Share Name Share Symbol Market Type Share ISIN Share Description
Braime (t.f. & J.h.) (holdings) 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
  +0.00p +0.00% 1,900.00p 1,600.00p 2,200.00p 1,900.00p 1,900.00p 1,900.00p 0 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 35.7 3.0 154.8 12.3 12

Braime (T.F.& J.H.) (Hldgs) PLC Annual Results for year ended 31 December 2018

29/04/2019 7:00am

UK Regulatory (RNS & others)

Braime (t.f. & J.h.) (ho... (LSE:BMTO)
Historical Stock Chart

3 Months : From Apr 2019 to Jul 2019

Click Here for more Braime (t.f. & J.h.) (ho... Charts.


RNS Number : 2963X

Braime (T.F.& J.H.) (Hldgs) PLC

29 April 2019


("Braime" or the "Company" and with its subsidiaries the "Group")


At a meeting of the directors held today, the accounts for the year ended 31st December 2018 were submitted and approved by the directors. The accounts statement is as follows:

Chairman's statement

Review of the year

I am delighted to report that the Group's sales revenue increased in 2018 by 13.6% to GBP35.7m from GBP31.4m in 2017 and the profit from operations increased to GBP3.2m, compared to GBP2.3m last year. After adjusting for finance income and expenses, the profit before tax is GBP3.0m. Deducting tax of GBP0.8m, the profit after tax is GBP2.2m, well ahead of last year's result of GBP1.6m.

Unusually, all parts of the Group individually enjoyed a successful year and this, alongside other factors, such as favourable exchange rates and the strength of the US market combined to produce what is a record result. As a group, we continue to benefit from our long-term strategy of investment in continually developing new products and new markets.

Further detail and analysis of our financial result, and consideration of the major challenges and risks currently facing the Company, can be found in the Group Strategic Report.

Without wishing to deflect from the extremely positive result in 2018, it is necessary to add a note of caution. While our budget for 2019, prepared at the end of last year, shows continuing growth, we are now seeing early signs of a slow-down in activity. The general consensus is that Europe is entering a period of, at best, an economic slow-down and, at worst, a recession. The Chinese economy, long a major driver of growth and a major contributor to our 2018 result, has begun to slow considerably; some of our markets in agriculture, for example both in Australia and South America, were severely hit by drought last year, resulting in a reduction in investment in handling and storage and we have fears that the US agro market may well be negatively affected by the current trade war with China.

In spite of these factors the underlying strength of the Group remains and we intend to continue with our long-term strategy of investing our funds in improving production, developing new products and extending our distribution.


In October 2018, we paid an increased dividend of 3.50p (October 2017- 3.10p). On the basis of our full 2018 result, the directors have decided to also increase the 2nd interim dividend to 8.00p, (May 2017 - 7.10p), which will be paid on the 17th May 2019 to the holders of Ordinary and 'A' Ordinary shares on the register on 10th May 2019. Taken together, the overall dividend paid on the 2018 results will be 11.50p, compared to the 10.20p paid in 2017, an increase of 12.75%. The directors remain committed to increasing the dividends paid to shareholders to reflect improvements in the long- term performance of the Group, while balancing the need to support the ongoing investments in plant, facilities, and products, on which such growth depends.


In 2018, the Group invested GBP1.8m in plant and equipment (compared to GBP0.7m in 2017) and this is commented on further in the Group Strategic Report. We plan to make further major investments in the current year in both the manufacturing of presswork for our external customers and in the manufacture of the material handling components for our subsidiaries for distribution to their customers worldwide. We believe the successful future for both parts of the business depend on continuing to achieve improvements in our productivity.

Braime Pressings Limited

This is the direct successor to the original business founded in 1888. The Company specialises in deep drawn presswork, originally supplied to a very wide range of industries but now concentrated on the automotive sector. This provides the volume necessary to enable investment in the dedicated equipment necessary to remaining competitive, but volume which comes at a price. Pricing is subject to the constant pressure of "cost downs" which are a reality in the automotive industry. Survival is through continual process improvements achieved by teamwork and investment. 2018 saw an increase in volume and reductions in overhead costs to maintain profit.

