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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 2019 to Apr 2024
TIDMBMTO
RNS Number : 4084D
Braime (T.F.& J.H.) (Hldgs) PLC
26 April 2017
T.F. & J.H. BRAIME (HOLDINGS) P.L.C.
("Braime" or the "company" and with its subsidiaries the "group")
ANNUAL RESULTS FOR THE YEARED 31ST DECEMBER 2016
At a meeting of the directors held today, the accounts for the year ended 31st December 2016 were submitted and approved by the directors. The accounts statement is as follows:
Chairman's statement
Overall performance of the group
Sales revenue in 2016 increased by 7.3% to GBP28.4m compared to GBP26.5m in 2015 and the profit from operations increased to GBP1.4m from GBP0.9m in the previous year.
The profit before tax in 2016 reduced to GBP1.27m compared to GBP1.95m in 2015 however the prior year result had benefitted from the exceptional profit of GBP1.16m from the sale of part of the Hunslet site.
Results from some subsidiaries of the group were below expectations but the performance in other parts of the group more than offset this and, overall, the 2016 result was positive. The group also benefited, like many UK exporters, from the immediate fall in pound sterling following the result of the EU Referendum.
Dividends
The directors have decided to increase the total dividend for 2016 by 2.2% to 9.30p. The first interim dividend of 2.90p, paid in October 2016, was unchanged but the second interim dividend will be increased to 6.40p (2015 - 6.20p). Accordingly, an interim dividend of 6.40p per Ordinary and 'A' Ordinary share will be paid on 12th May 2017 to shareholders on the record on 5th May 2017.
Capex
During 2016, the group invested GBP1.1m in plant and equipment. Further major investments are planned for 2017, focusing on improving productivity in manufacturing and extending our overseas distribution. The final 'go ahead' for these investments and their timing are dependent on maintaining adequate cash flow and the availability of long term finance.
Cash flow
Continuous monitoring of the cash flow and the headroom between the actual borrowings and the agreed maximum borrowing facility with our bankers is increasingly important. Although the group has distinct 'seasonal' periods when outgoings peak, the timing of payments for exceptional purchases fluctuate throughout the year.
In 2016, the group generated a GBP1.9m cash inflow from operations and, after taking account of the net increase in working capital required, the payment of other financial costs and the dividend, the group was cash positive by GBP427,000.
The group revenue continues to grow year on year. To do so in 2016 it required an increase in both stocks and debtors, by GBP400,000 and GBP208,000 respectively, although the increase in debtors was more than offset by an increase in the creditors of GBP272,000.
Group stocks increased by 7.0%, roughly in line with the 7.3% increase in sales revenue, but overall group stocks remain high. Reducing them is an important potential source of funds required for ongoing investment, while maintaining adequate stock is a pre-requisite of achieving the all-important delivery performance required by our customers. Achieving this balance is a never-ending battle and rightly remains a key individual responsibility for the managing directors of each subsidiary and for the group directors.
Staff
The positive and proactive contribution of all individual staff at all levels and in all parts of the group is crucial to the continuing success of the business.
Every year customers look for improvements in pricing and for higher standards of quality and delivery. This puts pressure on management, office staff and on everyone involved in production. This in turn impacts family life as many of our technical and sales staff are required to spend more time travelling away from home.
We thank them all for their ongoing effort.
Braime Pressings Limited
The new transfer line came on stream in the third quarter of 2016 but initially did not achieve its potential throughput. Combined with exceptional demand, this resulted in additional shifts which disproportionally increased manufacturing costs and resulted in a disappointing result. With the significant contribution being made by new senior staff, the situation is gradually improving in 2017.
Additionally the company has secured a large contract for a new product line which we are confident we can produce competitively based on our existing skill set. When this product comes on stream in late 2017, it will make a major positive contribution.
4B material handling division
The results from the subsidiaries making up the 4B division were mixed in 2016.
