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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 |
From Apr 2022 to Apr 2024
TIDMBMTO
RNS Number : 2982Y
Braime Group PLC
05 September 2022
Braime Group PLC
("Braime" or the "Company" and together with its subsidiaries the "Group")
Interim Results for the six months ended 30th June 2022
The Company presents its unaudited interims results for the six months ended 30 June 2022:
Performance
As set out in our 2021 Annual Report announced on 27(th) April 2022, the directors had significant concerns about the macro-economic challenges facing the Group. These concerns remain, however, the directors are very pleased to report that Group sales revenue for the first six months of 2022 increased by 17% to GBP21.3m when compared to GBP18.2m for the same period in 2021, while profit before tax increased to GBP1.6m compared to GBP885,000 for the same period in 2021. The retained profit for the six-month period includes a further GBP350,000 provision for repairs to our chain cell area in anticipation of additional costs as previously announced in June 2022. Profit from operations before exceptional items was GBP2.1m compared to GBP984,000 for the same six month-period last year. All sectors of the Group have performed strongly, following a sustained surge in customer demand, which the directors attribute to recovery from the covid pandemic alongside constraints in the supply chain which have driven up prices. The automotive sector has continued to perform well after the upturn in the spring of 2021 and the 4B division has also seen strong performances especially in the USA and Australia.
The performance of the Group has benefited from Sterling weakening against the US dollar during 2022. A significant proportion of the Group's income is earned in the USA, and consequently, Sterling weakening from a rate of 1.348 at the end of 2021 to 1.214 at the end of June 2022 results in an increase in profit for the Group when reported in Sterling. The results also include GBP186,000 of profit (shown in other operating income) derived from the disposal of the Group's property in Lamotte Warfussee, following the relocation of 4B France's business to its new warehouse at Villers Bretonneux. Accordingly, the trading performance of the Group in the first half of the year has surpassed previous periods.
Dividends
In line with the Group's policy to maintain dividend growth, balanced alongside the Group's requirement for investment in capital to support long term growth, the directors have decided to increase the interim dividend from 4.25p to 4.75p per share. This dividend will be paid on 14th October 2022 to the Ordinary and 'A' Ordinary shareholders on the register on the 30th September 2022. The associated ex-dividend date is 29(th) September 2022.
Braime Pressings Limited
External sales revenue of GBP3.0m in the first 6 months of 2022 was 13% up on the same period last year driven by strong demand from the automotive sector as well as an increase in steel commodity prices which has driven up sales prices. Intercompany sales also increased by GBP666,000 driven by stronger turnover in the 4B division. The manufacturing division made a profit before tax of GBP516,000 as a result of the higher demand for its products.
4B Division
Our distribution division's external sales revenue of GBP18.3m increased by 18% when compared to GBP15.6m for the same period last year. Intercompany trading increased by 17% to GBP3.1m compared to GBP2.6m for the same period in 2021. The division has benefitted from an increase in demand across most geographical and product sectors as customers have started to invest in new projects following the Covid pandemic. The GBP2.8m increase in external sales has had a positive direct impact on profitability, with profit after tax for the 4B division for the six-month period increasing to GBP1.4m as compared to GBP494,000 for the same period last year.
Balance Sheet
Net assets of the Group as at 30th June 2022 amounted to GBP17.3m (30th June 2021 - GBP15.4m). Tangible fixed asset additions in during the period amounted to GBP893,000. Of this, GBP570,000 relates to the new climate-controlled warehouse at our Leeds headquarters which became operational in May 2022. Other capital investments relate to items of manufacturing equipment and IT expenditure. Intangible fixed asset additions of GBP725,000 relate to the purchase of the exclusive sales rights and customer lists for a specialised range of electronic components used in the bulk material handing industry, which complement and enhance the 4B division's existing products.
