TIDMBMTO
RNS Number : 2015R
Braime (T.F.& J.H.) (Hldgs) PLC
19 September 2017
T.F. & J.H. Braime (Holdings) P.L.C.
("Braime" or the "Company")
Interim Results for the six months ended 30th June 2017
Performance
Group sales revenue for the first six months of 2017 increased
by 14% to GBP15.54M from GBP13.62M, while profit before tax
increased by 28.2 % to GBP0.59M from GBP0.46M for the comparable
period of 2016.
This performance is partly due to a general improvement in
trading but was also enhanced by the fall in the value of Sterling
from the higher levels prevailing in the early part of 2016, which
increased the value of group earnings from overseas businesses when
consolidated in Sterling.
Dividends
The directors have decided to increase the interim dividend to
3.10p per share. This dividend will be paid on 20th October to the
Ordinary and 'A' Ordinary shareholders on the register on the 13th
October 2017. The associated ex-dividend date will be 12th October
2017.
Braime Pressings Limited
Sales volume increased substantially but the short-term costs of
meeting these increases in sales has been greater than expected and
is a situation the directors are continuing to address.
The key to success in manufacturing, as always, lies in the
continuous improvement in productivity.
4B division
Overall the subsidiaries in the material handling division have
performed well with improvements in both sales and margins. Most of
our markets in our sector, even in Europe, are gradually coming out
of the recent recession.
Cash flow
The cash position at the start of the period was tight but has
steadily improved and is expected to further improve in the second
half of the year as the trade receivables are recovered in line
with payment terms. The group is committed to some substantial
investments and needs to finance these investments from cash flow
until the new equipment is fully commissioned. 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 our working capital requirements,
particularly for stock, are carefully monitored and controlled.
Forecast for the second half of 2017
The group overall is ahead of both last year and budget and
currently we would expect the result for the full year to be ahead
of 2016. However, our group, with so much of its earnings coming
from overseas markets, is always exposed to the unpredictable
fluctuations in global exchange rates and to the vagaries in
individual markets.
For further information please contact:
T.F. & J.H. Braime (Holdings) P.L.C.
P. Tiffany - Financial Director
0113 245 7491
W. H. Ireland Limited
Katy Mitchell LLB
0113 394 6628
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated income statement
For the six months ended 30th June 2017
Unaudited Unaudited
6 months 6 months Audited
to to year
Note 30th 30th to 31st
June June December
2017 2016 2016
GBP GBP GBP
-------------------------------- ------- ------------ ------------ -------------
Revenue 15,540,422 13,619,008 28,415,449
Changes in inventories
of finished goods and work
in progress (36,382) 224,198 337,116
Raw materials and consumables
used (8,413,376) (7,625,329) (15,890,401)
Employee benefits costs (3,636,686) (3,151,829) (6,726,428)
Depreciation expense (369,231) (390,290) (801,376)
Other expenses (2,426,300) (2,148,239) (3,940,015)
-------------------------------- ------- ------------ ------------ -------------
Profit from operations 658,447 527,519 1,394,345
Profit on disposal of tangible - - -
fixed assets
Finance costs (68,417) (64,523) (150,142)
Finance income 2,043 580 29,902
-------------------------------- ------- ------------ ------------ -------------
Profit before tax 592,073 463,576 1,274,105
Tax expense (178,576) (139,289) (419,588)
-------------------------------- ------- ------------ ------------ -------------
Profit for the period 413,497 324,287 854,517
-------------------------------- ------- ------------ ------------ -------------
Profit attributable to
:
Owners of the parent 448,429 384,521 932,101
Non-controlling interests (34,932) (60,234) (77,584)
-------------------------------- ------- ------------ ------------ -------------
413,497 324,287 854,517
-------------------------------- ------- ------------ ------------ -------------
Basic and diluted earnings
per share 2 28.72p 22.52p 59.34p
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated statement of comprehensive income
For the six months ended 30th June 2017
Unaudited Unaudited
6 months 6 months Audited
to to year
30th 30th to 31st
June June December
2017 2016 2016
GBP GBP GBP
------------------------------------- ---------- ---------- ----------
Profit for the period 413,497 324,287 854,517
------------------------------------- ---------- ---------- ----------
Items that will not be reclassified
subsequently to profit or loss
Net pension remeasurement gain
on post employment benefits - - 10,000
Items that may be reclassified
subsequently to profit or loss
Foreign exchange (losses)/gains
on re-translation of overseas
operations (167,670) (151,517) 597,976
Other comprehensive income
for the period (167,670) (151,517) 607,976
------------------------------------- ---------- ---------- ----------
Total comprehensive income
for the period 245,827 172,770 1,462,493
------------------------------------- ---------- ---------- ----------
Total comprehensive income
attributable to:
Owners of the parent 280,759 233,004 1,540,077
Non-controlling interests (34,932) (60,234) (77,584)
------------------------------------- ---------- ---------- ----------
245,827 172,770 1,462,493
------------------------------------- ---------- ---------- ----------
The foreign currency movements arise on the re-translation of
overseas subsidiaries' opening balance sheets at closing rates.