4B USA, operating in both North and South America, enjoyed a strong year, as did both 4B Africa and 4B Australia. In contrast, 4B France had a poor year due to weak demand resulting from a lower than expected harvest. The result from the UK division, 4B Braime, was initially damaged by the very high value of sterling in the first half of 2016 and only partially rectified in the second part of 2016 by the effective 10% devaluation in June. 4B Asia Pacific faced major additional short term costs but is now meeting our positive long term expectations.
Overall the 4B group had a positive year which illustrates the benefit provided by the diversity of products it offers to customers and the wide range of industries and regions which make up its customer base.
Brexit
As 80% of group sales are made in overseas markets, the company benefited substantially from the steep fall in the value of pound sterling following the referendum. The lower value of sterling considerably increased the margins both on direct overseas sales and those made through an overseas subsidiary. Additionally, the contribution of the individual overseas subsidiaries are enhanced when converted back into sterling and consolidated in the group result.
The medium term effects of Brexit will be much more complex. The company imports the majority of its raw materials for manufacture and imports some products for re-sale in the UK. In both cases, it will be difficult to pass on the magnitude of these cost increases to customers.
Where the company buys products from overseas suppliers in euros or dollars and then resells the products in export markets, the effect may be neutral - but may not be if the products involved have to be imported and processed first in the UK before being re-exported. The company may have to look at different locations for stocking and processing products. Until agreements are finalised with the EU, and probably beyond that, there is going to remain a great deal of uncertainty as to the overall effect on the group.
That said, only 25% of group sales are made to the EU compared to 55% to other overseas markets and the likelihood is that the group will be a major beneficiary from Brexit. Moreover, the group had already identified the overseas markets outside the EU as the regions with the greatest potential for future growth and has for some time been focused on their development. Brexit offers a major opportunity that the group needs to seize.
Ironically the one major risk is that the currency market itself decides that on balance the UK is going to be a long term "winner" from Brexit and the fall in the pound is reversed, just at the same time as the UK faces new tariffs. In the long term, the level of the pound relative to other currencies is likely to play a bigger factor than the possible implementation of tariffs by the EU.
Outlook
We continue to invest in the future, in improving productivity, in developing new markets and in introducing new innovative products.
In spite of the current level of uncertainty and ever increasing competition, the group has started this financial year positively and overall is currently performing ahead of both last year and the 2017 budget.
O. N. A. Braime, Chairman
26th April 2017
For further information please contact:
T.F. & J.H. Braime (Holdings) P.L.C.
Nicholas Braime
0113 245 7491
W. H. Ireland Limited
Katy Mitchell/Nick Prowting
0113 394 6628
Summarised consolidated income statement for the year ended 31st December 2016 (audited)
Hot Features
Premium
2016 2015
GBP GBP
Revenue 28,415,449 26,470,084
Changes in inventories of finished
goods and work in progress 337,116 886,480
Raw materials and consumables used (15,890,401) (15,529,776)
Employee benefits costs (6,726,428) (6,022,492)
Depreciation expense (801,376) (758,589)
Other expenses (3,940,015) (4,148,272)
-------------------------------------- --------------- ---------------
Profit from operations 1,394,345 897,435
Profit on disposal of tangible fixed
assets - 1,158,140
Finance expense (150,142) (116,830)
Finance income 29,902 11,726
-------------------------------------- --------------- ---------------
Profit before tax 1,274,105 1,950,471
Tax expense (419,588) (408,937)
-------------------------------------- --------------- ---------------
Profit for the year 854,517 1,541,534
-------------------------------------- --------------- ---------------
Profit attributable to:
Owners of the parent 932,101 1,584,748
Non-controlling interests (77,584) (43,214)
-------------------------------------- --------------- ---------------
