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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% | 2,200.00 | 2,000.00 | 2,400.00 | 2,200.00 | 2,200.00 | 2,200.00 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Manufacturing Industries,nec | 48.32M | 2.27M | 1.5792 | 6.33 | 14.4M |
TIDMBMTO
RNS Number : 3667Z
Braime Group PLC
18 September 2020
Braime Group PLC
("Braime" or the "Company" and together with its subsidiaries the "Group")
Interim Results for the six months ended 30th June 2020
The Company presents its unaudited interims results for the six months ended 30 June 2020:
Performance
Group sales revenue for the first six months of 2020 fell 5.6% to GBP16.1m when compared to GBP17.1m for the same period in 2019, while profit before tax decreased to GBP372,000 compared to GBP1.1m for the same period in 2019. In view of the havoc that the Covid-19 pandemic has wreaked on the global economy, the directors are pleased to report that sales volumes have held up better than expected. In the first quarter of the year, as country after country went into lockdown, our subsidiaries resolutely found ways to maintain operations, where necessary at times operating remotely from home. We have thus as a Group remained open throughout the pandemic and continued to serve and supply our customers. However, there is not much scope for reducing our base costs without cutting into our core business, and therefore the reduction in sales has had a direct consequence on our profitability. During this difficult time, we have carefully sought to avoid short-term cost-stripping which we consider would harm future strategic growth, whilst tactically managing our cashflow which has remained positive.
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 to 4.00p per share. This dividend will be paid on 16th October 2020 to the Ordinary and 'A' Ordinary shareholders on the register on the 2nd October 2020. The associated ex-dividend date is 1st October 2020.
Braime Pressings Limited
External sales revenue of GBP2.0m in the first 6 months of 2020 was slightly up on the same period last year as customers increased orders for replacement parts. Intercompany sales also increased by GBP268,000. The manufacturing division made a small loss of GBP34,000 for the period as price competition remains high in the automotive sector. At the beginning of the year the business recruited a new sales manager to develop new markets however his activities were severely curtailed as a result of the lockdown restrictions and prospecting has only just recommenced.
4B Division
Our distribution division's external sales revenue of GBP14.2m fell by 6.6% when compared to GBP15.2m for the same period last year. Nonetheless, management consider this to be very positive results, given the economic upheaval of the Covid-19 pandemic. Intercompany trading reduced by 17.2% to GBP2.4m (GBP2.9m for the same period in 2019). This downturn is partly a result of the impact of Covid-19 but also due to the fact that the prior year sales were boosted by additional trading in the light of Brexit preparations. We are pleased to see strong growth in 4B Australia which is 10% above the same period last year. The freeze in US-Sino relations has continued to affect our subsidiary in China but we believe in its strategic location for future growth. The GBP1.0m reduction in external sales has directly impacted profit, with profit after tax for the 4B division for the six-month period reduced to GBP307,000 as compared to GBP883,000 for the same period last year.
Balance Sheet
Total net assets as at 30th June 2020 amount to GBP14.9m (30th June 2019 - GBP13.9m). Capital asset additions of GBP855,000 during the period relate primarily to the land purchased in Villers Bretonneux together with the warehouse under construction of GBP548,000 for 4B France, as announced earlier in the year. Other additions relate to the purchase of a 400-ton capacity press in the UK, various quality monitoring systems and tooling. Inventory has increased by GBP159,000 when compared to 30th June 2019 and by GBP554,000 when compared to 31st December 2019. Trade receivables of GBP6.6m is in line with 30th June 2019 but increased by GBP915,000 when compared to 31st December 2019. The increase in long-term borrowings during the year relates primarily to the take up of new loans; firstly GBP455,000 in the USA where our subsidiary has successfully applied for funding from the government Paycheck Protection Program (PPP) for Covid-19. The PPP aid, granted in the form of a loan on 16th April 2020, carries an interest rate of 1% and matures two years from the date of receipt, however the loan may be forgiven if employees are retained. Secondly GBP300,000 relates to the partial draw-down of the EUR1.7m loan facility in 4B France with Credit du Nord and BPI-France which as mentioned in 2019 annual report was obtained to fund the warehouse construction.
