RNS Number:3520C
Braime (T.F.& J.H.) (Hldgs) PLC
27 August 2004
HALF-YEARLY REPORT
Although sales for the first six months of the year were down by only 2% at
#4.7m from #4.8m in 2003, the group made a loss, after taxation, of #165,000
compared to a profit of #25,000 in the same period of last year.
Very difficult trading conditions continue to affect all parts of the group.
Margins in Braime Pressings Limited and Braime Elevator Components Limited have
come under severe pressure due to the near 50% rise in the cost of steel since
January. Sales at Setem in France have dropped substantially as investment in
the French agricultural sector has come almost to a standstill due to the high
value of the euro against the dollar. Meanwhile the weak dollar has also
continued to depress margins at our US subsidiary 4B Elevator Components
Limited.
In view of the negative half-year result, the directors have decided that it
would not be prudent to pay an interim dividend.
The company has continued to invest both in new products and new equipment which
the directors believe will enable the company to return to profit. It is not
possible to predict if this will be achieved in 2004 in view of the very
disappointing half-year result.
Consolidated Profit & Loss Account for the six months ended 30th June 2004
Unaudited results for the Year to
six months ended 30th June 31st December
2004 2003 2003
# # #
Group turnover 4,703,180 4,798,353 9,418,422
Trading (loss)/profit (179,877) 23,715 (57,393)
Investment income 25,487 26,625 50,953
(Loss)/profit before (154,390) 50,340 (6,440)
interest
Interest payable 10,329 14,980 26,589
(Loss)/profit before (164,719) 35,360 (33,029)
taxation
Taxation at 30% for interim figures - 10,608 15,009
(Loss)/profit after (164,719) 24,752 (48,038)
taxation
Dividends 4,500 30,420 92,520
Retained loss (169,219) (5,668) (140,558)
Earnings per share (11.75p) 1.41p (3.96p)
Notes to the Half-Year Report for the six months ended 30th June 2004
The financial information for the six months ended 30th June 2004 has not been
audited, nor has the financial information for the six months ended 30th June
2003. However, the half-year report includes a review signed by the auditors.
The comparative figures for the year ended 31st December 2003 do not constitute
the group's statutory accounts for that year, but have been extracted from the
statutory accounts filed with the registrar of companies, and which carried an
unqualified audit report. The report has been prepared in accordance with
applicable accounting standards on a consistent basis using the accounting
policies set out in the 2003 annual report.
Independent review report to T.F. & J.H. Braime (Holdings) P.L.C.
Introduction
We have been instructed by the company to review the financial information set
out on pages 1 to 4 and we have read the other information contained in the
half-year report and considered whether it contains any apparent mis-statements
or material inconsistencies with the financial information.
Directors' responsibilities
The half-year report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the half-year report in accordance with the
Listing Rules of the Financial Services Authority which require that the
accounting policies and presentation applied to the half-year figures should be
consistent with those applied in preparing the preceding annual accounts except
where any changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board. A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly we do not express an audit opinion on the
financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30th June 2004.
John Gordon Walton & Co.
Chartered Accountants
Yorkshire House
Greek Street
Leeds
LS1 5ST
27th August 2004
T.F. & J.H. BRAIME (HOLDINGS) P.L.C.
Consolidated Balance Sheet at 30th June 2004
Unaudited Unaudited
30th June 30th June 31st December
2004 2003 2003
# # #
Fixed assets Intangible assets 10,806 11,925 11,644
Tangible assets 582,916 563,685 554,479
593,722 575,610 566,123
Current assets Stocks 1,916,092 2,066,339 1,890,199
Debtors 2,287,893 2,261,972 1,899,444
Cash at bank and in hand 1,420,186 1,569,501 1,614,131
5,624,171 5,897,812 5,403,774
Creditors Amounts falling due within one year (2,258,159) (2,182,227) (1,832,366)
Net current assets 3,366,012 3,715,585 3,571,408
Total assets less current liabilities 3,959,734 4,291,195 4,137,531
Deferred income (25,612) (27,268) (26,440)
Net assets 3,934,122 4,263,927 4,111,091
Capital and reserves Called up share capital 540,000 540,000 540,000
Reserves 3,394,122 3,723,927 3,571,091
Shareholders' funds 3,934,122 4,263,927 4,111,091
Comprising:
Non-equity shareholders' funds 180,000 180,000 180,000
Equity shareholders' funds 3,754,122 4,083,927 3,931,091
Consolidated Cash Flow Statement for the six months ended 30th June 2004
Unaudited Unaudited Year to
30th June 30th June 31st December
Notes 2004 2003 2003
# # #
Net cash outflow from
operating activities 1 (458,298) (381,686) (17,501)
Returns on investments and servicing of finance
Interest received 25,487 26,625 50,953
Interest paid (10,329) (14,980) (26,589)
Non-equity dividends paid (4,500) (4,500) (9,000)
10,658 7,145 15,364
Taxation
UK corporation tax received/(paid) 10,399 - (20,701)
Overseas tax paid (31,906) (17,900) (26,653)
(21,507) (17,900) (47,354)
Capital expenditure
Purchase of tangible fixed assets (91,830) (5,547) (35,410)
Disposal of tangible fixed assets 600 6,027 17,286
(91,230) 480 (18,124)
Equity dividends paid (57,600) (115,200) (141,120)
Management of liquid resources
Decrease in treasury 2 102,019 246,787 245,354
deposits
(Decrease)/increase 3 (515,958) (260,374) 36,619
in cash
T.F. & J.H. BRAIME (HOLDINGS) P.L.C.
Notes to Consolidated Cash Flow Statement
1. Reconciliation of operating (loss)/profit Year to
to net cash outflow from Six months ended 30th June 31st December
operating activities 2004 2003 2003
# # #
Operating (loss)/profit (179,877) 23,715 (57,393)
Depreciation of tangible and intangible assets 60,089 77,040 96,046
Profit on disposal of fixed assets - - (2,148)
Government grants amortised (828) (828) (1,656)
(Increase)/decrease in stocks (25,893) (152,906) 23,234
Increase in debtors (366,942) (436,277) (53,350)
Increase/(decrease) in creditors 51,611 125,556 (15,481)
Movement in value of assets caused by foreign exchange 3,542 (17,986) (6,753)
movements
(458,298) (381,686) (17,501)
2. Analysis of changes in net funds 31st December 30th June
2003 Cash flow 2004
# # #
Cash at bank and in hand 447,112 (91,926) 355,186
Bank loans and overdrafts (786,426) (431,782) (1,218,208)
(339,314) (523,708) (863,022)
Treasury deposits 1,167,019 (102,019) 1,065,000
827,705 (625,727) 201,978
31st December 30th June
2002 Cash flow 2003
# # #
Cash at bank and in hand 543,950 (140,035) 403,915
Bank loans and overdrafts (891,765) (130,511) (1,022,276)
(347,815) (270,546) (618,361)
Treasury deposits 1,412,373 (246,787) 1,165,586
1,064,558 (517,333) 547,225
3. Reconciliation of net cash flow to movement in net funds 30th June 30th June
2004 2003
# #
Decrease in cash (515,958) (260,374)
Effect of foreign exchange rate changes (7,750) (10,172)
(523,708) (270,546)
Decrease in treasury deposits (102,019) (246,787)
Movement in net funds in the period (625,727) (517,333)
Net funds at 31st December 2003/2002 827,705 1,064,558
Net funds at 30th June 2004/2003 201,978 547,225
This information is provided by RNS
The company news service from the London Stock Exchange
END
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