Inventory of GBP11.2m has increased by GBP2.1m when compared to 30th June 2021 and increased by GBP1.1m when compared to 31st December 2021. This is in part due to large increases in raw material prices, and in part, due to stocking up to meet increased customer demand and mitigate against turbulence in the supply chain. Trade receivables of GBP8.5m have increased by GBP1.0m when compared to 30th June 2021 and increased by GBP2.3m when compared to 31st December 2021. This increase is a direct consequence of the rise in revenue in 2022, and in fact, the Group's overall debtor days are lower than as at June 2021 and the same as at December 2021. Trade payables of GBP6.1m have increased by GBP729,000 when compared to 30th June 2021 and increased by GBP1.2m when compared to 31st December 2021 in line with expectations from the increased purchases of stock.
Cash flow
The net cash position of the Group at the end of June 2022 was GBP201,000 overdrawn. Cash generated from operations before working capital movements was GBP2.5m. Working capital (inventory, receivables and payables) increases for the six-month period came to GBP1.7m as a consequence of increased trading activity outlined above. Provisions, which all relate to the Chain Cell project, increased by GBP115,000, being the net of the additional GBP350,000 mentioned above and amounts utilised during the period, whilst investment in capital projects gave rise to outflows of GBP1.6m. Proceeds from disposal of GBP218,000 relate primarily to the sale of the old French property. The impact on cash of loans movement was negligible, the Group having repaid GBP233,000 of capital whilst taking up new loans of GBP236,000. Overall, net cash reduced by GBP1.2m during the six months to 30th June 2022. The business has sufficient headroom within its GBP3.5m bank overdraft facility and management remain focused in ensuring that working capital requirements, particularly for stock and debtors, are carefully monitored and controlled.
Principal exchange rates
The Group reports its results in Sterling, its presentational currency. The Group operates in six other currencies and the average of the principal exchange rates in use during the half year and as at 30th June 2022 are shown in the table below, along with comparatives. As mentioned previously, a significant proportion of the Group revenues are in the USA, and the Group has incurred foreign exchange gains from the strengthening of the US dollar against the Sterling since 31st December 2021. The gain on translation of overseas assets amounted to GBP604,000 for the six-month period, as shown in the consolidated statement of comprehensive income table on page 5.
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Avg rate Avg rate Avg rate Closing Closing Closing
Currency Symbol HY 2022 HY 2021 FY 2021 rate rate rate
30th Jun 30th Jun 31st Dec
2022 2021 2021
------------------- ---------- --------- ------------ ------------ ---------- ---------- ------------
Australian Dollar AUD 1.799 1.813 1.838 1.766 1.840 1.859
Chinese Renminbi
(Yuan) CNY 8.354 8.993 8.875 8.137 8.941 8.606
Euro EUR 1.184 1.156 1.165 1.162 1.165 1.191
South African
Rand ZAR 20.015 20.257 20.490 19.896 19.711 21.494
Thai Baht THB 43.586 43.064 44.073 42.926 44.290 44.690
United States
Dollar USD 1.288 1.389 1.374 1.214 1.382 1.348
------------------- ---------- --------- ------------ ------------ ---------- ---------- ------------
Key performance indicators
The Group uses the following key performance indicators to assess the performance of the Group as a whole and of the individual businesses:
Key performance indicator Note Half year Half year Full year
2022 2021 2021
----------------------------- ------- ------------ ------------ ------------
Turnover growth 1 17.0% 13.0% 11.0%
Gross margin 2 47.2% 47.2% 48.4%
Operating profit 3 GBP2.09m GBP0.98m GBP2.49m
Stock days 4 164 days 170 days 184 days
Debtor days 5 54 days 59 days 54 days
----------------------------- ------- ------------ ------------ ------------
Notes to KPI's
1. Turnover growth
The Group aims to increase shareholder value by measuring the year-on-year growth in Group revenue. Revenues are up due to the strong demand in both the manufacturing and material handling sectors and a rise in raw material prices.
2. Gross margin
Gross profit (revenue less change in inventories and raw materials used) as a percentage of revenue is monitored to maximise profits available for reinvestment and distribution to shareholders. Gross margin is in line with the same period last year. This is particularly pleasing given the increase in unit cost of sales. The directors continue to monitor the margins carefully for further movement.
3. Operating profit
Sustainable growth in operating profit is a strategic priority to enable ongoing investment and increase shareholder value. Operating profits have improved as a direct result of the increase in sales in both the manufacturing and the 4B division.