Cash flow
Cash at the end of the period was GBP822,000. Cash generated from operations before working capital movements was GBP1.4m during the period. An increase in trade receivables of GBP915,000 and an increase in inventories of GBP554,000 saw working capital reduce by GBP682,000 since the year end. These are a consequence of the reduced sales volume during the period. Investment in capital projects mentioned above gave rise to capital outflows of GBP855,000 and new loans of GBP755,000 in the USA and France mentioned above provided proceeds from borrowings. Overall, net cash increased by GBP159,000 during the six months to 30th June 2020. Management remains focused in ensuring that working capital requirements, particularly for stock, 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 the 30th June 2020 are shown in the table below, along with comparatives. Since a significant proportion of the Group revenues are in the USA, the Group has benefitted from the weakening of sterling against the US dollar since 31st December 2019. However, at the time of writing, the sterling has rallied strongly, and we expect to see the gains in the first half of the year reversing in the second half.
Avg rate Avg rate Avg rate Closing Closing Closing Currency Symbol HY 2020 HY 2019 FY 2019 rate rate rate 30th Jun 30th Jun 31st Dec 2020 2019 2019 ------------------- ---------- --------- ------------ ------------ ---------- ------------ ------------ Australian Dollar AUD 1.922 1.832 1.840 1.795 1.814 1.883 Chinese Renminbi (Yuan) CNY 8.857 8.770 8.810 8.714 8.711 9.150 Euro EUR 1.140 1.148 1.144 1.100 1.118 1.177 South African Rand ZAR 21.334 18.319 18.453 21.468 17.950 18.548 Thai Baht THB 39.993 40.808 39.578 38.152 39.069 39.346 United States Dollar USD 1.259 1.297 1.281 1.236 1.273 1.321 ------------------- ---------- --------- ------------ ------------ ---------- ------------ ------------
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 2020 2019 2019 ----------------------------- ------- ------------ ------------ ------------ Turnover growth 1 (5.6%) (5.5%) (6.4%) Gross margin 2 47.4% 48.9% 49.1% Operating profit 3 GBP0.45m GBP1.29m GBP2.21m Stock days 4 191 days 165 days 176 days Debtor days 5 63 days 60 days 57 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 down due to the current global economic climate. The directors consider the results positive in the light of the current global crisis.
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 has decreased slightly over the same period last year. 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 reduced as a direct result of the reduction in sales which is primarily due to the economic uncertainty following the Covid 19 pandemic.
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 increased in part due to a slow-down of sales compared to prior period.
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 63 days are slightly above the standard payment terms of 60 days. 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.
Impact of Covid-19 pandemic
At our year end announcement, we noted the need to prepare for the likelihood of lower demand while the world economy struggles to recover from the pandemic. Our businesses have not been as harshly affected, in the way that certain sectors such as travel, retail, the hospitality and entertainment sectors, have been. We are therefore heartened that sales revenues are only 5.6% down compared to the same period last year but we are very mindful that small changes in volume have a more significant impact on our profits.
The pandemic has required all our businesses to adapt to new ways of working; we are very alert to the health risks posed by the virus and we have therefore taken all necessary steps to protect our employees including providing equipment for homeworking, implementing and observing stringent social distancing and extensive disinfecting and sanitizing measures on-site. Many of these provisions have the unintended consequence of reducing operational efficiencies particularly in the factory and warehouse. Staying close to our customers is at the heart of our policy and this is made more challenging when site visits have been restricted or banned. The costs of these new distancing, hygiene and risk reduction measures may not in isolation appear significant when quantified directly but without doubt they indirectly contribute to the overall reduction in profitability. We have received some government aid but the benefit to our profit for the period is minimal, being GBP35,000 in respect of furloughed employees in the UK who were shielding, and GBP13,000 in France. The government assistance received in the USA mentioned above has been booked as a loan and thus has not improved or impacted our reported profit.
