2009. 
 
 
Providing that we can maintain the current trading position and that the cash 
position improves as expected, the director's would hope to pay a further 
interim dividend in the current year. 
 
 
Performance of subsidiaries 
The group operates as two divisions:- 
 
 
Manufacturing of deep drawn pressings (Braime Pressings Limited) 
In 2008 the manufacturing business generated 19% of external group sales revenue 
and in addition supplied pressed components to other group subsidiaries. 
Although sales increase by 18%, the company made a substantial loss as margins 
were reduced by the rapid rise in the cost of raw materials and other costs. 
 
 
A large proportion of the sales of Braime Pressings Limited have in recent years 
been to companies making "white goods" for sale in the UK to the home building 
or home improvement sectors which have been very seriously affected by the 
collapse both of the property market and consumer confidence. The resulting drop 
in anticipated factory volume has, and continues to have, a major negative 
impact on the prospects of Braime Pressings Limited. On the plus side, a large 
project to supply parts to the commercial vehicle sector has finally come on 
stream after two years of frustrating delays and this will add very substantial 
revenue in 2009. We also have two further substantial live projects of which we 
are reasonably confident of securing in the long term. 
 
 
We are currently making a major capital investment in new automated plant which 
will very significantly improve productivity and reduce operating costs. 
 
 
Distribution of components, under our 4B brand, to the bulk material handling 
industry 
The subsidiaries in this "division" now provide over 80% of external group sales 
and, of these sales, 86% were made in overseas markets in 2008. 
 
 
The three main subsidiaries in this division, Braime Elevator Components Limited 
(UK), 4B Elevator Components Limited (USA) and Sarl S.E.T.E.M. (France), all had 
exceptional years with substantial increases in both sales revenue and gross 
margins which were enhanced by the fall in the value of Sterling against both 
the US Dollar and the Euro in the last quarter of 2008. The group result also 
benefited from the translation of overseas earnings into Sterling at more 
favourable exchange rates. 
 
 
During the year, the group took over what is effectively a controlling stake in 
4B Asia Pacific Company Limited in Thailand and formed a new wholly owned 
subsidiary, 4B Africa Elevator Components (Proprietary) Limited. We believe that 
the two investments will enable us to increase our sales in both these growing 
markets. 
 
 
Our principal investments remain the continuing improvement and development of 
the 4B product range and in employing the necessary qualified staff. 
 
 
Cash flow and debt 
In 2008 there was a net cash outflow of GBP138,000 due primarily, as explained 
earlier, to an increase in working capital requirements needed to finance higher 
sales and stocks. We are actively focusing on reducing stock and debtors 
throughout the group to more sustainable long term levels. 
 
 
The principal means of external finance for working capital is through an 
invoice discounting arrangement with our bankers and through hire purchase in 
the case of capital investments. However in 2008, the company did agree an extra 
overdraft facility with its bankers but has not needed to call upon it. 
 
 
Relocation 
The company still wishes to locate from its current facilities in the UK to more 
cost effective premises. Discussions are still ongoing with interested parties 
but, given the current state of the property market, it is unlikely that the 
company will be able to move within the foreseeable future. 
 
 
Staff 
The groups biggest asset is its staff who have continued to work with enthusiasm 
and energy in a very tough and demanding economic climate. Our future success 
depends on the ability to embrace change and a philosophy of continuous 
improvement by everyone within the business. 
 
 
Outlook 
Against the background of the severe economic crisis, it would be foolhardy to 
attempt to make any firm predictions for 2009. 
 
 
Our manufacturing division has had a very poor start to the year but is now 
beginning to recover as the result of the start up of the long awaited 
automotive work. 
 
 
In contrast, our distribution business has begun the year very brightly, with 
sales in all subsidiaries running ahead of last year. Clearly there is going to 
be a decline in projects related to the extraction and processing of industrial 
materials but demand, thus far, from the primary food sector remains strong. 
 
 
At present the group is also benefiting significantly from the fall in the value 
of Sterling and this will help in offsetting any decline in volume caused by the 
recession. Providing Sterling remains somewhere near current levels, we remain 
positive about the prospects for the current year. However, equally, given the 
high proportion of group sales which are distributed in overseas markets, the 
prevailing exchange rate will be a key factor in determining this year's result. 
 