4. Stock days
The average value of inventories divided by raw materials and consumables used and changes in inventories of finished goods and work in progress expressed as a number of days is monitored to ensure the right level of stocks are held in order to meet customer demands whilst not carrying excessive amounts which impacts upon working capital requirements. Stock days have reduced despite the absolute value of inventory increasing with as a result of the strong sales performance in the period. This reflects management's continued focus on working capital.
5. Debtor days
The average value of trade receivables divided by revenue expressed as a number of days. This is an important indicator of working capital requirements. Debtor days at 54 days are below the standard payment terms of 60 days and have improved from the same period last year. Management remain focused on reducing this to improve cash.
Other metrics monitored weekly or monthly include quality measures (such as customer complaints), raw materials buying prices, capital expenditure, line utilisation, reportable accidents and near-misses.
Outlook for the second half of 2022
As advised above, many aspects of our Group profile and the exchange rate movement in the first six months of 2022 have contributed to the Group's exceptionally good interim result, a result which has far exceeded our expectations at the start of the year.
Some of these factors may continue to benefit the Group for the remainder of this year. However, at some point, the current global recession is going to have negative effects on us too. The likely fall in consumer demand will inevitably reduce the demand for truck parts, both for new commercial vehicles and for spares, high demand for which has been driven over the past 12 months by high consumer demand post the pandemic. Most of the large infrastructure projects which had been delayed by the pandemic have or are reaching completion.
Although most of our customers handling, distributing and processing cereals will continue to benefit from the current very high commodity prices, ultimately even their new investment will be more cautious given the increase in the cost of new machinery and because of higher interest rates where needed to finance investments. Large areas where investment has been very high in recent years remain "no go" areas due to the ongoing conflict in Ukraine.
While thus far, our margins have benefited from our policy of substantially increasing our stocks ahead of the huge cost increase in raw materials, the effect of these cost increases will increasingly feed through and result in lower gross margins. We are also going to see the direct negative impact of increases in our own overhead costs following on from much higher energy and freight costs. The unknown is not a question of if these negative factors will affect us, but of when, and the degree.
Nevertheless, the Group remains well placed to weather these adversities. Our main concerns, and principal risks, remain the Group's exposure to currency fluctuations and the very large negative impact of much higher costs on our cash flow. Cash flow is an issue we are focused on and continuously and carefully monitoring, while still aiming to complete the long-term capex investments already in progress.
Employees
All our employees in the Group, regardless of location continue to make a major contribution and we thank them for their efforts.
For further information please contact:
Nicholas Braime/Cielo Cartwright
0113 245 7491
W. H. Ireland Limited
Katy Mitchell
0113 394 6628
Unaudited Unaudited
Braime Group PLC 6 months 6 months Audited
Consolidated income statement for to to year to
the six months Note 30th June 30th June 31st December
ended 30th June 2022 2022 2021 2021
GBP'000 GBP'000 GBP'000
------------------------------------------- ------- ----------- ----------- ---------------
Revenue 21,308 18,212 36,406
Changes in inventories of finished
goods and work in progress 841 51 869
Raw materials and consumables used (12,099) (9,661) (19,656)
Employee benefits costs (4,859) (4,366) (8,930)
Depreciation expense (738) (655) (1,334)
Other expenses (2,568) (2,597) (4,954)
Other operating income 200 5 88
------------------------------------------- ------- ----------- ----------- ---------------
Profit from operations before exceptional
item 2,085 989 2,489
Exceptional item (350) - (1,217)
------------------------------------------- ------- ----------- ----------- ---------------
Profit from operations 1,735 989 1,272
Finance costs (127) (106) (205)
Finance income - 2 3
------------------------------------------- ------- ----------- ----------- ---------------
Profit before tax 1,608 885 1,070
Tax expense (477) (220) (320)
------------------------------------------- ------- ----------- ----------- ---------------
Profit for the period 1,131 665 750
------------------------------------------- ------- ----------- ----------- ---------------
Profit attributable to:
Owners of the parent 1,123 608 665
Non-controlling interests 8 57 85
------------------------------------------- ------- ----------- ----------- ---------------
1,131 665 750