Outlook for the second half of 2020
Given the current exceptional situation, it is even more difficult than usual to comment on the outlook for the Group. Our forward order books and the current level of enquiries in all parts of the Group are at unusually low levels. Nevertheless, each month our actual sales have exceeded our expectations and, in some parts of the Group, have exceeded last year's figures for the same period, and offset shortfalls elsewhere in the Group. On average we continue to achieve over 85% of our original budget set last year, but as in most businesses, our profits come from the top slice of our revenue, so our net earnings are likely to remain weak in the short term.
The Group is fortunate that a large part of our sales is made to the supply chain involved in handling and processing food related product and the demand for spares still remains strong. However, we expect that investment in new facilities and in new processing machinery in this sector, which have both driven our recent growth, is likely to be subdued until confidence returns to the general economy. If and when business confidence returns, we expect the sector to return rapidly to previous levels of investment because the food sector remains a growth area of the global economy although there will inevitably be a delay while new orders for the components that we supply start to flow through to us. Despite the current climate, our finances remain strong and we continue to invest resource to find new ways of marketing, and in developing new product, so we remain optimistic about the long-term prospect for the Group.
Our employees at all levels and in all parts of the group have coped admirably with the considerable additional challenges and stress created by the epidemic. Thanks to the fortitude and flexibility shown by our staff, our manufacturing and distribution businesses have been able to find new ways of working and enabled us to continue to supply our customers almost without interruption. In some important respects, this experience has bought our local teams and our group as a whole, closer together and revealed new and better ways of working. We plan to maintain and build on the changes we have made which will benefit the group in the long term.
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 2020 2020 2019 2019 GBP'000 GBP'000 GBP'000 -------------------------------------- ------- --------------------------- ----------- --------------- Revenue 16,114 17,077 33,433 Changes in inventories of finished goods and work in progress 492 1,174 959 Raw materials and consumables used (8,954) (9,901) (17,986) Employee benefits costs (4,406) (4,090) (8,530) Depreciation expense (646) (536) (1,236) Other expenses (2,146) (2,438) (4,737) Other operating income - - 318 -------------------------------------- ------- --------------------------- ----------- --------------- Profit from operations 454 1,286 2,221 Finance costs (82) (218) (477) Finance income - 1 2 -------------------------------------- ------- --------------------------- ----------- --------------- Profit before tax 372 1,069 1,746 Tax expense (114) (315) (397) -------------------------------------- ------- --------------------------- ----------- --------------- Profit for the period 258 754 1,349 -------------------------------------- ------- --------------------------- ----------- --------------- Profit attributable to: Owners of the parent 242 749 1,360 Non-controlling interests 16 5 (11) -------------------------------------- ------- --------------------------- ----------- --------------- 258 754 1,349 -------------------------------------- ------- --------------------------- ----------- --------------- Basic and diluted earnings per share 2 16.81p 52.00p 94.44p 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 2020 2020 2019 2019 GBP'000 GBP'000 GBP'000 --------------------------------------------------- ----------- ----------- --------------- Profit for the period 258 754 1,349 --------------------------------------------------- ----------- ----------- --------------- Items that will not be reclassified subsequently to profit or loss Net pension remeasurement gain on post-employment benefits - - 178 Items that may be reclassified subsequently to profit or loss Foreign exchange gains/(losses) on re-translation of overseas operations 404 (13) (323) Other comprehensive income for the period 404 (13) (145) --------------------------------------------------- ----------- ----------- --------------- Total comprehensive income for the period 662 741 1,204 --------------------------------------------------- ----------- ----------- --------------- Total comprehensive income attributable to: Owners of the parent 656 754 1,231 Non-controlling interests 6 (13) (27) --------------------------------------------------- ----------- ----------- --------------- 662 741 1,204
--------------------------------------------------- ----------- ----------- ---------------