4B material handling division

This division, based originally solely in the UK is now made up of a number of overseas subsidiaries, all of which enjoyed growth both in terms of sales and profitability in 2018. The division opened a new subsidiary, 4B China, to exploit the opportunity identified to sell our niche products in a rapidly developing agro-industrial market. China has now also become a major exporter of grain handling and storage equipment, including becoming a new manufacturing base for many of our existing OEM customers elsewhere who have now also located manufacturing in China. As well as extending our distribution globally, we continue to develop new innovative product designed to solve specific niche problems which we have identified in the bulk material handling industry. We continue to concentrate on creating products which are true to the division's logo "better by design".


In 2018 the Company passed its 130th anniversary and in February of this current year we were proud to be awarded by the Yorkshire Society a commemorative plaque celebrating our 130 years of "Engineering Excellence". This gave us an opportunity to involve all our staff in celebrating this considerable achievement, an achievement which is the direct result of the hard work and loyalty of our current staff and the generations before them.

We rely on the contribution, ideas, enthusiasm and teamwork of our staff to prosper in an ever more challenging global business environment and I would like to take this opportunity to thank everyone for their hard work.


This is a subject we would all like to avoid, whatever our individual views. To adapt a phrase - any decision would have been better than no decision. After a clear, if contentious decision, we have been let down by our politicians of all parties. As a major exporter, we have wasted time, energy and money trying to help ourselves and our customers mitigate against the unknown. Business needs a clear decision and strong leadership.

Change of name

At the AGM we are proposing to the shareholders that the name of the Company is changed from T.F. & J.H. Braime (Holdings) P.L.C. to Braime Group PLC.

We continue to have enormous respect for the achievement of the founder, Tom Braime, and of his younger brother, Harry Braime, my grandfather, both young engineers and entrepreneurs. Together they built this Company from nothing but their own ambition, ingenuity, drive and work ethic. However, the directors now believe that the name Braime Group PLC better reflects the activities and ambitions of today's global company.

Summary and outlook

2018 was a record year however we are cautious about the possible effects of the current deteriorating economic situation in general, and specifically so in our particular markets.

Nevertheless long-term, while we will always face both risks and challenges - in particular our exposure to significant currency fluctuations - the pursuit of a clear strategy of continuously investing in improving productivity, developing new products and extending our market reach, continues to open up further opportunities for growth.

Nicholas Braime, Chairman

26th April 2019

For further information please contact:

T.F. & J.H. Braime (Holdings) P.L.C.

Nicholas Braime/Cielo Cartwright

0113 245 7491

W. H. Ireland Limited

Katy Mitchell/Nick Prowting

0113 394 6628

The directors present their strategic report of the Company and the Group for the year ended 31st December 2018.

Principal activities

The principal activities of the Group during the year under review was the manufacture of deep drawn metal presswork and the distribution of material handling components and monitoring equipment. Manufacturing activity is delivered through the Group's subsidiary Braime Pressings Limited and the distribution activity through the Group's 4B division.

Braime Pressings specialises in metal presswork, including deep drawing, multi-stage progression and transfer presswork. Founded in 1888, the business has over 130 years of manufacturing experience. The metal presswork segment operates across several industries including the automotive sector and supplies external as well as group customers.

The material handling components subsidiaries are industry leaders in developing high quality, innovative and dependable material handling components for the agricultural and industrial sectors. They provide a range of complementary products including elevator buckets, elevator and conveyor belting, elevator bolts and belt fasteners, forged chain, level monitors and sensors and controllers for monitoring safety and providing preventative maintenance systems which facilitate handling and minimise the risk of explosion in hazardous areas. The subsidiaries in the 4B division have operations in the Americas, Europe, Asia, Australia and Africa and export to over fifty countries.