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated balance sheet
At 30th June 2017
Unaudited Unaudited
6 months 6 months Audited
to to year
30th 30th to 31st
June June December
2017 2016 2016
GBP GBP GBP
Non-current assets
Property, plant and equipment 5,232,599 5,285,297 5,357,772
Goodwill 12,270 12,270 12,270
Financial assets - 26,180 -
Total non-current assets 5,244,869 5,323,747 5,370,042
--------------------------------- ------------- ------------ -------------
Current assets
Inventories 6,383,147 5,887,955 6,119,495
Trade and other receivables 6,506,409 5,712,176 5,213,019
Financial assets - 50,918 51,877
Cash and cash equivalents 13,933 1,243,172 742,474
--------------------------------- ------------- ------------ -------------
Total current assets 12,903,489 12,894,221 12,126,865
--------------------------------- ------------- ------------ -------------
Total assets 18,148,358 18,217,968 17,496,907
--------------------------------- ------------- ------------ -------------
Current liabilities
Bank overdraft - (1,517,675) -
Trade and other payables (4,705,966) (4,173,632) (4,181,683)
Other financial liabilities (1,952,905) (1,981,539) (1,730,288)
Corporation tax liability (52,548) (177,586) (146,703)
--------------------------------- ------------- ------------ -------------
Total current liabilities (6,711,419) (7,850,432) (6,058,674)
--------------------------------- ------------- ------------ -------------
Non-current liabilities
Financial liabilities (1,205,986) (1,425,702) (1,360,947)
Deferred income tax liability (117,724) (230,235) (117,724)
--------------------------------- ------------- ------------ -------------
Total non-current liabilities (1,323,710) (1,655,937) (1,478,671)
--------------------------------- ------------- ------------ -------------
Total liabilities (8,035,129) (9,506,369) (7,537,345)
--------------------------------- ------------- ------------ -------------
Total net assets 10,113,229 8,711,599 9,959,562
--------------------------------- ------------- ------------ -------------
Capital and reserves
Share capital 360,000 360,000 360,000
Capital reserve 257,319 257,319 257,319
Foreign exchange reserve 371,725 (210,098) 539,395
Retained earnings 9,361,797 8,489,708 9,005,528
--------------------------------- ------------- ------------ -------------
Total equity attributable to
the shareholders of the parent
company 10,350,841 8,896,929 10,162,242
Non-controlling interests (237,612) (185,330) (202,680)
--------------------------------- ------------- ------------ -------------
Total equity 10,113,229 8,711,599 9,959,562
--------------------------------- ------------- ------------ -------------
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated cash flow statement
For the six months ended 30th June 2017
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st December
Note 30th June 30th June 2016
2017 2016
GBP GBP GBP
----------------------------------- ------- ------------ ------------ ---------------
Operating activities
Net profit 413,497 324,287 854,517
----------------------------------- ------- ------------ ------------ ---------------
Adjustments for:
Depreciation 369,231 390,290 801,376
Grants amortised - (6,568) (6,568)
Foreign exchange losses (167,670) (151,517) 525,324
Finance income (2,043) (580) (29,902)
Finance expense 68,417 64,523 150,142
Gain on sale of plant, machinery
and motor vehicles - - (12,538)
Adjustment in respect of
defined benefit scheme - - 12,000
Income tax expense 178,576 139,289 419,588
Income taxes paid (272,731) (28,557) (491,778)
----------------------------------- ------- ------------ ------------ ---------------
Operating activities before
changes in working capital
and provisions 587,277 731,167 2,222,161
----------------------------------- ------- ------------ ------------ ---------------
Increase in trade and other
receivables (1,293,390) (707,077) (207,920)
Increase in inventories (263,652) (168,301) (399,841)
Increase in trade and other
payables 780,374 444,450 272,025
(776,668) (430,928) (335,736)
----------------------------------- ------- ------------ ------------ ---------------
Cash generated from operations (189,391) 300,239 1,886,425