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 2020 2020 2019 2019 GBP'000 GBP'000 GBP'000 ----------------------------------------------- ----------- ----------- ---------- Non-current assets Property, plant and equipment 7,246 6,485 6,824 Intangible assets 44 56 48 Right of use assets 190 213 278 Total non-current assets 7,480 6,754 7,150 ----------------------------------------------- ----------- ----------- ---------- Current assets Inventories 9,127 8,968 8,573 Trade and other receivables 6,554 6,605 5,697 Cash and cash equivalents 1,558 935 1,679 ----------------------------------------------- ----------- ----------- ---------- Total current assets 17,239 16,508 15,949 ----------------------------------------------- ----------- ----------- ---------- Total assets 24,719 23,262 23,099 ----------------------------------------------- ----------- ----------- ---------- Current liabilities Bank overdraft 736 508 1,016 Trade and other payables 4,586 4,881 3,808 Other financial liabilities 2,042 2,219 2,163 Corporation tax liability 47 1 19 ----------------------------------------------- ----------- ----------- ---------- Total current liabilities 7,411 7,609 7,006 ----------------------------------------------- ----------- ----------- ---------- Non-current liabilities Financial liabilities 2,031 1,449 1,384 Deferred income tax liability 382 266 360 ----------------------------------------------- ----------- ----------- ---------- Total non-current liabilities 2,413 1,715 1,744 ----------------------------------------------- ----------- ----------- ---------- Total liabilities 9,824 9,324 8,750 ----------------------------------------------- ----------- ----------- ---------- Total net assets 14,895 13,938 14,349 ----------------------------------------------- ----------- ----------- ---------- Capital and reserves Share capital 360 360 360 Capital reserve 257 257 257 Foreign exchange reserve 408 306 (6) Retained earnings 14,211 13,347 14,084 ----------------------------------------------- ----------- ----------- ---------- Total equity attributable to the shareholders of the parent company 15,236 14,270 14,695 Non-controlling interests (341) (332) (346) ----------------------------------------------- ----------- ----------- ---------- Total equity 14,895 13,938 14,349 ----------------------------------------------- ----------- ----------- ---------- 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 2019 ended 30th June 2020 2020 2019 GBP'000 GBP'000 GBP'000 -------------------------------------------- ------- ----------------------------- ----------- --------------- Operating activities Net profit 258 754 1,349 -------------------------------------------- ------- ----------------------------- ----------- --------------- Adjustments for: Depreciation 646 536 1,236 Foreign exchange gains/(losses) 299 (17) (255) Finance income - (1) (2) Finance expense 82 218 477 Gain on sale of plant, machinery and motor vehicles - - (12) Adjustment in respect of defined benefit scheme - - 93 Income tax expense 114 315 397 Income taxes paid (8) (243) (451) -------------------------------------------- ------- ----------------------------- ----------- --------------- Operating profit before changes in working capital and provisions 1,391 1,562 2,832 -------------------------------------------- ------- ----------------------------- ----------- --------------- (Increase)/decrease in trade and other receivables (915) (107) 1,044 Increase in inventories (554) (1,096) (701) Increase/(decrease) in trade and other payables 787 (381) (1,499) (682) (1,584) (1,156) -------------------------------------------- ------- ----------------------------- ----------- --------------- Cash generated from operations 709 (22) 1,676 -------------------------------------------- ------- ----------------------------- ----------- --------------- Investing activities Purchases of property, plant, machinery and motor vehicles (855) (679) (1,660) Sale of plant, machinery and motor vehicles 8 - 27 Interest received - 1 2 -------------------------------------------- ------- ----------------------------- ----------- --------------- (847) (678) (1,631) -------------------------------------------- ------- ----------------------------- ----------- --------------- Financing activities Proceeds from long term borrowings 900 - 728 Proceeds from new hire purchase borrowings - 421 - Repayment of lease liabilities (172) (101) (210) Repayment of borrowings (116) (199) (459) Repayment of hire purchase creditors (118) (142) (281) Interest paid (63) (204) (426) Lease interest paid (19) (14) (48) Dividends paid (115) (115) (167) -------------------------------------------- ------- ----------------------------- ----------- --------------- 297 (354) (863) -------------------------------------------- ------- ----------------------------- ----------- --------------- Increase/(decrease) in cash and cash equivalents 159 (1,054) (818) Cash and cash equivalents, beginning of period 663 1,481 1,481