------------------------------------------- ------- ----------- ----------- ---------------
Basic and diluted earnings per share 2 78.54p 46.18p 52.08p
Unaudited Unaudited
Braime Group PLC 6 months 6 months Audited
Consolidated statement of comprehensive to to year to
income for the six months 30th June 30th June 31st December
ended 30th June 2022 2022 2021 2021
GBP'000 GBP'000 GBP'000
--------------------------------------------------- ----------- ----------- ---------------
Profit for the period 1,131 665 750
--------------------------------------------------- ----------- ----------- ---------------
Items that will not be reclassified subsequently
to profit or loss
Net pension remeasurement gain on post-employment
benefits - - 90
Items that may be reclassified subsequently
to profit or loss
Foreign exchange gains/(losses) on re-translation
of overseas operations 604 (97) 87
Other comprehensive income for the period 604 (97) 177
--------------------------------------------------- ----------- ----------- ---------------
Total comprehensive income for the period 1,735 568 927
--------------------------------------------------- ----------- ----------- ---------------
Total comprehensive income attributable
to:
Owners of the parent 1,735 489 817
Non-controlling interests - 79 110
--------------------------------------------------- ----------- ----------- ---------------
1,735 568 927
--------------------------------------------------- ----------- ----------- ---------------
The foreign currency movements arise on the re-translation of overseas subsidiaries' opening balance sheets at closing rates.
Unaudited Unaudited Audited
6 months 6 months year to
Braime Group PLC to to 31st
Consolidated balance sheet at 30th June 30th June 30th June December
2022 2022 2021 2021
GBP'000 GBP'000 GBP'000
----------------------------------------------- ----------- ----------- ----------
Non-current assets
Property, plant and equipment 9,142 8,216 8,713
Intangible assets 709 31 25
Right of use assets 534 683 632
Total non-current assets 10,385 8,930 9,370
----------------------------------------------- ----------- ----------- ----------
Current assets
Inventories 11,174 9,083 10,124
Trade and other receivables 8,470 7,472 6,211
Cash and cash equivalents 1,533 1,673 1,463
----------------------------------------------- ----------- ----------- ----------
Total current assets 21,177 18,228 17,798
----------------------------------------------- ----------- ----------- ----------
Total assets 31,562 27,158 27,168
----------------------------------------------- ----------- ----------- ----------
Current liabilities
Bank overdraft 1,734 909 489
Trade and other payables 6,073 5,344 4,895
Other financial liabilities 2,715 2,661 2,902
Corporation tax liability 177 70 41
----------------------------------------------- ----------- ----------- ----------
Total current liabilities 10,699 8,984 8,327
----------------------------------------------- ----------- ----------- ----------
Non-current liabilities
Financial liabilities 2,554 2,479 2,046
Deferred income tax liability 36 276 24
Provision for liabilities 939 - 1,054
----------------------------------------------- ----------- ----------- ----------
Total non-current liabilities 3,529 2,755 3,124
----------------------------------------------- ----------- ----------- ----------
Total liabilities 14,228 11,739 11,451
----------------------------------------------- ----------- ----------- ----------
Total net assets 17,334 15,419 15,717
----------------------------------------------- ----------- ----------- ----------
Capital and reserves
Share capital 360 360 360
Capital reserve 257 257 257
Foreign exchange reserve 523 (270) (89)
Retained earnings 16,387 15,296 15,382
----------------------------------------------- ----------- ----------- ----------
Total equity attributable to the shareholders
of the parent company 17,527 15,643 15,910
Non-controlling interests (193) (224) (193)
----------------------------------------------- ----------- ----------- ----------
Total equity 17,334 15,419 15,717
----------------------------------------------- ----------- ----------- ----------
Unaudited Unaudited Audited
Braime Group PLC 6 months 6 months year to
Consolidated cash flow statement to to 31st December
for the six months Note 30th June 30th June 2021
ended 30th June 2022 2022 2021
GBP'000 GBP'000 GBP'000
----------------------------------------- ------- ----------- ----------- ---------------
Operating activities
Net profit 1,131 665 750
----------------------------------------- ------- ----------- ----------- ---------------
Adjustments for:
Depreciation 738 655 1,334
Foreign exchange gains/(losses) 480 (4) 210
Finance income - (2) (3)
Finance expense 127 106 205
Gain on sale of plant, machinery
and motor vehicles (186) (5) (38)
Adjustment in respect of defined
benefit scheme - - 91
Income tax expense 477 220 320
Income taxes paid (310) (329) (679)
----------------------------------------- ------- ----------- ----------- ---------------
Operating profit before changes
in working capital and provisions 2,457 1,306 2,190
----------------------------------------- ------- ----------- ----------- ---------------
