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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% | 1,550.00 | 1,500.00 | 1,600.00 | 1,550.00 | 1,350.00 | 1,350.00 | 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 | 22.32M |
From Dec 2022 to Dec 2024
TIDMBMTO
RNS Number : 3244L
Braime Group PLC
04 September 2023
Braime Group PLC
("Braime" or the "Company" and together with its subsidiaries the "Group")
Interim Results for the six months ended 30th June 2023
The Company presents its unaudited interims results for the six months ended 30th June 2023:
Performance
At the time of our 2022 results announcement in April 2023, we noted that the year had began positively for the Group, albeit the post-pandemic economic effects, the energy crisis, and the Ukraine war made it even more difficult than usual, to predict future trading. The directors are therefore pleased to report that the Group's performance has remained strong in the first half of 2023.
Group sales revenue for the first six months of 2023 increased by 16% to GBP24.7m when compared to GBP21.3m for the same period in 2022, while profit from operations was GBP2.3m compared to GBP2.0m (before exceptional item) for the same six month-period last year. Profit before tax increased to GBP2.1m compared to GBP1.6m for the same period in 2022. Profit after tax for the first six months of 2023 was GBP1.5m compared to GBP1.1m in 2022. We also noted at the time of our announcement that the first quarter of 2023 saw the different parts of the Group performing quite differently, with the Asian regions relatively subdued, but with USA our key market, remaining particularly buoyant. This trend has continued into the second quarter of 2023.
The positive performance of the Group is despite Sterling strengthening against the US dollar during the first half of 2023. A significant proportion of the Group's income is earned in the USA, and consequently, Sterling strengthening (GBP to USD of 1:1.2714 at the end of June 2023 compared to 1:1.204 at the end of 2022) results in a decrease in profit for the Group when reported in Sterling. Similarly, as a result of Sterling strengthening against other currencies, foreign currency losses have been incurred by the UK companies, as they hold significant overseas intercompany loan balances.
During the year, the Group has continued to improve its Hunslet Road property, to enhance and maintain operational efficiencies. These results include GBP300,000 of ground repair costs, where the recent discovery of a second subterranean well to the rear of our property well has resulted in a temporary diversion of our dispatch operations.
Taking these factors into account, the underlying trading performance of the Group in the first half of the year is particularly pleasing.
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 4.75p to 5.25p per share. This dividend will be paid on 13th October 2023 to the Ordinary and 'A' Ordinary shareholders on the register on the 29th September 2023. The associated ex-dividend date is 28th September 2023.
Braime Pressings Limited
External sales revenue of GBP3.2m in the first 6 months of 2023 was 9% up on the same period last year, largely due to an increase in steel commodity prices which has driven up sales revenues. Intercompany sales also increased by GBP95,000, an increase of 4%. The manufacturing division made a profit after tax of GBP507,000 in the six-month period to June 2023, in line with the same period last year.
4B Division
Our distribution division's external sales revenue of GBP21.5m increased by 17% when compared to GBP18.3m for the same period last year. Intercompany trading was GBP3.1m, unchanged from the same period in 2022. As mentioned, the division has benefitted from an increase in demand in the USA, in particular in our electronics products, as customers have continued to invest in new projects following the upturn in activity that we witnessed in 2022. EBITDA rose by 13% to GBP2.6m. The results for the 4B division have been negatively impacted by foreign currency fluctuations and profit after tax for the 4B division for the six-month period increased by 11% to GBP1.5m compared to GBP1.4m for the same period last year.
Balance Sheet
Net assets of the Group as at 30th June 2023 amounted to GBP20.1m (30th June 2022 - GBP17.3m). Tangible fixed asset additions during the period amounted to GBP784,000. Of this, GBP359,000 relates to the enhancement of the chain cell facility and GBP97,000 relates to the installation of additional solar panels at our Leeds headquarters which takes our energy generated from green solar PV to 310kwH. Other capital investments relate to items of manufacturing and IT equipment, including GBP138,000 relating to a new moulding machine in the USA.
Inventory of GBP13.0m has increased by GBP1.9m when compared to 30th June 2022 but decreased by GBP264,000 when compared to 31st December 2022. The increase from June 2022 was in part due to large increases in raw material prices, and in part, due to stocking up at the end of 2022 to meet increased customer demand. This materialised in the first half of 2023 leading to the reduction in inventory levels compared to the year end. Trade receivables of GBP8.9m have increased by GBP445,000 when compared to 30th June 2022 as a consequence of the rise in revenue in 2023. Trade payables of GBP7.1m have increased by GBP1.1m when compared to 30th June 2022 but decreased by GBP1.5m when compared to 31st December 2022 reflecting the increase in activity as well as the stock purchasing profile during the year.
