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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 |
TIDMBMTO
RNS Number : 4623B
Braime (T.F.& J.H.) (Hldgs) PLC
21 September 2018
T.F. & J.H. Braime (Holdings) P.L.C.
("Braime" or the "Company")
Interim Results for the six months ended 30(th) June 2018
Performance
Performance for the first half of the year is very positive. Group sales revenue for the first six months of 2018 increased by 16% to GBP18.07M compared to GBP15.54M for the same period in 2017, while profit before tax increased by 96% to GBP1.16M from GBP0.59M for the same period.
Dividends
On the basis of the positive results, the directors have decided to increase the interim dividend to 3.50p per share. This dividend will be paid on 19th October to the Ordinary and 'A' Ordinary shareholders on the register on the 5th October 2018. The associated ex-dividend date is 4th October 2018.
Braime Pressings Limited
External sales increased by 31% compared to the same period. Significant work has been undertaken to review costs. Compared to 2018, the first half of 2017 saw Braime Pressings bear a number of central costs which have now been reallocated.
4B division
Overall the subsidiaries in the material handling division have performed very well in the first half of 2018, with sales up by 14% and margins maintained. In particular, we are seeing significant growth in the Australasia market. We have very recently opened a new subsidiary, 4B China, based in Changzhou Province, to expand and support our sales in the region. The new subsidiary will take time before it makes a positive contribution to the group financially, but we believe it will provide significant long-term growth.
Cash flow
Net profit improved by GBP0.41M on the same period for 2017. The group also benefitted from foreign exchange movement and from better control of working capital, resulting in cash flow from operations of GBP0.99M, an improvement of GBP1.18M when compared to the same period in 2017. The group has invested this back into operations, primarily in new manufacturing facilities in Morton, USA our largest subsidiary, and in new presses for Braime Pressings. The group is committed to some substantial investment and cash flow is expected to become tighter in the second half of the year. The group continues to operate within its bank facility agreed with HSBC.
As the business continues to expand, the directors remain focused in ensuring that working capital requirements, particularly for stock, are carefully monitored and controlled.
Forecast for the second half of 2018
The group is ahead of both last year and budget and we would expect the result for the full year to be ahead of 2017. However, our group, with so much of its earnings coming from overseas, is always exposed to the unpredictable fluctuations in global exchange rates and to changes in the political and economic conditions in individual markets. Depending on the form Brexit finally takes, as a major exporter, the actual event is likely to cause some degree of short-term disruption. However, given that the majority of our sales presence, and continuing growth is already outside the EU, we believe the long-term effects are unlikely to be significant for the group.
For further information please contact:
T.F. & J.H. Braime (Holdings) P.L.C.
Nicholas Braime - Chairman
C Cartwright - Group Finance Director
0113 245 7491
W. H. Ireland Limited
Katy Mitchell LLB
0113 394 6628
Unaudited Unaudited T.F & J.H Braime (Holdings) P.L.C. 6 months 6 months Audited Consolidated income statement for to to year to the six months Note 30th June 30th June 31st December ended 30(th) June 2018 2018 2017 2017 GBP'000 GBP'000 GBP'000 -------------------------------------- ------- ----------- ----------- --------------- Revenue 18,069 15,540 31,449 Changes in inventories of finished goods and work in progress 558 (36) 114 Raw materials and consumables used (10,332) (8,414) (16,955) Employee benefits costs (3,287) (3,637) (7,449) Depreciation expense (305) (369) (803) Other expenses (3,522) (2,426) (4,015) -------------------------------------- ------- ----------- ----------- --------------- Profit from operations 1,181 658 2,341 Finance costs (19) (68) (143) Finance income - 2 3 -------------------------------------- ------- ----------- ----------- --------------- Profit before tax 1,162 592 2,201 Tax expense (340) (179) (621) -------------------------------------- ------- ----------- ----------- --------------- Profit for the period 822 413 1,580 -------------------------------------- ------- ----------- ----------- --------------- Profit attributable to : Owners of the parent 830 448 1,719 Non-controlling interests (8) (35) (139) -------------------------------------- ------- ----------- ----------- --------------- 822 413 1,580 -------------------------------------- ------- ----------- ----------- --------------- Basic and diluted earnings per share 2 57.08p 28.72p 109.73p Unaudited Unaudited T.F & J.H Braime (Holdings) P.L.C. 