 
Consolidated Income Statement for the year ended 31st December 2008 (audited) 
 
 
+-------------------------------------------+-------+-------------+-------------+ 
|                                           | Note  |       2008  |       2007  | 
+-------------------------------------------+-------+-------------+-------------+ 
|                                           |       |        GBP  |        GBP  | 
+-------------------------------------------+-------+-------------+-------------+ 
| Revenue                                   |       | 15,173,891  | 11,838,813  | 
+-------------------------------------------+-------+-------------+-------------+ 
|                                           |       |             |             | 
+-------------------------------------------+-------+-------------+-------------+ 
| Changes in inventories of finished goods  |       |    689,836  |    304,567  | 
| and work in                               |       |             |             | 
| progress                                  |       |             |             | 
+-------------------------------------------+-------+-------------+-------------+ 
| Raw materials and consumables used        |       | (8,854,300) | (6,521,446) | 
+-------------------------------------------+-------+-------------+-------------+ 
| Employee benefits costs                   |       | (3,599,505) | (3,253,886) | 
+-------------------------------------------+-------+-------------+-------------+ 
| Depreciation expense                      |       |   (189,879) |   (168,183) | 
+-------------------------------------------+-------+-------------+-------------+ 
| Other expenses                            |       | (2,644,005) | (2,032,513) | 
+-------------------------------------------+-------+-------------+-------------+ 
|                                           |       |             |             | 
+-------------------------------------------+-------+-------------+-------------+ 
| Profit from operations                    |       |    576,038  |    167,352  | 
+-------------------------------------------+-------+-------------+-------------+ 
|                                           |       |             |             | 
+-------------------------------------------+-------+-------------+-------------+ 
| Finance costs                             |       |   (312,924) |   (321,762) | 
+-------------------------------------------+-------+-------------+-------------+ 
| Finance income                            |       |    264,009  |    292,467  | 
+-------------------------------------------+-------+-------------+-------------+ 
|                                           |       |             |             | 
+-------------------------------------------+-------+-------------+-------------+ 
| Profit before tax                         |       |    527,123  |    138,057  | 
+-------------------------------------------+-------+-------------+-------------+ 
|                                           |       |             |             | 
+-------------------------------------------+-------+-------------+-------------+ 
| UK corporation tax                        |       |      5,496  |      5,449  | 
+-------------------------------------------+-------+-------------+-------------+ 
| Foreign corporation tax                   |       |   (281,061) |   (134,242) | 
+-------------------------------------------+-------+-------------+-------------+ 
|                                           |       |             |             | 
+-------------------------------------------+-------+-------------+-------------+ 
| Profit for the year attributable to       |       |    251,558  |      9,264  | 
| equity shareholders of the parent company |       |             |             | 
+-------------------------------------------+-------+-------------+-------------+ 
|                                           |       |             |             | 
+-------------------------------------------+-------+-------------+-------------+ 
| Basic and diluted earnings per share      |     1 |     17.47p  |      0.01p  | 
+-------------------------------------------+-------+-------------+-------------+ 
 
 
Consolidated Statement of Recognised Income and Expense for the year ended 31st 
December 2008 (audited) 
 
 
+-------------------------------------------+------+-----------+-----------+ 
|                                           |      |     2008  |     2007  | 
+-------------------------------------------+------+-----------+-----------+ 
|                                           |      |      GBP  |      GBP  | 
+-------------------------------------------+------+-----------+-----------+ 
| Foreign exchange gains on re-translation  |      |  436,143  |   17,557  | 
| of overseas operations                    |      |           |           | 
+-------------------------------------------+------+-----------+-----------+ 
| Actuarial gains recognised directly in    |      |   60,000  |  118,000  | 
| equity                                    |      |           |           | 
+-------------------------------------------+------+-----------+-----------+ 
| Total income and expense recognised in    |      |  496,143  |  135,557  | 
| equity                                    |      |           |           | 
+-------------------------------------------+------+-----------+-----------+ 
|                                           |      |           |           | 
+-------------------------------------------+------+-----------+-----------+ 
| Gain for the year                         |      |  251,558  |    9,264  | 
+-------------------------------------------+------+-----------+-----------+ 
|                                           |      |           |           | 
+-------------------------------------------+------+-----------+-----------+ 
| Total recognised income and expense for   |      |  747,701  |  144,821  | 
| the year attributable to equity           |      |           |           | 
| shareholders of the parent company        |      |           |           | 
+-------------------------------------------+------+-----------+-----------+ 
 
 
Consolidated Balance Sheet at 31st December 2008 (audited) 
 