Performance highlights

For the year ended 31st December 2018, the Group generated revenue of GBP35.7m, up GBP4.3m from prior year. Profit from operations was GBP3.2m, up GBP0.9m from prior year. EBITDA was GBP4.0m. At 31st December 2018, the Group had net assets of GBP13.3m.

Cash flow

Inventories increased by GBP1.4m and trade receivables by GBP0.4m reflecting the increased sales activity. These calls on working capital were partly offset by an increase in our trade payables of GBP0.3m. In total the business generated funds from operations of GBP2.4m net of the movement in working capital (2017 - GBP1.5m). After the payment of other financial costs and the dividend, the cash balance (net of overdraft) was GBP1.5m, an increase of GBP0.5m from prior year.

Bank facilities

The Group's operating banking facilities are renewed annually. The arrangements with HSBC provide sufficient headroom to the Group and have allowed us to make the necessary investments in the year. As part of our contingency planning for Brexit, we have held discussions with our bankers and have received confirmation of a temporary increase in headroom beyond our current limits, to help fund our pre-Brexit strategy of building enhanced stock levels as the additional needs arise.


Tax charge for the year was GBP0.8m, with an effective rate of tax of 26% (2017 - 28%). The effective rate is above the standard UK tax rate of 19.00% (2017 - 19.25%) due to the blending effect of the different rates of tax applied by each of the countries in which the Group operates, in particular, our operations in the US. In any financial year the effective rate will depend on the mix of countries in which profits are made, however the Group continues to review its tax profile to minimise the impact.

Capital expenditure

In 2018, the Group invested GBP1.8m (2017 - GBP0.7m) in plant and equipment. A significant proportion of this was our new manufacturing facilities in the USA, which will substantially enhance our in-house capabilities. Other major investments relate to installation of robotics machinery in the UK, in line with our strategy to improve efficiency and quality through automation. During 2019, the Group plans to make further tactical investments in key equipment to maximise productivity and we have the headroom within our current banking facilities to do so.

Balance sheet

Net assets of the Group have increased to GBP13.3m (2017 - GBP11.0m). This is due to the strong profit performance in the year. A foreign exchange gain of GBP0.2m (2017 - loss of GBP0.5m) was recorded on the re-translation of the net assets of the overseas operations, which has increased retained earnings in the year.

Principal exchange rates

The Group reports its results in sterling, its presentational currency. The Group operates in five other currencies and the principal exchange rates in use during the year and as at 31st December 2018 are shown in the table below. During the year the sterling weakened against many of the currencies in which we operate and consequently the Group's reserves increased by GBP0.2m from gains in foreign currency translations.

                                           Average      Average       Closing       Closing 
   Currency                    Symbol         rate         rate          rate          rate 
                                         Full year    Full year      31st Dec      31st Dec 
                                              2018         2017          2018          2017 
 Australian Dollar                AUD        1.787        1.692         1.809         1.728 
 Chinese Renminbi (Yuan)          CNY        8.700            -         8.676             - 
 Euro                             EUR        1.130        1.143         1.115         1.127 
 South African Rand               ZAR       17.627       17.134        18.364        16.631 
 Thai Baht                        THB       42.962       44.031        41.301        44.016 
 United States Dollar             USD        1.332        1.303         1.277         1.351 

Our business model

The two segments of the Group are very different operations and serve different markets, however together they provide diversification, strength and balance to the Group.

The focus of the manufacturing business is to produce quality, technically demanding components. The use of automated equipment allows us to produce in high volumes whilst maintaining flexibility to respond to customer demands.

The material handling components business operates from a number of locations around the globe allowing us to be close to our core markets. The focus of the business is to provide innovative solutions drawing on our expertise in material handling and access to a broad product range.