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 30(th) June 2018 2018 2017 2017 GBP'000 GBP'000 GBP'000 --------------------------------------------------- ----------- ----------- --------------- Profit for the period 822 413 1,580 --------------------------------------------------- ----------- ----------- --------------- Items that will not be reclassified subsequently to profit or loss Net pension remeasurement gain on post employment benefits - - 45 Items that may be reclassified subsequently to profit or loss Foreign exchange (losses)/gains on re-translation of overseas operations 85 (167) (472) Other comprehensive income for the period 85 (167) (427) --------------------------------------------------- ----------- ----------- --------------- Total comprehensive income for the period 907 246 1,153 --------------------------------------------------- ----------- ----------- --------------- Total comprehensive income attributable to: Owners of the parent 918 281 1,299 Non-controlling interests (11) (35) (146) --------------------------------------------------- ----------- ----------- --------------- 907 246 1,153 --------------------------------------------------- ----------- ----------- ---------------
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 T.F & J.H Braime (Holdings) P.L.C. to to 31st Consolidated Balance Sheet at 30(th) June 30th June 30th June December 2018 2018 2017 2017 GBP GBP GBP Non-current assets Property, plant and equipment 5,921 5,233 5,238 Intangible assets 71 12 58 Total non-current assets 5,992 5,245 5,296 ----------------------------------------------- ----------- ----------- ---------- Current assets Inventories 6,989 6,383 6,431 Trade and other receivables 7,512 6,506 5,911 Cash and cash equivalents 938 14 1,145 ----------------------------------------------- ----------- ----------- ---------- Total current assets 15,439 12,903 13,487 ----------------------------------------------- ----------- ----------- ---------- Total assets 21,431 18,148 18,783 ----------------------------------------------- ----------- ----------- ---------- Current liabilities
Bank overdraft - - 164 Trade and other payables 5,847 4,706 4,391 Other financial liabilities 3,363 1,953 1,983 Corporation tax liability 331 52 195 ----------------------------------------------- ----------- ----------- ---------- Total current liabilities 9,541 6,711 6,733 ----------------------------------------------- ----------- ----------- ---------- Non-current liabilities Financial liabilities 39 1,206 988 Deferred income tax liability 71 118 87 ----------------------------------------------- ----------- ----------- ---------- Total non-current liabilities 110 1,324 1,075 ----------------------------------------------- ----------- ----------- ---------- Total liabilities 9,651 8,035 7,808 ----------------------------------------------- ----------- ----------- ---------- Total net assets 11,780 10,113 10,975 ----------------------------------------------- ----------- ----------- ---------- Capital and reserves Share capital 360 360 360 Capital reserve 257 257 257 Foreign exchange reserve 162 372 74 Retained earnings 11,361 9,362 10,633 ----------------------------------------------- ----------- ----------- ---------- Total equity attributable to the shareholders of the parent company 12,140 10,351 11,324 Non-controlling interests (360) (238) (349) ----------------------------------------------- ----------- ----------- ---------- Total equity 11,780 10,113 10,975 ----------------------------------------------- ----------- ----------- ---------- Unaudited Unaudited Audited T.F & J.H Braime (Holdings) P.L.C. 6 months 6 months year to Consolidated cashflow statement for to to 31st December the six months Note 30th June 30th June 2017 ended 30(th) June 2018 2018 2017 GBP'000 GBP'000 GBP'000 ----------------------------------------- ------- ----------- ----------- --------------- Operating activities Net profit 822 413 1,580 ----------------------------------------- ------- ----------- ----------- --------------- Adjustments for: Depreciation 305 369 803 Foreign exchange gains/( losses) 61 (167) (443) Finance income - (2) (3) Finance expense 19 68 143 Gain on sale of plant, machinery and motor vehicles - - 4 Adjustment in respect of defined benefit scheme - - 45 Income tax expense 340 179 621 Income taxes paid (216) (273) (617) ----------------------------------------- ------- ----------- ----------- --------------- Operating activities before changes in working capital and provisions 1,331 587 2,133 ----------------------------------------- ------- ----------- ----------- --------------- Increase in trade and other receivables (1,602) (1,293) (698) Increase in inventories (558) (264) (312) Increase in trade and other payables 1,817 780 356 (343) (777) (654) ----------------------------------------- ------- ----------- ----------- --------------- Cash generated from operations 988 (190) 1,479 ----------------------------------------- ------- ----------- ----------- --------------- Investing activities Purchases of property, plant, machinery and motor vehicles (990) (127) (618) Sale of plant, machinery and motor vehicles 10 - 14 Interest received - 2 3 ----------------------------------------- ------- ----------- ----------- --------------- (980) (125) (601) ----------------------------------------- ------- ----------- ----------- --------------- Financing activities Proceeds from long term borrowings - - 