 
+----------------------+------+------------+------------+------------+------------+ 
|                      | Note |      2008  |      2008  |      2007  |      2007  | 
+----------------------+------+------------+------------+------------+------------+ 
|                      |      |       GBP  |       GBP  |       GBP  |       GBP  | 
+----------------------+------+------------+------------+------------+------------+ 
| Assets               |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Non-current assets   |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Property, plant and  |      |   850,758  |            |   862,998  |            | 
| equipment            |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Goodwill             |      |    12,270  |            |         -  |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Employee benefits    |      |   140,000  |            |    97,000  |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Total non-current    |      |            | 1,003,028  |            |   959,998  | 
| assets               |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
|                      |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Current assets       |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Inventories          |      | 3,344,011  |            | 2,535,671  |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Trade and other      |      | 2,644,375  |            | 2,713,165  |            | 
| receivables          |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Cash and cash        |      | 1,753,273  |            | 1,493,734  |            | 
| equivalents          |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Total current assets |      |            | 7,741,659  |            | 6,742,570  | 
+----------------------+------+------------+------------+------------+------------+ 
|                      |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Total assets         |      |            | 8,744,687  |            | 7,702,568  | 
+----------------------+------+------------+------------+------------+------------+ 
|                      |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Liabilities          |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Current liabilities  |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Bank overdraft       |      | 1,785,513  |            | 1,387,668  |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Trade and other      |      | 1,954,625  |            | 2,162,084  |            | 
| payables             |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Other financial      |      |   306,746  |            |   231,645  |            | 
| liabilities          |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Corporation tax      |      |   112,413  |            |    35,667  |            | 
| liability            |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Total current        |      |            | 4,159,297  |            | 3,817,064  | 
| liabilities          |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
|                      |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Non-current          |      |            |            |            |            | 
| liabilities          |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Financial            |      |   289,539  |            |   337,354  |            | 
| liabilities          |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Total non-current    |      |            |   289,539  |            |   337,354  | 
| liabilities          |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
|                      |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Total liabilities    |      |            | 4,448,836  |            | 4,154,418  | 
+----------------------+------+------------+------------+------------+------------+ 
|                      |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Total net assets     |      |            | 4,295,851  |            | 3,548,150  | 
+----------------------+------+------------+------------+------------+------------+ 
|                      |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Capital and reserves |      |            |            |            |            | 
| attributable to      |      |            |            |            |            | 
| equity holders of    |      |            |            |            |            | 
| the parent company   |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Share capital        |      |            |   360,000  |            |   360,000  | 
+----------------------+------+------------+------------+------------+------------+ 
| Capital reserves     |      |            |    77,319  |            |    77,319  | 
+----------------------+------+------------+------------+------------+------------+ 
| Foreign exchange     |      |            |   427,151  |            |    (8,992) | 
| reserve              |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Retained earnings    |      |            | 3,431,381  |            | 3,119,823  | 
+----------------------+------+------------+------------+------------+------------+ 
|                      |      |            |            |            |            | 
+----------------------+------+------------+------------+------------+------------+ 
| Total equity         |    2 |            | 4,295,851  |            | 3,548,150  | 
+----------------------+------+------------+------------+------------+------------+ 
 
 
Consolidated Cash Flow Statement for the year ended 31st December 2008 (audited) 
 
 
+----------------------+------+-----------+------------+-----------+-----------+ 
|                      | Note |     2008  |      2008  |     2007  |     2007  | 
+----------------------+------+-----------+------------+-----------+-----------+ 
|                      |      |      GBP  |       GBP  |      GBP  |      GBP  | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Operating activities |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Net profit           |      |           |   251,558  |           |    9,264  | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Adjustments for:     |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Depreciation         |      |  189,879  |            |  168,183  |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Grants amortised     |      |   (1,656) |            |   (1,656) |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Foreign exchange     |      |  567,471  |            |   19,535  |           | 
| gains                |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Investment income    |      | (264,009) |            | (292,467) |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Interest expense     |      |  312,924  |            |  321,762  |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Gain on sale of      |      |  (40,924) |            |   (6,123) |           | 
| plant, machinery and |      |           |            |           |           | 
| motor vehicles       |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Income tax expense   |      |  275,565  |            |  128,793  |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Operating profit     |      |           | 1,039,250  |           |  338,027  | 
| before changes in    |      |           |            |           |           | 
| working capital and  |      |           |            |           |           | 
| provisions           |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| (Decrease)/increase  |      |   68,790  |            | (153,188) |           | 
| in trade and other   |      |           |            |           |           | 
| receivables          |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Increase in          |      | (808,340) |            | (337,749) |           | 
| inventories          |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| (Decrease)/increase  |      | (161,429) |            |  327,326  |           | 
| in trade and other   |      |           |            |           |           | 
| payables             |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Decrease in          |      |   23,000  |            |   35,000  |           | 
| provision and        |      |           |            |           |           | 
| employee benefits    |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
|                      |      |           |  (877,979) |           | (128,611) | 
+----------------------+------+-----------+------------+-----------+-----------+ 
|                      |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Cash generated from  |      |           |   412,829  |           |  218,680  | 
| operations           |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
|                      |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Income taxes paid    |      |           |  (352,311) |           | (131,397) | 
+----------------------+------+-----------+------------+-----------+-----------+ 
|                      |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Investing activities |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Purchases of plant,  |      | (119,621) |            | (163,474) |           | 
| machinery and motor  |      |           |            |           |           | 
| vehicles             |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Sale of plant,       |      |   83,225  |            |   10,375  |           | 
| machinery and motor  |      |           |            |           |           | 
| vehicles             |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Interest received    |      |   57,009  |            |   59,467  |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
|                      |      |           |    20,613  |           |  (93,632) | 
+----------------------+------+-----------+------------+-----------+-----------+ 
|                      |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Financing activities |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Repayment of hire    |      | (107,513) |            |  (56,026) |           | 
| purchase creditors   |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Interest paid        |      | (111,924) |            | (114,762) |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
|                      |      |           |  (219,437) |           | (170,788) | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Decrease in cash and |      |           |  (138,306) |           | (177,137) | 
| cash equivalents     |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Cash and cash        |      |           |   106,066  |           |  283,203  | 
| equivalents,         |      |           |            |           |           | 
| beginning of period  |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
| Cash and cash        |      |           |   (32,240) |           |  106,066  | 
| equivalents, end of  |      |           |            |           |           | 
| period               |      |           |            |           |           | 
+----------------------+------+-----------+------------+-----------+-----------+ 
 