-------------------------------------------- ------- ----------------------------- ----------- --------------- Cash and cash equivalents (including overdrafts), end of period 3 822 427 663 -------------------------------------------- ------- ----------------------------- ----------- --------------- 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 2020 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 --------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Balance at 31st December 2019 360 257 (6) 14,084 14,695 (346) 14,349 Comprehensive income Profit - - - 242 242 16 258 Other comprehensive income Foreign exchange gain/(loss) on re-translation of overseas operations - - 414 - 414 (11) 403 --------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Total other comprehensive income - - 414 - 414 (11) 403 Total comprehensive income - - 414 242 656 5 661 --------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Transactions with owners Dividends - - - (115) (115) - (115) --------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Total transactions with owners - - - (115) (115) - (115) --------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Balance at 30th June 2020 360 257 408 14,211 15,236 (341) 14,895 --------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- 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 2019 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Balance at 31st December 2018 360 257 301 12,734 13,652 (319) 13,333 Impact of change in accounting standard - IFRS 16 - - - (21) (21) - (21) -------------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Restated total equity at 1st January 2019 360 257 301 12,713 13,631 (319) 13,312 Comprehensive income Profit - - - 749 749 5 754 Other comprehensive income Foreign exchange gain/(loss) on re-translation of overseas operations - - 5 - 5 (18) (13) -------------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Total other comprehensive income - - 5 - 5 (18) (13) Total comprehensive income - - 5 749 754 (13) 741 -------------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Transactions with owners Dividends - - - (115) (115) - (115) -------------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Total transactions with owners - - - (115) (115) - (115) -------------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Balance at 30th June 2019 360 257 306 13,347 14,270 (332) 13,938 -------------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- 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 2019 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 --------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Balance at 1st January 2019 360 257 301 12,734 13,652 (319) 13,333 Impact of change in accounting standard - IFRS16 - - - (21) (21) - (21) --------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Restated total equity at 1st January 2019 360 257 301 12,713 13,631 (319) 13,312 Comprehensive income Profit - - - 1,360 1,360 (11) 1,349 Other comprehensive income Net pension remeasurement gain recognised directly in equity - - - 178 178 - 178 Foreign exchange gains on re-translation of overseas operations - - (307) - (307) (16) (323) --------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Total other comprehensive income - - (307) 178 (129) (16) (145) Total comprehensive income - - (307) 1,538 1,231 (27) 1,204 --------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Transactions with owners Dividends - - - (167) (167) - (167) --------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Total transactions with owners - - - (167) (167) - (167) --------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- Balance at 31st December 2019 360 257 (6) 14,084 14,695 (346) 14,349 --------------------------- ---------- ---------- ----------- ----------- --------- ------------ --------- 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 2019 and those which management expects to apply in the Group's full financial statements to 31st December 2020.
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 2019 but is derived from the accounts. Statutory accounts for the period ended 31st December 2019 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 2019, which have been applied consistently throughout the current and preceding periods. The Group has adopted the following new and amended standards as of 1st January 2020 -
-- Amendments to IFRS3 - Definition of a Business - clarifies whether a transaction should be accounted for as a business combination or an asset acquisition - effective on or after 1st January 2020
-- Amendments to IAS1 and IAS8 - Definition of Material - aligns definitions across IFRS and other IASB publications - effective on or after 1st January 2020
-- Conceptual Frameworks for Financial reporting - provides concepts to help preparers develop consistent accounting policies when no standard applies or there is a choice of policies - effective on or after 1st January 2020
-- Amendments to Conceptual frameworks - minor amendments to various standards to reflect the revised issue - effective from 1 January 2020
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 (2019 - 1,440,000). There are no potentially dilutive shares in issue.