165 Loan financing repaid - 52 52 Repayment of borrowings 254 (172) (329) Repayment of hire purchase creditors (184) (133) (247) Interest paid (19) (68) (143) Dividends paid (102) (92) (137) ----------------------------------------- ------- ----------- ----------- --------------- (51) (413) (639) ----------------------------------------- ------- ----------- ----------- --------------- Decrease in cash and cash equivalents (43) (728) 239 Cash and cash equivalents, beginning of period 981 742 742 ----------------------------------------- ------- ----------- ----------- --------------- Cash and cash equivalents (including overdrafts), end of period 3 938 14 981 ----------------------------------------- ------- ----------- ----------- --------------- T.F & J.H Braime Foreign (Holdings) P.L.C. Share Capital Exchange Retained Minority Total Consolidated Capital Reserve Reserve Earnings Total Interests Equity statement of changes in equity for the six months ended 30(th) June 2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1st January 2018 360 257 74 10,633 11,324 (349) 10,975 Comprehensive income Profit - - - 830 830 (8) 822 Other comprehensive income Foreign exchange losses on re- translation of overseas operations - - 88 - 88 (3) 85 ---------------------- ---------- ---------- ---------- ----------- --------- ------------ --------- Total other comprehensive income - - 88 - 88 (3) 85 Total comprehensive income - - 88 830 918 (11) 907 ---------------------- ---------- ---------- ---------- ----------- --------- ------------ --------- Transactions with owners Dividends - - - (102) (102) - (102) ---------------------- ---------- ---------- ---------- ----------- --------- ------------ --------- Total transactions with owners - - - (102) (102) - (102) ---------------------- ---------- ---------- ---------- ----------- --------- ------------ --------- Balance at 30th June 2018 360 257 162 11,361 12,140 (360) 11,780 ---------------------- ---------- ---------- ---------- ----------- --------- ------------ --------- T.F & J.H Braime Foreign (Holdings) P.L.C. Share Capital Exchange Retained Minority Total Consolidated Capital Reserve Reserve Earnings Total Interests Equity statement of changes in equity for the six months ended 30(th) June 2017 GBP GBP GBP GBP GBP GBP GBP Balance at 1st January 2017 360 257 539 9,006 10,162 (203) 9,959 Comprehensive income Profit - - - 448 448 (35) 413 Other comprehensive income Foreign exchange
losses on re- translation of overseas operations - - (167) - (167) - (167) ---------------------- ---------- ---------- ---------- ----------- --------- ------------ --------- Total other comprehensive income - - (167) - (167) - (167) Total comprehensive income - - (167) 448 281 (35) 246 ---------------------- ---------- ---------- ---------- ----------- --------- ------------ --------- Transactions with owners Dividends - - - (92) (92) - (92) ---------------------- ---------- ---------- ---------- ----------- --------- ------------ --------- Total transactions with owners - - - (92) (92) - (92) ---------------------- ---------- ---------- ---------- ----------- --------- ------------ --------- Balance at 30th June 2017 360 257 372 9,362 10,351 (238) 10,113 ---------------------- ---------- ---------- ---------- ----------- --------- ------------ --------- T.F & J.H Braime Foreign (Holdings) P.L.C. Share Capital Exchange Retained Minority Total Consolidated Capital Reserve Reserve Earnings Total Interests Equity statement of changes in equity for the year ended 31st December 2017 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1st January 2017 360 257 539 9,006 10,162 (203) 9,959 Comprehensive income Profit - - - 1,719 1,719 (139) 1,580 Other comprehensive income Net pension remeasurement gain recognised directly in equity - - - 45 45 - 45 Foreign exchange gains on re- translation of overseas operations - - (465) - (465) (7) (472) ---------------------- ---------- ---------- ---------- ----------- --------- ------------ --------- Total other comprehensive income - - (465) 45 (420) (7) (427) Total comprehensive income - - (465) 1,764 1,299 (146) 1,153 ---------------------- ---------- ---------- ---------- ----------- --------- ------------ --------- Transactions with owners Dividends - - - (137) (137) - (137) ---------------------- ---------- ---------- ---------- ----------- --------- ------------ --------- Total transactions With owners - - - (137) (137) - (137) ---------------------- ---------- ---------- ---------- ----------- --------- ------------ --------- Balance at 31st December 2017 360 257 74 10,633 11,324 (349) 10,975 ---------------------- ---------- ---------- ---------- ----------- --------- ------------ ---------
T.F. & J.H. Braime (Holdings) P.L.C.
Notes to the Financial Statements
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 2017 and those which management expects to apply in the group's full financial statements to 31st December 2018.
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 2017 but is derived from the accounts. Statutory accounts for the period ended 31st December 2017 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 2017, which have been applied consistently throughout the current and preceding periods.