Performance of Braime Pressings Limited, manufacturer of deep drawn metal presswork

Braime Pressings Limited had a busy year supplying our other subsidiaries. External revenue saw a small growth in 2018 and earnings before interest and depreciation (EBITDA) also saw an increase. However, profit for the period remained static at GBP0.1m (2017 - GBP0.1m). The manufacturing arm continues to face pricing pressures in a highly competitive environment, however it continues to add strategic value through its supply to the 4B division.

Performance of the 4B division, world wide distributor of components and monitoring systems for the material handling industry

The combined revenues of our subsidiaries grew strongly in 2018. External revenue increased to GBP31.4m up 15% on prior year, which has fed through to EBITDA. The growth reflects the Group's investment in this division's activities over the past three years, and the strengthening power of the 4B brand. In July 2018, we launched our newest operations in Changzhou, China, continuing our investment in strategic markets.

We continue to enhance features of our secure, cloud based industrial monitoring solution, Hazardmon which is revolutionary for introducing greater levels of transparency and record keeping.

The outlook for 2019 remains positive and we look to further growth across all subsidiaries.

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       2018       2017 
 Turnover growth                 1      13.6%      10.7% 
 Gross margin                    2      48.4%      46.4% 
 Operating profit                3   GBP3.24m   GBP2.34m 
 Stock days                      4   141 days   136 days 
 Debtor days                     5    56 days    58 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. We are pleased with the level of growth achieved during 2018.

   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. The year on year improvement in margin has resulted from operational efficiency and gains from movement in foreign exchange rates.

   3.      Operating profit 

Sustainable growth in operating profit is a strategic priority to enable ongoing investment and increase shareholder value. Year on year improvement in operating profits resulting from the improvement in gross margin and also efficient cost control over operating expenses.

   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 contingency planning for Brexit.

   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 still average within the standard payment terms of 60 days, however senior management are 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.

Principal risks and uncertainties

The market remains challenging for our manufacturing division, due to pricing pressures throughout the supply chain. The maintenance of the TS16949 quality standard is important to the Group and allows it to access growing markets within the automotive and other sectors. A process of continual improvement in systems and processes reduces this risk as well as providing increased flexibility to allow the business to respond to customer requirements.

Our 4B division maintains its competitive edge in a price sensitive market through the provision of engineering expertise and by working closely with our suppliers to design and supply innovative components of the highest standard. In addition, ranges of complementary products are sold into different industries. The monitoring systems are developed and improved on a regular basis.

The directors receive monthly reports on key customer and operational metrics from subsidiary management and review these. The potential impact of business risks and actions necessary to mitigate the risks, are also discussed and considered at the monthly board meetings. The more significant risks and uncertainties faced by the Group are set out below:-

-- Raw material price fluctuation:- The Group is exposed to fluctuations in steel and other raw material prices and to mitigate this volatility, the Group fixes its prices with suppliers where possible.

-- Reputational risk:- As the Group operates in relatively small markets any damage to, or loss of reputation could be a major concern. Rigorous management attention and quality control procedures are in place to maximise right first time and on time delivery. Responsibility is taken for ensuring swift remedial action on any issues and complaints.

-- Damage to warehouse or factory:- Any significant damage to a factory or warehouse will cause short-term disruption. To mitigate these risks, the Group has arrangements with key suppliers to step up supply in the event of a disruption.

-- Brexit impact:- The Group, along with other businesses, faces economic and political uncertainty in the future resulting from the UK vote to leave the EU. However, the directors consider that its operations in Europe provide the group with further trading options and the fact that 56% of the Group's revenues are derived from markets outside the EU provides the Group with some resilience to any impact.

-- Economic fluctuations:- The Group derives a significant proportion of its profits from outside the UK and is therefore sensitive to fluctuations in the economic conditions of overseas operations including foreign currency fluctuations.

Financial instruments

The operations expose the Group to a variety of financial risks including the effect of changes in interest rates on debt, foreign exchange rates, credit risk and liquidity risk.

The Group's exposure in the areas identified above are discussed in note 16 of the financial statements.

The Group's principal financial instruments comprise sterling and foreign cash and bank deposits, bank loans and overdrafts, other loans and obligations under finance leases together with trade debtors and trade creditors that arise directly from operations.