Cash flow
The net cash position of the Group at the end of June 2023 was GBP886,000 compared to an overdrawn balance as at 30th June 2022 of GBP201,000. Cash generated from operations before working capital movements was GBP1.7m. Working capital (inventory, receivables and payables) increases for the six-month period came to GBP1.5m as a consequence of increased trading activity outlined above. Investment in capital projects gave rise to outflows of GBP784,000. There were proceeds from new loans of GBP1.2m, of which GBP978,000 related to bank loan for the re-development of the chain cell, (as reported in our end-of-year announcement in April 2023), with the balance relating to robotic equipment financed under hire purchase arrangements. Overall, net cash increased by GBP100,000 during the six months to 30th June 2023. The business has good 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 the closing rates as at 30th June 2023 are shown in the table below, along with comparatives. As mentioned previously, a significant proportion of the Group revenues are derived in the USA. The Group has incurred foreign exchange losses as a result of the strengthening of Sterling against the US Dollar since 31st December 2022.
The loss on translation of overseas assets amounted to GBP505,000 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 2023 HY 2022 FY 2022 rate rate rate
30th Jun 30th Jun 31st Dec
2023 2022 2022
------------------- ---------- --------- --------- ------------ ---------- ---------- ------------
Australian Dollar AUD 1.852 1.799 1.777 1.910 1.766 1.771
Chinese Renminbi
(Yuan) CNY 8.639 8.354 8.354 9.143 8.137 8.394
Euro EUR 1.146 1.184 1.170 1.165 1.162 1.128
South African
Rand ZAR 22.857 20.015 20.155 24.023 19.896 20.385
Thai Baht THB 42.678 43.586 43.159 44.906 42.926 44.589
United States
Dollar USD 1.2409 1.288 1.232 1.2714 1.214 1.204
------------------- ---------- --------- --------- ------------ ---------- ---------- ------------
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
2023 2022 2022
------------------------------------- ------- ------------ ------------ ------------
Turnover growth 1 16% 17.0% 23.3%
Gross margin 2 48.6% 47.2% 47.6%
Operating profit before exceptional 3 GBP2.31m GBP2.09m GBP4.45m
item
Stock days 4 187 days 181 days 206 days
Debtor days 5 57 days 63 days 64 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 the 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 ahead of the same period last year as strong demand has provided the opportunity to increase selling prices on certain product ranges. 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 and a reduction in property repair costs.
4. Stock days
The value of period-end 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 from the level as at June 2022 as a result of increased inventory unit prices and but decreased compared to stock days as at December 2022 as stock built up at the end of 2022 have been utilised. Management are focused on reducing the level of stock days.
5. Debtor days
The value of period-end trade receivables divided by revenue expressed as a number of days. This is an important indicator of working capital requirements. It is pleasing to see that debtor days at 57 days are lower than the equivalent figure as at June 2022 and from the figure as at December 2022 despite the increase in sales activity. 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 2023
4B USA remains buoyant as the US economy continues its post Covid boom; but historically is likely to be negatively affected by the usual uncertainty and delays in committing to new Capex investments as the US approaches a Presidential election in 2024.
Our subsidiaries in the Asia region, 4B China, 4B Asia and 4B Australia are all affected by the very unusual current recession in the Asian economies and 4B France is now starting to feel the same downturn in the EU. However, both our UK operations are still performing well. 4B Braime Components has recently launched globally several exciting new products and Braime Pressings in the autumn will be trialing two new very promising long-term contracts.
Overall, we think 2023 will continue the run of good results in recent years, even though it is unlikely that the Group will be able to repeat last year's record result, because global trading conditions have deteriorated substantially. In 2024 and in the longer term, the Group remains well placed to make further progress. Our hard-working staff have become accustomed to successfully overcoming new challenges and outperforming the general market. Meanwhile the Board continues to focus on developing new products and new markets.