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 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 (2017 - 1,440,000). There are no potentially dilutive shares in issue.
6 months to 30th June 2018 GBP'000 Dividends paid on equity shares Ordinary shares Interim of 7.10p per share paid on 18th May 2018 34 'A' Ordinary shares Interim of 7.10p per share paid on 18th May 2018 68 ------------------------------------------------------ --------------- Total dividends paid 102 ------------------------------------------------------ --------------- Year to 31st December 2017 GBP Dividends paid on equity shares Ordinary shares Interim of 6.40p per share paid on 12th May 2017 31 Interim of 3.10p per share paid on 20th October 2017 15 ------------------------------------------------------ --------------- 46 ------------------------------------------------------ --------------- 'A' Ordinary shares Interim of 6.40p per share paid on 12th May 2017 61 Interim of 3.10p per share paid on 20th October 2017 30 ------------------------------------------------------ --------------- 91 ------------------------------------------------------ --------------- Total dividends paid 137 ------------------------------------------------------ ---------------
T.F. & J.H. Braime (Holdings) P.L.C.
Notes to the Financial Statements
3.Cash and cash equivalents
Unaudited Unaudited Audited 6 months 6 months year to 31st to to December 30th June 30th June 2017 2018 2017 GBP'000 GBP'000 GBP'000 Cash at bank and in hand 3,834 14 1,145 Bank overdrafts (2,896) - (164) -------------------------- ------------ ------------ -------------- 938 14 981 -------------------------- ------------ ------------ --------------
4.Segmental information
Unaudited 6 months to 30th June 2018 Central Manufacturing Distribution Total GBP'000 GBP'000 GBP'000 GBP'000 --------------------------------- -------- -------------- ------------- -------- Revenue External - 2,641 15,428 18,069 Inter company 347 1,589 2,269 4,205 --------------------------------- -------- -------------- ------------- -------- Total 347 4,230 17,697 22,274 --------------------------------- -------- -------------- ------------- -------- Profit EBITDA (1) 76 1,411 1,486 Finance costs (38) (14) 33 (19) Finance income - - - - Depreciation (228) - (77) (305) Tax expense - - (340) (340) --------------------------------- -------- -------------- ------------- -------- (Loss)/profit for the period (267) 62 1,027 822 --------------------------------- -------- -------------- ------------- -------- Assets Total assets 4,789 2,331 14,311 21,431 Additions to non current assets 211 - 769 980 Liabilities
Total liabilities 2,826 3,653 3,172 9,651
T.F. & J.H. Braime (Holdings) P.L.C.
Notes to the Financial Statements
4.Segmental information - continued
Unaudited 6 months to 30th June 2017 Central Manufacturing Distribution Total GBP'000 GBP'000 GBP'000 GBP'000 --------------------------------- -------- -------------- ------------- -------- Revenue External - 2,004 13,536 15,540 Inter company 355 1,127 2,238 3,720 --------------------------------- -------- -------------- ------------- -------- Total 355 3,131 15,774 19,260 --------------------------------- -------- -------------- ------------- -------- Profit EBITDA 236 (624) 1,415 1,027 Finance costs (45) (12) (11) (68) Finance income 1 - 1 2 Depreciation (207) - (162) (369) Tax expense - - (179) (179) --------------------------------- -------- -------------- ------------- -------- (Loss)/profit for the period (15) (636) 1,064 413 --------------------------------- -------- -------------- ------------- -------- Assets Total assets 4,001 709 13,438 18,148 Additions to non current assets 222 - 22 244 Liabilities Total liabilities 980 2,186 4,869 8,035 Audited year to 31st December 2017 Central Manufacturing Distribution Total GBP GBP GBP GBP --------------------------------- -------- -------------- ------------- ------- Revenue External - 4,150 27,299 31,449 Inter company 706 3,211 5,172 9,089 --------------------------------- -------- -------------- ------------- ------- Total 706 7,361 32,471 40,538 --------------------------------- -------- -------------- ------------- ------- Profit EBITDA 393 146 2,605 3,144 Finance costs (92) (23) (28) (143) Finance income 1 1 1 3 Depreciation (465) - (338) (803) Tax expense (20) (8) (593) (621) --------------------------------- -------- -------------- ------------- ------- (Loss)/profit for the period (183) 116 1,647 1,580 --------------------------------- -------- -------------- ------------- ------- Assets Total assets 4,593 2,397 11,793 18,783 Additions to non current assets 490 - 222 712 Liabilities Total liabilities 1,742 3,664 2,402 7,808
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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IR PGUWGBUPRGAU
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September 21, 2018 02:00 ET (06:00 GMT)
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