Increase in trade and other receivables (2,278) (1,518) (288)
Increase in inventories (1,050) (219) (1,259)
Increase in trade and other payables 1,664 1,138 179
(Decrease)/increase in provisions (115) - 1,054
(1,779) (599) (314)
----------------------------------------- ------- ----------- ----------- ---------------
Cash generated from operations 678 707 1,876
----------------------------------------- ------- ----------- ----------- ---------------
Investing activities
Purchases of property, plant, machinery
and motor vehicles (1,618) (991) (2,074)
Sale of plant, machinery and motor
vehicles 218 5 73
Interest received - 2 2
----------------------------------------- ------- ----------- ----------- ---------------
(1,400) (984) (1,999)
----------------------------------------- ------- ----------- ----------- ---------------
Financing activities
Proceeds from long term borrowings 236 532 1,145
Repayment of borrowings (233) (234) (452)
Repayment of hire purchase creditors (73) (109) (182)
Repayment of lease liabilities (138) (127) (234)
Bank interest paid (92) (55) (124)
Lease interest paid (29) (37) (65)
Hire purchase interest paid (6) (15) (16)
Dividends paid (118) (112) (173)
----------------------------------------- ------- ----------- ----------- ---------------
(453) (157) (101)
----------------------------------------- ------- ----------- ----------- ---------------
Decrease in cash and cash equivalents (1,175) (434) (224)
Cash and cash equivalents, beginning
of period 974 1,198 1,198
----------------------------------------- ------- ----------- ----------- ---------------
Cash and cash equivalents (including
overdrafts), end of period 3 (201) 764 974
----------------------------------------- ------- ----------- ----------- ---------------
Braime Group PLC
Consolidated statement
of Foreign
changes in equity Share Capital Exchange Retained Minority Total
for the Capital Reserve Reserve Earnings Total Interests Equity
six months ended
30th June 2022
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 31st
December
2021 360 257 (89) 15,382 15,910 (193) 15,717
Comprehensive income
Profit - - - 1,123 1,123 8 1,131
Other comprehensive
income
Foreign exchange
gain/(loss)
on re-translation
of overseas operations - - 612 - 612 (8) 604
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total other comprehensive
income - - 612 - 612 (8) 604
Total comprehensive
income - - 612 1,123 1,735 - 1,735
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Transactions with
owners
Dividends - - - (118) (118) - (118)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total transactions
with owners - - - (118) (118) - (118)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 30th
June 2022 360 257 523 16,387 17,527 (193) 17,334
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Braime Group PLC
Consolidated statement
of Foreign
changes in equity Share Capital Exchange Retained Minority Total
for the Capital Reserve Reserve Earnings Total Interests Equity
six months ended
30th June 2021
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 31st
December 2020 360 257 (151) 14,800 15,266 (303) 14,963
Comprehensive income
Profit - - - 608 608 57 665
Other comprehensive
income
Foreign exchange
(loss)/gain on re-translation
of overseas
operations - - (119) - (119) 22 (97)
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total other comprehensive
income - - (119) - (119) 22 (97)
Total comprehensive
income - - (119) 608 489 79 568
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Transactions with
owners
Dividends - - - (112) (112) - (112)
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total transactions
with owners - - - (112) (112) - (112)
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 30th
June 2021 360 257 (270) 15,296 15,643 (224) 15,419
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Braime Group PLC
Consolidated statement
of Foreign
changes in equity Share Capital Exchange Retained Minority Total
for the Capital Reserve Reserve Earnings Total Interests Equity
year ended 31st
December
2021
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 1st January
2021 360 257 (151) 14,800 15,266 (303) 14,963
Comprehensive income
Profit - - - 665 665 85 750
Other comprehensive
income
Net pension remeasurement
gain recognised
directly in
equity - - - 90 90 - 90
Foreign exchange
losses on
re-translation of
overseas
operations - - 62 - 62 25 87
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total other comprehensive
income - - 62 90 152 25 177
Total comprehensive
income - - 62 755 817 110 927
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Transactions with
owners
Dividends - - - (173) (173) - (173)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total transactions
with owners - - - (173) (173) - (173)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 31st
December
2021 360 257 (89) 15,382 15,910 (193) 15,717
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
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 2021 and those which management expects to apply in the Group's full financial statements to 31st December 2022.