----------------------------------- ------- ------------ ------------ ---------------
Investing activities
Purchases of property,
plant, machinery and motor
vehicles (126,770) (657,387) (998,617)
Sale of plant, machinery
and motor vehicles - - 12,538
Interest received 2,043 580 27,902
----------------------------------- ------- ------------ ------------ ---------------
(124,727) (656,807) (958,177)
----------------------------------- ------- ------------ ------------ ---------------
Financing activities
Proceeds from long term - - -
borrowings
Loan financing repaid 51,877 32,556 57,777
Repayment of borrowings (172,374) (35,464) (101,917)
Repayment of hire purchase
creditors (133,349) (77,204) (176,432)
Interest paid (68,417) (64,523) (150,142)
Dividends paid (92,160) (89,280) (131,040)
----------------------------------- ------- ------------ ------------ ---------------
(414,423) (233,915) (501,754)
----------------------------------- ------- ------------ ------------ ---------------
Decrease in cash and cash
equivalents (728,541) (590,483) 426,494
Cash and cash equivalents,
beginning of period 742,474 315,980 315,980
----------------------------------- ------- ------------ ------------ ---------------
Cash and cash equivalents
(including overdrafts),
end of period 3 13,933 (274,503) 742,474
----------------------------------- ------- ------------ ------------ ---------------
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated statement of changes in equity
For the six months ended 30th June 2017
Foreign
Share Capital Exchange Retained Minority Total
Capital Reserve Reserve Earnings Total Interests Equity
GBP GBP GBP GBP GBP GBP GBP
Balance at 1st
January 2017 360,000 257,319 539,395 9,005,528 10,162,242 (202,680) 9,959,562
Comprehensive
income
Profit - - - 448,429 448,429 (34,932) 413,497
Other
comprehensive
income
Foreign exchange
losses on re-
translation of
overseas operations - - (167,670) - (167,670) - (167,670)
---------------------- ---------- ---------- ------------ ------------ ------------- ------------ -------------
Total other
comprehensive
income - - (167,670) - (167,670) - (167,670)
Total
comprehensive
income - - (167,670) 448,429 280,759 (34,932) 245,827
---------------------- ---------- ---------- ------------ ------------ ------------- ------------ -------------
Transactions with
owners
Dividends - - - (92,160) (92,160) - (92,160)
---------------------- ---------- ---------- ------------ ------------ ------------- ------------ -------------
Total transactions
with owners - - - (92,160) (92,160) - (92,160)
---------------------- ---------- ---------- ------------ ------------ ------------- ------------ -------------
Balance at 30th
June 2017 360,000 257,319 371,725 9,361,797 10,350,841 (237,612) 10,113,229
---------------------- ---------- ---------- ------------ ------------ ------------- ------------ -------------
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated statement of changes in equity
For the six months ended 30th June 2017
Foreign
Share Capital Exchange Retained Minority Total
Capital Reserve Reserve Earnings Total Interests Equity
GBP GBP GBP GBP GBP GBP GBP
Balance at 1st
January 2016 360,000 257,319 (58,581) 8,194,467 8,753,205 (125,096) 8,628,109
Comprehensive
income
Profit - - - 384,521 384,521 (60,234) 324,287
Other
comprehensive
income
Foreign exchange
losses on re-
translation of
overseas operations - - (151,517) - (151,517) - (151,517)
---------------------- ---------- ---------- ------------ ------------ ------------ ------------ ------------
Total other
comprehensive
income - - (151,517) - (151,517) - (151,517)
Total
comprehensive
income - - (151,517) 384,521 233,004 (60,234) 172,770
---------------------- ---------- ---------- ------------ ------------ ------------ ------------ ------------
Transactions with
owners
Dividends - - - (89,280) (89,280) - (89,280)
---------------------- ---------- ---------- ------------ ------------ ------------ ------------ ------------
Total transactions
with owners - - - (89,280) (89,280) - (89,280)
---------------------- ---------- ---------- ------------ ------------ ------------ ------------ ------------
Balance at 30th
June 2016 360,000 257,319 (210,098) 8,489,708 8,896,929 (185,330) 8,711,599