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 - Chairman
Cielo Cartwright - Chief Financial Officer
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 2023 2023 2022 2022
GBP'000 GBP'000 GBP'000
------------------------------------------- ------- ----------- ----------- ---------------
Revenue 24,706 21,308 44,879
Changes in inventories of finished
goods and work in progress (49) 841 2,925
Raw materials and consumables used (12,650) (12,099) (26,456)
Employee benefits costs (5,398) (4,859) (10,260)
Depreciation expense (828) (738) (1,535)
Other expenses (3,503) (2,568) (5,391)
Other operating income 36 200 287
------------------------------------------- ------- ----------- ----------- ---------------
Profit from operations before exceptional
item 2,314 2,085 4,449
Exceptional item - (350) (350)
------------------------------------------- ------- ----------- ----------- ---------------
Profit from operations 2,314 1,735 4,099
Finance costs (199) (127) (282)
Finance income - - 5
------------------------------------------- ------- ----------- ----------- ---------------
Profit before tax 2,115 1,608 3,822
Tax expense (605) (477) (1,101)
------------------------------------------- ------- ----------- ----------- ---------------
Profit for the period 1,510 1,131 2,721
------------------------------------------- ------- ----------- ----------- ---------------
Profit attributable to:
Owners of the parent 1,478 1,123 2,768
Non-controlling interests 32 8 (47)
------------------------------------------- ------- ----------- ----------- ---------------
1,510 1,131 2,721
------------------------------------------- ------- ----------- ----------- ---------------
Basic and diluted earnings per share 2 104.86p 78.54p 188.96p
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 2023 2023 2022 2022
GBP'000 GBP'000 GBP'000
--------------------------------------------------- ----------- ----------- ---------------
Profit for the period 1,510 1,131 2,721
--------------------------------------------------- ----------- ----------- ---------------
Items that will not be reclassified subsequently
to profit or loss
Net pension remeasurement gain on post-employment
benefits - - 128
Items that may be reclassified subsequently
to profit or loss
Foreign exchange (losses)/gains on re-translation
of overseas operations (505) 604 815
Other comprehensive income for the period (505) 604 943
--------------------------------------------------- ----------- ----------- ---------------
Total comprehensive income for the period 1,005 1,735 3,664
--------------------------------------------------- ----------- ----------- ---------------
Total comprehensive income attributable
to:
Owners of the parent 955 1,735 3,727
Non-controlling interests 50 - (63)
--------------------------------------------------- ----------- ----------- ---------------
1,005 1,735 3,664
--------------------------------------------------- ----------- ----------- ---------------
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
2023 2023 2022 2022
GBP'000 GBP'000 GBP'000
----------------------------------------------- ----------- ----------- ----------
Non-current assets
Property, plant and equipment 9,841 9,142 9,782
Intangible assets 561 709 636
Right of use assets 380 534 425
Total non-current assets 10,782 10,385 10,843
----------------------------------------------- ----------- ----------- ----------
Current assets
Inventories 13,025 11,174 13,289
Trade and other receivables 8,915 8,470 8,760
Cash and cash equivalents 1,965 1,533 1,458
----------------------------------------------- ----------- ----------- ----------
Total current assets 23,905 21,177 23,507
----------------------------------------------- ----------- ----------- ----------
Total assets 34,687 31,562 34,350
----------------------------------------------- ----------- ----------- ----------
Current liabilities
Bank overdraft 1,079 1,734 672
Trade and other payables 7,139 6,073 8,635
Other financial liabilities 3,931 2,715 3,219
Corporation tax liability 85 177 195
----------------------------------------------- ----------- ----------- ----------
Total current liabilities 12,234 10,699 12,721
----------------------------------------------- ----------- ----------- ----------
Non-current liabilities
Financial liabilities 2,294 2,554 2,343
Deferred income tax liability 90 36 92
Provision for liabilities - 939 -
----------------------------------------------- ----------- ----------- ----------
Total non-current liabilities 2,384 3,529 2,435
----------------------------------------------- ----------- ----------- ----------
Total liabilities 14,618 14,228 15,156
----------------------------------------------- ----------- ----------- ----------
Total net assets 20,069 17,334 19,194
----------------------------------------------- ----------- ----------- ----------
Capital and reserves
Share capital 360 360 360
Capital reserve 257 257 257
Foreign exchange reserve 219 523 742
Retained earnings 19,439 16,387 18,091
----------------------------------------------- ----------- ----------- ----------
Total equity attributable to the shareholders
of the parent company 20,275 17,527 19,450
Non-controlling interests (206) (193) (256)
----------------------------------------------- ----------- ----------- ----------
Total equity 20,069 17,334 19,194
----------------------------------------------- ----------- ----------- ----------
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 2022
ended 30th June 2023 2023 2022
GBP'000 GBP'000 GBP'000
----------------------------------------- ------- ----------- ----------- ---------------
Operating activities
Net profit 1,510 1,131 2,721
----------------------------------------- ------- ----------- ----------- ---------------