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 2021 but is derived from the accounts. Statutory accounts for the period ended 31st December 2021 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 2021, which have been applied consistently throughout the current and preceding periods.
(a) The Group has adopted the following new or amended standards as of 1st January 2022:
-- Annual improvements to IFRS standards 2018-2020 cycle - Minor amendments to IFRS 1, IFRS 9 and IAS 41 - effective accounting periods beginning on or after 1st January 2022.
-- Amendments to IFRS 3 - Reference to the Conceptual Framework - Updates certain references to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations - effective accounting periods beginning on or after 1st January 2022.
-- Amendments to IAS 16 - Property, Plant and Equipment: Proceeds before Intended Use - Requires amounts received from selling items produced while the company is preparing the asset for its intended use to be recognised in profit or loss, and not as an adjustment to the cost of the asset - effective accounting periods beginning on or after 1st January 2022.
-- Amendment to IAS 37 Onerous Contracts: Cost of Fulfilling a Contract - Specifies which costs to include when assessing whether a contract will be loss-making - effective accounting period beginning on or after 1st January 2022.
(b) New and amended standards applicable for annual period beginning on 1st January 2023 and beyond:
-- IFRS 17 Insurance Contracts - Establishes new principles for the recognition, measurement, presentation and disclosure of insurance contracts issued, reinsurance contracts held and qualifying investment contracts with discretionary participation features issued - effective accounting periods on or after 1st January 2023.
-- Amendments to IFRS 17 - Initial Application of IFRS 17 & IFRS 9 - Comparative Information - Helps entities to avoid temporary accounting mismatches by allowing an option relating to comparative information about financial assets presented on initial application of IFRS 17 - effective accounting period beginning on or after 1st January 2023.
-- Amendments to IAS 1 - Classification of Liabilities as Current or Non-current - Clarifies that the classification of liabilities as current or non-current should be based on rights that exist at the end of the reporting period - effective accounting periods beginning on or after 1st January 2023.
-- Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting Policies - Changes requirements from disclosing 'significant' to 'material' accounting policies and provides explanations and guidance on how to identify material accounting policies - effective accounting period beginning on or after 1st January 2023.
-- Amendments to IAS 8 - Definition of Accounting Estimates - Clarifies how to distinguish changes in accounting policies from changes in accounting estimates - effective accounting periods beginning on or after 1st July 2023.
-- Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Introduces an exception to clarify that the 'initial recognition exemption' does not apply to transactions that give rise to equal taxable and deductible timing differences - effective accounting periods beginning on or after 1st January 2023.
The application and interpretations surrounding the new or amended standards is not expected to have a material impact on the Group's reported financial performance or position. However, they may give rise to additional disclosures being made in the financial statements.
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 Braime Group PLC as the numerator.
The weighted average number of outstanding shares used for basic earnings per share amounted to 1,440,000 (2021 - 1,440,000). There are no potentially dilutive shares in issue.