The main risks arising from the Group's financial instruments can be analysed as follows:

Price risk

The Group has no significant exposure to securities price risk, as it holds no listed equity instruments.

Foreign currency risk

The Group has a centralised treasury function which manages the Group's banking facilities and all lines of funding. Forward contracts are used to hedge against foreign exchange differences arising on cash flows in currencies that differ from the operational entity's reporting currency.

Financial instruments (continued)

Credit risk

The Group's principal financial assets are bank balances, cash and trade receivables, which represent the Group's maximum exposure to credit risk in relation to financial assets.

The Group's credit risk is primarily attributable to its trade receivables. Credit risk is mitigated by a stringent management of customer credit limits by monitoring the aggregate amount and duration of exposure to any one customer depending upon their credit rating. The Group also has credit insurance in place. The amounts presented in the balance sheet are net of allowance for doubtful debts, estimated by the Group's management based on prior experience and their assessment of the current economic environment.

The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

The Group's policy has been to ensure continuity of funding through acquiring an element of the Group's fixed assets under finance leases and arranging funding for operations via medium-term loans and overdrafts to aid short term flexibility.

Cash flow interest rate risk

Interest rate bearing assets comprise cash and bank deposits, all of which earn interest at a fixed rate. The interest rate on the bank overdraft is at market rate and the Group's policy is to keep the overdraft within defined limits such that the risk that could arise from a significant change in interest rates would not have a material impact on cash flows. The Group's policy is to maintain other borrowings at fixed rates to fix the amount of future interest cash flows.

The directors monitor the level of borrowings and interest costs to limit any adverse effects on financial performance of the Group.

Health and safety

We maintain healthy and safe working conditions on our sites and measure our ability to keep employees and visitors safe. We continuously aim to improve our working environments to ensure we are able to provide a safe occupational health and safety standards to our employees and visitors. The directors receive monthly H&S reports and we carry out regular risk management audits to identify areas for improvement and to minimise safety risks.

Business ethics and human rights

We are committed to conducting our business ethically and responsibly, and treating employees, customers, suppliers and shareholders in a fair, open and honest manner. As a business, we receive audits by both our independent auditors and by our customers and we look to source from suppliers who share our values. We encourage our employees to provide feedback on any issues they are concerned about and have a whistle-blowing policy that gives our employees the chance to report anything they believe is not meeting our required standards.

The Group is similarly committed to conducting our business in a way that is consistent with universal values on human rights and complying with the Human Rights Act 1998. The Group gives appropriate consideration to human rights issues in our approach to supply chain management, overseas employment policies and practices. Where appropriate, we support community partnering.


The Group's policy with regard to the environment is to understand and effectively manage the actual and potential environmental impact of our activities. Operations are conducted such that we comply with all legal requirements relating to the environment in all areas where we carry out our business. The Group continuously looks for ways to harness energy reduction (electricity and gas) and water. During the period of this report the Group has not incurred any fines or penalties or been investigated for any breach of environmental regulations.

Social and community matters

We recognise our responsibility to work in partnership with the communities in which we operate and we encourage active employee support for their community in particular, in aid of technical awareness and training. During the year, we participated in a number of education events encouraging interest in engineering in young people. It is our policy not to provide political donations.


The quality and commitment of our people has played a major role in our business success. This has been demonstrated in many ways, including improvements in customer satisfaction, the development of our product lines and the flexibility they have shown in adapting to changing business requirements. Employee performance is aligned to the achievement of goals set within each subsidiary and is rewarded accordingly. Employees are encouraged to use their skills to best effect and are offered training either externally or internally to achieve this. As a global business, the Group fully recognises and seeks to harness the benefits of diversity within its work force.

Research and development

The Group continues to invest in research and development. This has resulted in improvements in the products which will benefit the Group in the medium to long term.

