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.
END
IR PGUWGBUPRGAU
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