854,517 1,541,534
-------------------------------------- --------------- ---------------
Basic and diluted earnings per share 59.34p 107.05p -------------------------------------- --------------- ---------------
Summarised consolidated statement of comprehensive income for the year ended 31st December 2016 (audited)
2016 2015
GBP GBP
Profit for the year 854,517 1,541,534
Items that will not be reclassified
subsequently to profit or loss
Net pension remeasurement gain
on post employment benefits 10,000 10,000
Items that may be reclassified
subsequently to profit or loss
Foreign exchange gains/(losses)
on re-translation of overseas operations 597,976 (146,822)
------------------------------------------- ---------- ----------
Other comprehensive income for
the year 607,976 (136,822)
Total comprehensive income for
the year 1,462,493 1,404,712
------------------------------------------- ---------- ----------
Total comprehensive income attributable
to:
Owners of the parent 1,540,077 1,447,926
Non-controlling interests (77,584) (43,214)
------------------------------------------- ---------- ----------
1,462,493 1,404,712
------------------------------------------- ---------- ----------
Summarised consolidated balance sheet at 31st December 2016 (audited)
2016 2016 2015 2015
GBP GBP GBP GBP
Assets
Non-current assets
Property, plant and
equipment 5,357,772 4,677,456
Goodwill 12,270 12,270
Financial assets - 51,877
Total non-current
assets 5,370,042 4,741,603
Current assets
Inventories 6,119,495 5,719,654
Trade and other receivables 5,213,019 5,005,099
Financial assets 51,877 57,777
Cash and cash equivalents 742,474 931,018
------------------------------ ---------- ------------- ---------- ------------
Total current assets 12,126,865 11,713,548
------------------------------ ---------- ------------- ---------- ------------
Total assets 17,496,907 16,455,151
------------------------------ ---------- ------------- ---------- ------------
Liabilities
Current liabilities
Bank overdraft - 615,038
Trade and other payables 4,181,683 4,053,220
Other financial liabilities 1,730,288 1,498,171
Corporation tax liability 146,703 66,854
------------------------------ ---------- ------------- ---------- ------------
Total current liabilities 6,058,674 6,233,283
Non-current liabilities
Financial liabilities 1,360,947 1,363,524
Deferred income tax
liability 117,724 230,235
------------------------------ ---------- ------------- ---------- ------------
Total non-current
liabilities 1,478,671 1,593,759
------------------------------ ---------- ------------- ---------- ------------
Total liabilities 7,537,345 7,827,042
------------------------------ ---------- ------------- ---------- ------------
Total net assets 9,959,562 8,628,109
------------------------------ ---------- ------------- ---------- ------------
Share capital 360,000 360,000
Capital reserve 257,319 257,319
Foreign exchange
reserve 539,395 (58,581)
Retained earnings 9,005,528 8,194,467
------------------------------ ---------- ------------- ---------- ------------
Total equity attributable
to the shareholders
of the parent 10,162,242 8,753,205
Non-controlling interests (202,680) (125,096)
------------------------------ ---------- ------------- ---------- ------------
Total equity 9,959,562 8,628,109
------------------------------ ---------- ------------- ---------- ------------
Summarised consolidated cash flow statement for the year ended 31st December 2016 (audited)
2016 2016 2015 2015
GBP GBP GBP GBP
Operating activities
Net profit 854,517 1,541,534
Adjustments for:
Depreciation 801,376 758,589
Grants amortised (6,568) (1,656)
Foreign exchange
gains/(losses) 525,324 (146,677)
Finance income (29,902) (11,726)
Finance expense 150,142 116,830
Gain on sale of land
and buildings, plant,
machinery and motor
vehicles (12,538) (1,158,140)
Adjustment in respect
of defined benefits
scheme 12,000 13,000
Income tax expense 419,588 408,937
Income taxes paid (491,778) (490,525)
---------------------------- ------------ ------------ -------------- ------------
1,367,644 (511,368)
---------------------------- ------------ ------------ -------------- ------------
Operating profit
before changes in
working capital and
provisions 2,222,161 1,030,166
Increase in trade
and other receivables (207,920) (93,991)
Increase in inventories (399,841) (831,471)
Increase in trade
and other payables 272,025 329,488
(335,736) (595,974)
---------------------------- ------------ ------------ -------------- ------------
Cash generated from
operations 1,886,425 434,192
Investing activities
Purchases of property,