Adjustments for:
Depreciation 828 738 1,535
Foreign exchange (losses)/gains (398) 480 622
Finance income - - (5)
Finance expense 199 127 282
Gain on sale of plant, machinery
and motor vehicles (20) (186) (188)
Adjustment in respect of defined
benefit scheme - - 132
Income tax expense 605 477 1,101
Income taxes paid (794) (310) (759)
----------------------------------------- ------- ----------- ----------- ---------------
Operating profit before changes
in working capital and provisions 1,930 2,457 5,441
----------------------------------------- ------- ----------- ----------- ---------------
Increase in trade and other receivables (79) (2,278) (2,669)
Decrease/(increase) in inventories 264 (1,050) (3,165)
(Decrease)/increase in trade and
other payables (1,647) 1,664 4,870
Decrease in provisions - (115) (1,054)
(1,462) (1,779) (2,018)
----------------------------------------- ------- ----------- ----------- ---------------
Cash generated from operations 468 678 3,423
----------------------------------------- ------- ----------- ----------- ---------------
Investing activities
Purchases of property, plant, machinery
and motor vehicles (784) (1,618) (2,053)
Purchase of intangible assets - - (725)
Sale of plant, machinery and motor
vehicles 20 218 216
Interest received - - 1
----------------------------------------- ------- ----------- ----------- ---------------
(764) (1,400) (2,561)
----------------------------------------- ------- ----------- ----------- ---------------
Financing activities
Proceeds from long term borrowings 1,191 236 236
Repayment of borrowings (237) (233) (392)
Repayment of hire purchase creditors (86) (73) (158)
Repayment of lease liabilities (143) (138) (268)
Bank interest paid (163) (92) (210)
Lease interest paid (24) (29) (60)
Hire purchase interest paid (12) (6) (11)
Dividends paid (130) (118) (187)
----------------------------------------- ------- ----------- ----------- ---------------
396 (453) (1,050)
----------------------------------------- ------- ----------- ----------- ---------------
Increase/(decrease) in cash and cash
equivalents 100 (1,175) (188)
Cash and cash equivalents, beginning
of period 786 974 974
----------------------------------------- ------- ----------- ----------- ---------------
Cash and cash equivalents (including
overdrafts), end of period 3 886 (201) 786
----------------------------------------- ------- ----------- ----------- ---------------
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 2023
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 1st January
2023 360 257 742 18,091 19,450 (256) 19,194
Comprehensive income
Profit - - - 1,478 1,478 32 1,510
Other comprehensive
income
Foreign exchange
(loss)/gain
on re-translation
of overseas operations - - (523) - (523) 18 (505)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total other comprehensive
income - - (523) - (523) 18 (505)
Total comprehensive
income - - (523) 1,478 955 50 1,005
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Transactions with
owners
Dividends - - - (130) (130) - (130)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total transactions
with owners - - - (130) (130) - (130)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 30th
June 2023 360 257 219 19,439 20,275 (206) 20,069
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
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 1st January
2022 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
year ended 31st
December
2022
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 1st January
2022 360 257 (89) 15,382 15,910 (193) 15,717
Comprehensive income
Profit - - - 2,768 2,768 (47) 2,721
Other comprehensive
income
Net pension remeasurement
gain recognised
directly in
equity - - - 128 128 - 128
Foreign exchange
losses on
re-translation of
overseas
operations - - 831 - 831 (16) 815
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total other comprehensive
income - - 831 128 959 (16) 943
Total comprehensive
income - - 831 2,896 3,727 (63) 3,664
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Transactions with
owners
Dividends - - - (187) (187) - (187)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total transactions
with owners - - - (187) (187) - (187)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 31st
December
2022 360 257 742 18,091 19,450 (256) 19,194
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
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 2022 and those which management expects to apply in the Group's full financial statements to 31st December 2023.
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 2022 but is derived from the accounts. Statutory accounts for the period ended 31st December 2022 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 2022, which have been applied consistently throughout the current and preceding periods.
The Group has adopted the following new or amended standards as of 1st January 2023 and beyond:
(a) New and amended standards adopted by the Group:
-- IAS12 - International Tax Reform - Pillar Two Model Rules - Introduces exception in relation to the OECD Pillar Two income taxes. Specifically, an entity does not recognise deferred tax assets and liabilities related to the OECD Pillar Two income taxes and is exempt from providing 'normal' IAS 12 disclosures in relation to them. Also adds related disclosures which are effective for annual periods beginning on or after 1st January 2023 - see below - effective immediately (subject to any local endorsement requirements).
-- 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 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 periods 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 January 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.