6 months to 30th June 2020 GBP'000 ------------------------------------------------------ --------------- Dividends paid on equity shares Ordinary shares Interim of 8.00p per share paid on 5th June 2020 38 'A' Ordinary shares Interim of 8.00p per share paid on 5th June 2020 77 ------------------------------------------------------ --------------- Total dividends paid 115 ------------------------------------------------------ --------------- Year to 31st December 2019 GBP'000 ------------------------------------------------------ --------------- Dividends paid on equity shares Ordinary shares Interim of 8.00p per share paid on 17th May 2019 38 Interim of 3.60p per share paid on 18th October 2019 17 ------------------------------------------------------ --------------- 55 ------------------------------------------------------ --------------- 'A' Ordinary shares Interim of 8.00p per share paid on 17th May 2019 77 Interim of 3.60p per share paid on 18th October 2019 35 ------------------------------------------------------ --------------- 112 ------------------------------------------------------ --------------- Total dividends paid 167 ------------------------------------------------------ --------------- 3. Cash and cash equivalents Unaudited Unaudited Audited 6 months 6 months year to to to 31st December 30th June 30th June 2019 2020 2019 GBP'000 GBP'000 GBP'000 -------------------------- ------------ ------------ --------------- Cash at bank and in hand 1,558 935 1,679 Bank overdrafts (736) (508) (1,016) -------------------------- ------------ ------------ --------------- 822 427 663 -------------------------- ------------ ------------ --------------- 4. Segmental information Unaudited 6 months to 30th June 2020 Central Manufacturing Distribution Total GBP'000 GBP'000 GBP'000 GBP'000 --------------------------------- -------- -------------- ------------- -------- Revenue External - 1,953 14,161 16,114 Inter company 1,016 1,695 2,381 5,092 --------------------------------- -------- -------------- ------------- -------- Total 1,016 3,648 16,542 21,206 --------------------------------- -------- -------------- ------------- -------- Profit EBITDA 352 (18) 767 1,101 Finance costs (53) (15) (14) (82) Finance income - - - - Depreciation (300) (11) (335) (646) Tax expense (14) 10 (111) (115) --------------------------------- -------- -------------- ------------- -------- (Loss)/profit for the period (15) (34) 307 258 --------------------------------- -------- -------------- ------------- -------- Assets Total assets 5,449 4,551 14,719 24,719 Additions to non-current assets 242 2 634 878 Liabilities Total liabilities 926 2,384 6,514 9,824
In 2019, we revised PLC intercompany charges across the Group to align recharges with the business activity resulting in a larger recharge to 4B division.
Unaudited 6 months to 30th June 2019 Central Manufacturing Distribution Total GBP'000 GBP'000 GBP'000 GBP'000 --------------------------------- -------- -------------- ------------- -------- Revenue External - 1,913 15,164 17,077 Inter company 997 1,427 2,877 5,301 --------------------------------- -------- -------------- ------------- -------- Total 997 3,340 18,041 22,378 --------------------------------- -------- -------------- ------------- -------- Profit EBITDA 115 133 1,574 1,822 Finance costs (110) (11) (97) (218) Finance income - - 1 1 Depreciation (248) (8) (280) (536) Tax expense - - (315) (315) --------------------------------- -------- -------------- ------------- -------- (Loss)/profit for the period (243) 114 883 754 --------------------------------- -------- -------------- ------------- -------- Assets Total assets 5,668 1,994 15,600 23,262 Additions to non-current assets 560 - 119 679 Liabilities Total liabilities 1,332 2,916 5,076 9,324 Audited year to 31st December 2019 Central Manufacturing Distribution Total GBP'000 GBP'000 GBP'000 GBP'000 --------------------------------- -------- -------------- ------------- -------- Revenue External - 3,416 30,017 33,433 Inter company 2,104 3,440 6,224 11,768 --------------------------------- -------- -------------- ------------- -------- Total 2,104 6,856 36,241 45,201 --------------------------------- -------- -------------- ------------- -------- Profit EBITDA 851 (244) 2,850 3,457 Finance costs (305) (27) (145) (477) Finance income - - 2 2 Depreciation (607) (18) (611) (1,236) Tax expense (114) 39 (322) (397) --------------------------------- -------- -------------- ------------- -------- (Loss)/profit for the period (175) (250) 1,774 1,349 --------------------------------- -------- -------------- ------------- -------- Assets Total assets 5,529 3,657 13,913 23,099
Additions to non-current assets 1,138 76 607 1,821 Liabilities Total liabilities 852 1,768 6,130 8,750
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