Consolidated income statement for the year ended 31st December 2018 (audited)

                                                            2018         2017 
                                                         GBP'000      GBP'000 
 Revenue                                                  35,718       31,449 
 Changes in inventories of finished goods and work 
  in progress                                              1,229          114 
 Raw materials and consumables used                     (19,677)     (16,955) 
 Employee benefits costs                                 (8,300)      (7,449) 
 Depreciation and amortisation expense                     (788)        (803) 
 Other expenses                                          (4,940)      (4,015) 
---------------------------------------------------  -----------  ----------- 
 Profit from operations                                    3,242        2,341 
 Finance expense                                           (227)        (143) 
 Finance income                                                2            3 
---------------------------------------------------  -----------  ----------- 
 Profit before tax                                         3,017        2,201 
 Tax expense                                               (788)        (621) 
---------------------------------------------------  -----------  ----------- 
 Profit for the year                                       2,229        1,580 
---------------------------------------------------  -----------  ----------- 
 Profit attributable to: 
 Owners of the parent                                      2,178        1,719 
 Non-controlling interests                                    51        (139) 
---------------------------------------------------  -----------  ----------- 
                                                           2,229        1,580 
---------------------------------------------------  -----------  ----------- 
 Basic and diluted earnings per share                    154.79p      109.73p 
---------------------------------------------------  -----------  ----------- 

Consolidated statement of comprehensive income for the year ended 31st December 2018 (audited)

                                                         2018      2017 
                                                      GBP'000   GBP'000 
 Profit for the year                                    2,229     1,580 
 Items that will not be reclassified subsequently 
  to profit or loss 
 Net pension remeasurement gain on post employment 
  benefits                                                 76        45 
 Items that may be reclassified subsequently to 
  profit or loss 
 Foreign exchange gains/(losses) on re-translation 
  of overseas operations                                  206     (472) 
---------------------------------------------------  --------  -------- 
 Other comprehensive income for the year                  282     (427) 
 Total comprehensive income for the year                2,511     1,153 
---------------------------------------------------  --------  -------- 
 Total comprehensive income attributable to: 
 Owners of the parent                                   2,481     1,299 
 Non-controlling interests                                 30     (146) 
---------------------------------------------------  --------  -------- 
                                                        2,511     1,153 
---------------------------------------------------  --------  -------- 

Consolidated balance sheet at 31st December 2018 (audited)

                                                        2018      2017 
                                                     GBP'000   GBP'000 
 Non-current assets 
 Property, plant and equipment                         6,232     5,238 
 Intangible assets                                        61        58 
 Total non-current assets                              6,293     5,296 
 Current assets 
 Inventories                                           7,872     6,431 
 Trade and other receivables                           6,820     5,911 
 Cash and cash equivalents                             2,313     1,145 
--------------------------------------------------  --------  -------- 
 Total current assets                                 17,005    13,487 
--------------------------------------------------  --------  -------- 
 Total assets                                         23,298    18,783 
--------------------------------------------------  --------  -------- 
 Current liabilities 
 Bank overdraft                                          832       164 
 Trade and other payables                              5,493     4,391 
 Other financial liabilities                           1,870     1,983 
 Corporation tax liability                               249       195 
--------------------------------------------------  --------  -------- 
 Total current liabilities                             8,444     6,733 
 Non-current liabilities 
 Financial liabilities                                 1,256       988 
 Deferred income tax liability                           265        87 
--------------------------------------------------  --------  -------- 
 Total non-current liabilities                         1,521     1,075 
--------------------------------------------------  --------  -------- 
 Total liabilities                                     9,965     7,808 
--------------------------------------------------  --------  -------- 
 Total net assets                                     13,333    10,975 
--------------------------------------------------  --------  -------- 
 Share capital                                           360       360 
 Capital reserve                                         257       257 
 Foreign exchange reserve                                301        74 
 Retained earnings                                    12,734    10,633 
--------------------------------------------------  --------  -------- 
 Total equity attributable to the shareholders of 
  the parent                                          13,652    11,324 
 Non-controlling interests                             (319)     (349) 
--------------------------------------------------  --------  -------- 
 Total equity                                         13,333    10,975 
--------------------------------------------------  --------  -------- 