-- Amendments to IAS 12 - International Tax Reform - Pillar Two Model Rules - Adds disclosures relating to the impacts of Pillar Two income tax legislation. Also introduces a temporary exception to the associated accounting for deferred taxes, which is effective immediately- see above - effective accounting periods beginning on or after 1st January 2023.
(b) New standards, amendments and interpretations issued but effective for the financial year beginning 1st January 2024 and not early adopted:
-- 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 2024.
-- Amendments to IAS 1 - Non-current Liabilities with Covenants - Clarifies that only those covenants with which an entity must comply on or before the end of the reporting period affect the classification of a liability as current or non-current - effective accounting periods beginning on or after 1st January 2024.
-- Amendments to IFRS 16 - Lease Liability in a Sales and Leaseback - Specifies requirements relating to measuring the lease liability in a sale and leaseback transaction after the date of the transaction - effective accounting periods beginning on or after 1st January 2024.
-- Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements - Requires an entity to provide additional disclosures about its supplier finance arrangements - effective accounting periods beginning on or after 1st January 2024.
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 (2022 - 1,440,000). There are no potentially dilutive shares in issue.
6 months
to
30th June
2023
GBP'000
------------------------------------------------------ ---------------
Dividends paid on equity shares
Ordinary shares
Interim of 9.00p per share paid on 26th May 2023 43
'A' Ordinary shares
Interim of 9.00p per share paid on 26th May 2023 87
------------------------------------------------------ ---------------
Total dividends paid 130
------------------------------------------------------ ---------------
Year to
31st December
2022
GBP'000
------------------------------------------------------ ---------------
Dividends paid on equity shares
Ordinary shares
Interim of 8.20p per share paid on 24th May 2022 39
Interim of 4.75p per share paid on 14th October 2022 23
------------------------------------------------------ ---------------
62
------------------------------------------------------ ---------------
'A' Ordinary shares
Interim of 8.20p per share paid on 24th May 2022 79
Interim of 4.75p per share paid on 14th October 2022 46
------------------------------------------------------ ---------------
125
------------------------------------------------------ ---------------
Total dividends paid 187
------------------------------------------------------ ---------------
3. Cash and cash equivalents
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st December
30th June 30th June 2022
2023 2022
GBP'000 GBP'000 GBP'000
-------------------------- ------------ ------------ ---------------
Cash at bank and in hand 1,965 1,533 1,458
Bank overdrafts (1,079) (1,734) (672)
-------------------------- ------------ ------------ ---------------
886 (201) 786
-------------------------- ------------ ------------ ---------------
4. Segmental information
Unaudited 6 months to
30th June 2023
Central Manufacturing Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------------- ------------- --------
Revenue
External - 3,247 21,459 24,706
Inter company 1,061 2,694 3,095 6,850
--------------------------------- -------- -------------- ------------- --------
Total 1,061 5,941 24,554 31,556
--------------------------------- -------- -------------- ------------- --------
Profit
EBITDA (including exceptional
item) (32) 583 2,591 3,142
Finance costs (101) (46) (52) (199)
Depreciation (351) (20) (457) (828)
Tax expense (15) (10) (580) (605)
--------------------------------- -------- -------------- ------------- --------
(Loss)/profit for the period (499) 507 1,502 1,510
--------------------------------- -------- -------------- ------------- --------
Assets
Total assets 7,550 9,922 17,215 34,687
Additions to non-current assets 567 22 315 904
Liabilities
Total liabilities 2,975 3,602 8,041 14,618
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 (375) 553 2,295 2,473
Finance costs (58) (19) (50) (127)
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
Audited year to
31st December 2022
Central Manufacturing Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------------- ------------- --------
Revenue
External - 6,688 38,191 44,879
Inter company 1,880 5,149 8,087 15,116
--------------------------------- -------- -------------- ------------- --------
Total 1,880 11,837 46,278 59,995 --------------------------------- -------- -------------- ------------- -------- Profit EBITDA (including exceptional item) (183) 1,118 4,699 5,634 Finance costs (114) (63) (105) (282) Finance income - 4 1 5 Depreciation (612) (35) (888) (1,535) Tax expense (198) - (903) (1,101) --------------------------------- -------- -------------- ------------- -------- (Loss)/profit for the period (1,107) 1,024 2,804 2,721 --------------------------------- -------- -------------- ------------- -------- Assets Total assets 7,225 9,206 17,919 34,350 Additions to non-current assets 1,886 8 922 2,816 Liabilities Total liabilities 1,918 3,771 9,467 15,156
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END
IR USOVROUUKRAR
(END) Dow Jones Newswires
September 04, 2023 11:34 ET (15:34 GMT)
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