 
Notes 
1.    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 (2007 - 1,440,000). There are no potentially 
dilutive shares in issue. 
 
 
During the twelve months to 31st December 2008, T.F. & J.H. Braime (Holdings) 
P.L.C. paid dividends of GBPNil to its equity shareholders (2007 - GBPNil). 
 
 
+----+----------------------------------------------+------------+------------+ 
| 2. | Changes in shareholders' equity              |      2008  |      2007  | 
+----+----------------------------------------------+------------+------------+ 
|    |                                              |       GBP  |       GBP  | 
+----+----------------------------------------------+------------+------------+ 
|    | Total recognised income and expense          |   747,701  |   144,821  | 
+----+----------------------------------------------+------------+------------+ 
|    |                                              |            |            | 
+----+----------------------------------------------+------------+------------+ 
|    | Capital and reserves attributable to equity  | 3,548,150  | 3,403,329  | 
|    | holders of the parent company at the         |            |            | 
|    | beginning of the period                      |            |            | 
+----+----------------------------------------------+------------+------------+ 
|    |                                              |            |            | 
+----+----------------------------------------------+------------+------------+ 
|    | Capital and reserves attributable to equity  | 4,295,851  | 3,548,150  | 
|    | holders of the parent company at the end of  |            |            | 
|    | the period                                   |            |            | 
+----+----------------------------------------------+------------+------------+ 
|    |                                              |            |            | 
+----+----------------------------------------------+------------+------------+ 
|    |                                              |            |            | 
+----+----------------------------------------------+------------+------------+ 
| 3. | Cash and cash equivalents                    |      2008  |      2007  | 
+----+----------------------------------------------+------------+------------+ 
|    |                                              |       GBP  |       GBP  | 
+----+----------------------------------------------+------------+------------+ 
|    | Cash at bank and in hand                     | 1,753,273  | 1,493,734  | 
+----+----------------------------------------------+------------+------------+ 
|    | Bank overdrafts                              | 1,785,513  | 1,387,668  | 
+----+----------------------------------------------+------------+------------+ 
|    |                                              |   (32,240) |   106,066  | 
+----+----------------------------------------------+------------+------------+ 
 
 
4.    Major non-cash transaction 
During the year the group acquired GBP48,125 (2007 - GBP135,250) of tangible 
assets under hire purchase agreements. 
 
 
5.    Basis of preparation 
The results incorporated in the preliminary announcement have been prepared in 
accordance with International Financial Reporting Standards (IFRS and IFRIC 
interpretations) issued by the International Accounting Standards Board (IASB) 
as adopted by the EU and with those parts of the Companies Act 1985 applicable 
to companies preparing their accounts under IFRS. 
 
 
The financial information set out above does not constitute the company's 
statutory accounts for the years ended 31st December 2008 or 2007. Statutory 
accounts for 2007 have been delivered to the Registrar of Companies. The 
statutory accounts for 2008 will be delivered to the Registrar of Companies 
following the company's annual general meeting. The auditors have reported on 
the 2008 and 2007 accounts; their reports were unqualified, did not include 
references to any matters to which the auditors drew attention by way of 
emphasis without qualifying their reports and did not contain a statement under 
S237(2) or (3) of the Companies Act 1985. 
 
 
 
 
D. H. Brown 
Company Secretary 
T.F. & J.H. Braime (Holdings) P.L.C. 
 
 
13th March 2009 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 FR CKNKDQBKDAND