Consolidated cash flow statement for the year ended 31st December 2018 (audited)

                                                            2018      2017 
                                                         GBP'000   GBP'000 
 Operating activities 
 Net profit                                                2,229     1,580 
 Adjustments for: 
 Depreciation and amortisation                               788       803 
 Foreign exchange gains/(losses)                             158     (443) 
 Finance income                                              (2)       (3) 
 Finance expense                                             227       143 
 Loss on sale of land and buildings, plant, machinery 
  and motor vehicles                                          15         4 
 Adjustment in respect of defined benefits scheme            158        45 
 Income tax expense                                          788       621 
 Income taxes paid                                         (871)     (617) 
------------------------------------------------------  --------  -------- 
                                                           1,261       553 
------------------------------------------------------  --------  -------- 
 Operating profit before changes in working capital 
  and provisions                                           3,490     2,133 
 Increase in trade and other receivables                   (580)     (698) 
 Increase in inventories                                 (1,441)     (312) 
 Increase in trade and other payables                        977       356 
                                                         (1,044)     (654) 
------------------------------------------------------  --------  -------- 
 Cash generated from operations                            2,446     1,479 
 Investing activities 
 Purchases of property, plant, machinery and motor 
  vehicles and intangible assets                         (1,767)     (618) 
 Sale of land and buildings, plant, machinery and 
  motor vehicles                                              32        14 
 Interest received                                             2         3 
------------------------------------------------------  --------  -------- 
                                                         (1,733)     (601) 
 Financing activities 
 Proceeds from long term borrowings                          792       165 
 Loan financing repayments                                     -        52 
 Repayment of borrowings                                   (349)     (329) 
 Repayment of hire purchase creditors                      (276)     (247) 
 Interest paid                                             (227)     (143) 
 Dividends paid                                            (153)     (137) 
------------------------------------------------------  --------  -------- 
                                                           (213)     (639) 
------------------------------------------------------  --------  -------- 
 Increase in cash and cash equivalents                       500       239 
 Cash and cash equivalents, beginning of period              981       742 
------------------------------------------------------  --------  -------- 
 Cash and cash equivalents, end of period                  1,481       981 
------------------------------------------------------  --------  -------- 

Consolidated statement of changes in equity for the year ended 31st December 2018 (audited)

                                                        Foreign                                  Non- 
                                  Share     Capital    Exchange     Retained              Controlling      Total 
                                Capital     Reserve     Reserve     Earnings     Total      Interests     Equity 
                                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 
 Net pension remeasurement 
  gain recognised directly 
  in equity                           -           -           -           45        45              -         45 
 Foreign exchange losses 
  on re-translation of 
  overseas subsidiaries 
  consolidated 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 1st January 
  2018                        360   257      74   10,633   11,324    (349)   10,975 
 Comprehensive income 
 Profit                         -     -       -    2,178    2,178       51    2,229 
 Other comprehensive 
 Net pension remeasurement 
  gain recognised directly 
  in equity                     -     -       -       76       76        -       76 
 Foreign exchange gains 
  on re-translation of 
  overseas subsidiaries 
  consolidated operations       -     -     227        -      227     (21)      206 
---------------------------  ----  ----  ------  -------  -------  -------  ------- 
 Total other comprehensive 
  income                        -     -     227       76      303     (21)      282 
 Total comprehensive 
  income                        -     -     227    2,254    2,481       30    2,511 
---------------------------  ----  ----  ------  -------  -------  -------  ------- 
 Transactions with owners 
 Dividends                      -     -       -    (153)    (153)        -    (153) 
 Total transactions with 
  owners                        -     -       -    (153)    (153)        -    (153) 
---------------------------  ----  ----  ------  -------  -------  -------  ------- 
 Balance at 31st December 
  2018                        360   257     301   12,734   13,652    (319)   13,333 
---------------------------  ----  ----  ------  -------  -------  -------  ------- 

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 (2017 - 1,440,000). There are no potentially dilutive shares in issue.