6 months
to
30th June
2022
GBP'000
------------------------------------------------------ ---------------
Dividends paid on equity shares
Ordinary shares
Interim of 8.20p per share paid on 24th May 2022 39
'A' Ordinary shares
Interim of 8.20p per share paid on 24th May 2022 79
------------------------------------------------------ ---------------
Total dividends paid 118
------------------------------------------------------ ---------------
Year to
31st December
2021
GBP'000
------------------------------------------------------ ---------------
Dividends paid on equity shares
Ordinary shares
Interim of 7.80p per share paid on 25th May 2021 37
Interim of 4.25p per share paid on 14th October 2021 20
------------------------------------------------------ ---------------
57
------------------------------------------------------ ---------------
'A' Ordinary shares
Interim of 7.80p per share paid on 25th May 2021 75
Interim of 4.25p per share paid on 14th October 2021 41
------------------------------------------------------ ---------------
116
------------------------------------------------------ ---------------
Total dividends paid 173
------------------------------------------------------ ---------------
3. Cash and cash equivalents
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st December
30th June 30th June 2021
2022 2021
GBP'000 GBP'000 GBP'000
-------------------------- ------------ ------------ ---------------
Cash at bank and in hand 1,533 1,673 1,463
Bank overdrafts (1,734) (909) (489)
-------------------------- ------------ ------------ ---------------
(201) 764 974
-------------------------- ------------ ------------ ---------------
4. Segmental information
Unaudited 6 months to
30th June 2022
Central Manufacturing Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------------- ------------- --------
Revenue
External - 2,986 18,322 21,308
Inter company 939 2,599 3,067 6,605
--------------------------------- -------- -------------- ------------- --------
Total 939 5,585 21,389 27,913
--------------------------------- -------- -------------- ------------- --------
Profit
EBITDA (including exceptional
item) (375) 553 2,295 2,473
Finance costs (58) (19) (50) (127)
Finance income - - - -
Depreciation (294) (18) (426) (738)
Tax expense (15) - (462) (477)
--------------------------------- -------- -------------- ------------- --------
(Loss)/profit for the period (742) 516 1,357 1,131
--------------------------------- -------- -------------- ------------- --------
Assets
Total assets 6,482 7,956 17,124 31,562
Additions to non-current assets 750 8 876 1,634
Liabilities
Total liabilities 2,317 3,637 8,274 14,228
Unaudited 6 months to
30th June 2021
Central Manufacturing Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------------- ------------- --------
Revenue
External - 2,642 15,570 18,212
Inter company 1,006 1,933 2,615 5,554
--------------------------------- -------- -------------- ------------- --------
Total 1,006 4,575 18,185 23,766
--------------------------------- -------- -------------- ------------- --------
Profit
EBITDA 36 517 1,091 1,644
Finance costs (34) (17) (55) (106)
Finance income - - 2 2
Depreciation (296) (19) (340) (655)
Tax expense (16) - (204) (220)
--------------------------------- -------- -------------- ------------- --------
(Loss)/profit for the period (310) 481 494 665
--------------------------------- -------- -------------- ------------- --------
Assets
Total assets 5,512 5,895 15,751 27,158
Additions to non-current assets 379 11 942 1,332
Liabilities
Total liabilities 888 3,141 7,710 11,739
Audited year to
31st December 2021
Central Manufacturing Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------------- ------------- --------
Revenue
External - 5,166 31,240 36,406
Inter company 2,038 4,287 6,704 13,029
--------------------------------- -------- -------------- ------------- --------
Total 2,038 9,453 37,944 49,435
--------------------------------- -------- -------------- ------------- --------
Profit
EBITDA (including exceptional
item) (740) 807 2,539 2,606
Finance costs (69) (37) (99) (205)
Finance income - 1 2 3
Depreciation (608) (34) (692) (1,334)
Tax expense 144 30 (494) (320)
--------------------------------- -------- -------------- ------------- -------- (Loss)/profit for the period (1,273) 767 1,256 750 --------------------------------- -------- -------------- ------------- -------- Assets Total assets 5,839 6,402 14,927 27,168 Additions to non-current assets 1,219 11 1,298 2,528 Liabilities Total liabilities 2,109 2,525 6,817 11,451
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END
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September 05, 2022 07:20 ET (11:20 GMT)
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