plant, machinery
and motor vehicles (998,617) (1,010,401)
Sale of land and
buildings, plant,
machinery and motor
vehicles 12,538 1,190,561
Interest received 27,902 8,726
---------------------------- ------------ ------------ -------------- ------------
(958,177) 188,886
Financing activities
Proceeds from long
term borrowings - 300,000
Loan financing repayments 57,777 90,346
Repayment of borrowings (101,917) (171,020)
Repayment of hire
purchase creditors (176,432) (130,335)
Interest paid (150,142) (116,830)
Dividends paid (131,040) (131,040)
---------------------------- ------------ ------------ -------------- ------------
(501,754) (158,879)
---------------------------- ------------ ------------ -------------- ------------
Increase in cash
and cash equivalents 426,494 464,199
Cash and cash equivalents,
beginning of period 315,980 (148,219)
---------------------------- ------------ ------------ -------------- ------------
Cash and cash equivalents,
end of period 742,474 315,980
---------------------------- ------------ ------------ -------------- ------------
Consolidated statement of changes in equity for the year ended 31st December 2016 (audited)
Foreign Non-
Share Capital Exchange Retained Controlling Total
Capital Reserve Reserve Earnings Total Interests Equity
GBP GBP GBP GBP GBP GBP GBP
Balance at
1st January
2015 360,000 257,319 88,241 6,730,759 7,436,319 (81,882) 7,354,437
Comprehensive
income
Profit - - - 1,584,748 1,584,748 (43,214) 1,541,534
Other comprehensive
income
Net pension
remeasurement
gain recognised
directly in
equity - - - 10,000 10,000 - 10,000 Foreign exchange losses on re-translation of overseas subsidiaries consolidated operations - - (146,822) - (146,822) - (146,822) --------------------- ---------- ---------- ------------ ------------ ------------ ------------- ------------ Total other comprehensive income - - (146,822) 10,000 (136,822) - (136,822) Total comprehensive income - - (146,822) 1,594,748 1,447,926 (43,214) 1,404,712 Transactions with owners Dividends - - - (131,040) (131,040) - (131,040) Total transactions with owners - - - (131,040) (131,040) - (131,040) --------------------- ---------- ---------- ------------ ------------ ------------ ------------- ------------ Balance at 31st December 2015 360,000 257,319 (58,581) 8,194,467 8,753,205 (125,096) 8,628,109 Balance at 1(st) January 2016 360,000 257,319 (58,581) 8,194,467 8,753,205 (125,096) 8,628,109 Comprehensive income Profit - - - 932,101 932,101 (77,584) 854,517 Other comprehensive income Net pension remeasurement gain recognised directly in equity - - - 10,000 10,000 - 10,000 Foreign exchange gains on re-translation of overseas subsidiaries consolidated operations - - 597,976 - 597,976 - 597,976 ------------------------- ---------- ---------- ---------- ------------ ------------- ------------ ------------ Total other comprehensive income - - 597,976 10,000 607,976 - 607,976 Total comprehensive income - - 597,976 942,101 1,540,077 (77,584) 1,462,493 Transactions with owners Dividends - - - (131,040) (131,040) - (131,040) Total transactions with owners - - - (131,040) (131,040) - (131,040) ------------------------- ---------- ---------- ---------- ------------ ------------- ------------ ------------ Balance at 31st December 2016 360,000 257,319 539,395 9,005,528 10,162,242 (202,680) 9,959,562
Notes
1. EARNINGS PER SHARE AND DIVIDENDS
Both the basic and diluted earnings per share have been calculated using the net results attributable to shareholders of T.F. & J.H. Braime (Holdings) P.L.C. as the numerator.
The weighted average number of outstanding shares used for basic earnings per share amounted to 1,440,000 shares (2015 - 1,440,000). There are no potentially dilutive shares in issue.
Dividends paid 2016 2015
GBP GBP
Equity shares
Ordinary shares
Interim of 6.20p (2015 - 6.20p)
per share paid on 12th May 2016 29,760 29,760
Interim of 2.90p (2015 - 2.90p)
per share paid on 21st October 2016 13,920 13,920
-------------------------------------- -------- --------
43,680 43,680
-------------------------------------- -------- --------
'A' Ordinary shares
Interim of 6.20p (2015 - 6.20p)
per share paid on 12th May 2016 59,520 59,520
Interim of 2.90p (2015 - 2.90p)
per share paid on 21st October 2016 27,840 27,840
-------------------------------------- -------- --------
87,360 87,360
-------------------------------------- -------- --------
Total dividends paid 131,040 131,040
-------------------------------------- -------- --------
An interim dividend of 6.40p per Ordinary and 'A' Ordinary share will be paid on 12th May 2017.