 Dividends paid                                       2018      2017 
                                                   GBP'000   GBP'000 
 Equity shares 
 Ordinary shares 
 Interim of 7.10p (2017 - 6.40p) per share paid 
  on 18th May 2018                                      34        31 
 Interim of 3.50p (2017 - 3.10p) per share paid 
  on 19th October 2018                                  17        15 
------------------------------------------------  --------  -------- 
                                                        51        46 
------------------------------------------------  --------  -------- 
 'A' Ordinary shares 
 Interim of 7.10p (2017 - 6.40p) per share paid 
  on 18th May 2018                                      68        61 
 Interim of 3.50p (2017 - 3.10p) per share paid 
  on 19th October 2018                                  34        30 
------------------------------------------------  --------  -------- 
                                                       102        91 
------------------------------------------------  --------  -------- 
 Total dividends paid                                  153       137 
------------------------------------------------  --------  -------- 

An interim dividend of 8.0p per Ordinary and 'A' Ordinary share will be paid 17th May 2019.

                                    Central   Manufacturing   Distribution     Total 
                                       2018            2018           2018      2018 
                                    GBP'000         GBP'000        GBP'000   GBP'000 
 External                                 -           4,291         31,427    35,718 
 Inter Company                          695           3,891          6,452    11,038 
---------------------------------  --------  --------------  -------------  -------- 
 Total                                  695           8,182         37,879    46,756 
---------------------------------  --------  --------------  -------------  -------- 
 EBITDA                                 387             187          3,456     4,030 
 Finance costs                        (116)            (36)           (75)     (227) 
 Finance income                           -               -              2         2 
 Depreciation and amortisation        (464)               -          (324)     (788) 
 Tax expense                           (19)            (55)          (714)     (788) 
 Profit/(loss) for the period         (212)              96          2,345     2,229 
---------------------------------  --------  --------------  -------------  -------- 
 Total assets                         5,009           3,202         15,087    23,298 
 Additions to non current assets        650               -          1,149     1,799 
 Total liabilities                    3,713           2,127          4,125     9,965 
                                    Central   Manufacturing   Distribution     Total 
                                       2017            2017           2017      2017 
                                    GBP'000         GBP'000        GBP'000   GBP'000 
 External                                 -           4,150         27,299    31,449 
 Inter Company                          706           3,211          5,172     9,089 
---------------------------------  --------  --------------  -------------  -------- 
 Total                                  706           7,361         32,471    40,538 
---------------------------------  --------  --------------  -------------  -------- 
 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 
---------------------------------  --------  --------------  -------------  -------- 
 Total assets                         4,593           2,397         11,793    18,783 
 Additions to non current assets        490               -            222       712 
 Total liabilities                    1,742           3,664          2,402     7,808 

The consolidated financial statements have been prepared in accordance with 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 under the historical cost convention. The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31st December 2018 as described in those financial statements.


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 20th June 2019 at 11.45am. The annual report and financial statements will be sent to shareholders by 17th May 2019 and will also be available on the company's website ( from that date.


The financial information set out in this preliminary announcement does not constitute statutory accounts as defined by section 434 of the Company Act 2006. The financial information for the year ended 31st December 2018 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 2017 have been delivered to the Registrar of Companies, and those for 2018 will be delivered in due course.


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 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 or visit



(END) Dow Jones Newswires

April 29, 2019 02:00 ET (06:00 GMT)

1 Year Braime (t.f. & J.h.) (ho... Chart

1 Year Braime (t.f. & J.h.) (ho... Chart

1 Month Braime (t.f. & J.h.) (ho... Chart

1 Month Braime (t.f. & J.h.) (ho... Chart
Your Recent History
Braime (t...
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20190724 02:15:18