RNS Number:2362J
Braime (T.F.& J.H.) (Hldgs) PLC
20 September 2006
Sales of #5.21m for the first six months of 2006 were almost unchanged compared
to the same period of 2005 (#5.14m). However, the operating loss increased from
#104,000 in 2005 to #225,000 in 2006 and after adjusting for finance costs, the
net group loss increased from #81,000 to #218,000. The directors have decided
that, in these circumstances, it is not possible to pay an interim dividend.
The unsatisfactory result is due to the continuing losses sustained by our
manufacturing business.
During the first half of 2006, a significant restructuring program, regrettably
including redundancies, has been undertaken to reduce the overhead costs of
Braime Pressings Limited. Two substantial long term contracts for new presswork
have been secured. Supplies to one of the new customers began in mid July. In
the case of the second customer, tooling orders were placed in early September
and production is due to commence in March/April 2007. The combined effect of
the reduction in our overhead costs and the contribution from the additional
work will return the group to profit in 2007, providing the other subsidiaries
continue to trade satisfactorily.
Condensed Consolidated Income Statement for the period ended 30th June 2006
Note 2006 2005
# #
As re-stated
Sales revenue 5,210,460 5,140,165
Operating loss (224,932) (103,557)
Finance costs (140,514) (111,740)
Finance income 147,204 134,632
Result for the period before tax (218,242) (80,665)
Tax expense - -
Net result for the period (218,242) (80,665)
Basic loss per share (15.16p) (5.60p)
Condensed Consolidated Statement of Recognised Income and Expense for the period
ended 30th June 2006
Six months Six months
to 30th June to 30th June
2006 2005
Exchange difference on translation of foreign operations (8,152) 2,792
Net income recognised in equity (8,152) 2,792
Loss for period (218,242) (80,665)
Total recognised income and expense for the period (226,394) (77,873)
Attributable to:
Equity holders of T.F. & J.H. Braime (Holdings) P.L.C. (226,394) (77,873)
Consolidated Balance Sheet at 30th June 2006
30th June 30th June 31st December
2006 2005 2005
Assets
Non-current assets
Property, plant and equipment 703,696 587,334 737,867
Employee benefits - 75,000 -
-
Total non-current assets 703,696 662,334 737,867
Current assets
Inventories 2,220,453 2,412,309 2,342,363
Trade and other payables 2,280,117 2,554,732 1,832,979
Cash and cash equivalents 1,441,823 1,493,715 1,567,840
Total current assets 5,942,393 6,460,756 5,743,182
Total assets 6,646,089 7,123,090 6,481,049
Liabilities
Current liabilities
Bank overdraft 1,603,102 1,338,305 1,410,300
Trade and other payables 1,094,099 1,480,636 861,945
Other financial liabilities 178,008 133,854 177,170
Corporation tax liability - 10,000 33,033
Total current liabilities 2,875,209 2,962,795 2,482,448
Non-current liabilities
Financial liabilities 326,199 246,820 347,526
Employee benefits 118,000 - 98,000
Total non-current liabilities 444,199 246,820 445,526
Total liabilities 3,319,408 3,209,615 2,927,974
Total net assets 3,326,681 3,913,475 3,553,075
Capital and reserves attributable to equity holders of the
parent company
Share capital 360,000 360,000 360,000
Capital reserve 77,319 77,319 77,319
Foreign exchange reserve 669 (6,345) 8,821
Retained earnings 2,888,693 3,482,501 3,106,935
Total equity 3,326,681 3,913,475 3,553,075
Consolidated Cash Flow Statement for the period ended 30th June 2006
2006 2005
# #
As re-stated
Operating activities
Result for the period before tax (224,932) (103,557)
Adjustments
Changes in inventories 121,910 (296,628)
Change in trade and other receivables (447,138) (90,138)
Change in trade and other payables 232,154 386,325
Employer contribution (54,000) (56,000)
Current service cost 96,000 82,000
Depreciation 66,305 52,990
Profit on sale of fixed assets - (3,316)
Grants amortised (828) (828)
Taxes paid (33,033) (14,566)
Taxes recovered - -
Foreign exchange differences (8,314) 10,856
(26,944) 70,695
Investing activities
Additions to property, plant and equipment (41,294) (92,909)
Proceeds from disposal of property, plant and equipment 9,160 3,318
Interest received 23,204 24,632
(8,930) (64,959)
Financing activities
Repayment of hire purchase liabilities (20,499) (16,568)
Interest paid (37,514) (17,740)
Dividends paid - (47,700)
(58,013) (82,008)
Cash and cash equivalents, beginning of period 157,540 335,232
Net decrease in cash and cash equivalents (318,819) (179,829)
Cash and cash equivalents, end of period (161,279) 155,403
T.F. & J.H. Braime (Holdings) P.L.C.
D. H. Brown
Company Secretary
20th September 2006
This information is provided by RNS
The company news service from the London Stock Exchange
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