2. SEGMENTAL INFORMATION
Central Manufacturing Distribution Total
2016 2016 2016 2016
GBP GBP GBP GBP
Revenue
External - 3,564,987 24,850,462 28,415,449
Inter company 472,671 2,659,476 4,443,233 7,575,380
------------------- ---------- -------------- ------------- -----------
Total 472,671 6,224,463 29,293,695 35,990,829
------------------- ---------- -------------- ------------- -----------
Profit
EBITDA (143,881) 180,991 2,158,611 2,195,721
Finance costs (73,959) (25,867) (50,316) (150,142)
Finance income - 2,489 27,413 29,902
Depreciation (279,022) (140,585) (381,769) (801,376)
Tax expense (40,740) 98,242 (477,090) (419,588)
Profit/(loss) for
the period (537,602) 115,270 1,276,849 854,517
------------------- ---------- -------------- ------------- -----------
Assets
Total assets 4,497,238 1,008,429 11,991,240 17,496,907
Additions to non
current assets 1,022,501 - 347,010 1,369,511
Liabilities
Total liabilities 1,022,777 2,139,638 4,374,930 7,537,345
Central Manufacturing Distribution Total
2015 2015 2015 2015
GBP GBP GBP GBP
Revenue
External - 3,955,447 22,514,637 26,470,084
Inter company 122,593 3,267,777 4,411,488 7,801,858
-------------------------- ----------- -------------- ------------- ------------
Total 122,593 7,223,224 26,926,125 34,271,942
-------------------------- ----------- -------------- ------------- ------------
Profit
EBITDA (102,140) 35,632 1,722,532 1,656,024
Gain on sale of tangible
fixed assets - 1,149,629 8,511 1,158,140
Finance costs (48,347) (30,566) (37,917) (116,830)
Finance income - 3,666 8,060 11,726
Depreciation - (432,370) (326,219) (758,589)
Tax expense (44,540) - (364,397) (408,937)
(Loss)/profit for
the period (195,027) 725,991 1,010,570 1,541,534
-------------------------- ----------- -------------- ------------- ------------
Assets
Total assets 1,314,918 4,588,122 10,552,111 16,455,151
Additions to non
current assets - 1,146,385 265,722 1,412,107
Liabilities
Total liabilities 701,606 2,839,750 4,285,686 7,827,042
3. BASIS OF PREPARATION
These consolidated financial statements have been prepared in accordance with applicable International Financial Reporting Standards as adopted by the European Union (IFRSs as adopted by the EU), IFRIC interpretations and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention. The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31st December 2016 as described in those financial statements.
4. ANNUAL GENERAL MEETING
The Annual General Meeting of the members of the company will be held at the registered office of the company at Hunslet Road, Leeds, LS10 1JZ on Thursday 1st June 2017 at 11.45am. The annual report and financial statements will be sent to shareholders by 10th May 2017 and will also be available on the company's website (www.braimegroup.com) from that date.
5. PRELIMINARY STATEMENT
The financial statements set out in the preliminary announcement do not constitute statutory accounts as defined by section 434 of the Company Act 2006. The financial information for the year ended 31st December 2016 has been extracted from the group's financial statements upon which the auditor's opinion is unqualified, does not include reference to any matters to which they wish to draw attention by way of emphasis without qualifying their report, and does not include any statement under section 498 of the Companies Act 2006. Statutory accounts for the year ended 31st December 2015 have been delivered to the Registrar of Companies, and those for 2016 will be delivered in due course.
6. EVENTS AFTER THE REPORTING PERIOD
There were no events after the balance sheet date that would require disclosure in accordance with IAS10, "Events after the reporting period".
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR OKADQKBKDAQB
(END) Dow Jones Newswires
April 26, 2017 06:49 ET (10:49 GMT)
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