---------------------- ---------- ---------- ------------ ------------ ------------ ------------ ------------
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated statement of changes in equity - continued
For the six months ended 30th June 2017
Foreign
Share Capital Exchange Retained Minority Total
Capital Reserve Reserve Earnings Total Interests Equity
GBP GBP GBP GBP GBP GBP GBP
Balance at 1st
January 2016 360,000 257,319 (58,581) 8,194,467 8,753,205 (125,096) 8,628,109
Comprehensive
income
Profit - - - 932,101 932,101 (77,584) 854,517
Other
comprehensive
income
Net pension
remeasurement
gain recognised
directly in equity - - - 10,000 10,000 - 10,000
Foreign exchange
gains on re-
translation of
overseas operations - - 597,976 - 597,976 - 597,976
---------------------- ---------- ---------- ----------- ------------ ------------- ------------ ------------
Total other
comprehensive
income - - 597,976 10,000 607,976 - 607,976
Total
comprehensive
income - - 597,976 942,101 1,540,077 (77,584) 1,462,493
---------------------- ---------- ---------- ----------- ------------ ------------- ------------ ------------
Transactions with
owners
Dividends - - - (131,040) (131,040) - (131,040)
---------------------- ---------- ---------- ----------- ------------ ------------- ------------ ------------
Total transactions
With owners - - - (131,040) (131,040) - (131,040)
---------------------- ---------- ---------- ----------- ------------ ------------- ------------ ------------
Balance at 31st
December 2016 360,000 257,319 539,395 9,005,528 10,162,242 (202,680) 9,959,562
---------------------- ---------- ---------- ----------- ------------ ------------- ------------ ------------
T.F. & J.H. Braime (Holdings) P.L.C.
Notes to the interim financial report
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 2016 and those which
management expects to apply in the group's full financial
statements to 31st December 2017.
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 2016 but is derived from the accounts. Statutory
accounts for the period ended 31st December 2016 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 2016, 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 (2016 - 1,440,000). There
are no potentially dilutive shares in issue.
6 months
to 30th
June 2017
GBP
Dividends paid
Equity shares
Ordinary shares
Interim of 6.40p per share paid on 12th May 2017 30,720
'A' Ordinary shares
Interim of 6.40p per share paid on 12th May 2017 61,440
------------------------------------------------------ -----------
Total dividends paid 92,160
------------------------------------------------------ -----------
Year to
31st
December
2016
GBP
Dividends paid
Equity shares
Ordinary shares
Interim of 6.20p per share paid on 12th May 2016 29,760
Interim of 2.90p per share paid on 21st October 2016 13,920
------------------------------------------------------ -----------
43,680
------------------------------------------------------ -----------
'A' Ordinary shares
Interim of 6.20p per share paid on 12th May 2016 59,520
Interim of 2.90p per share paid on 12th October 2016 27,840
------------------------------------------------------ -----------
87,360
------------------------------------------------------ -----------
Total dividends paid 131,040
------------------------------------------------------ -----------
T.F. & J.H. Braime (Holdings) P.L.C.
Notes to the interim financial report - continued
3. Cash and cash equivalents
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st
30th June 30th June December
2017 2016 2016
GBP GBP GBP
Cash at bank and in hand 13,933 1,243,172 742,474
Bank overdrafts - (1,517,675) -
-------------------------- ------------ ------------ ----------
13,933 (274,503) 742,474
-------------------------- ------------ ------------ ----------
4. Segmental information
Unaudited 6 months to 30th June
2017
Central Manufacturing Distribution Total
GBP GBP GBP GBP
-------------------------- ---------- -------------- ------------- -----------
Revenue
External - 2,004,199 13,536,223 15,540,422
Inter company 355,227 1,126,847 2,237,514 3,719,588
-------------------------- ---------- -------------- ------------- -----------
Total 355,227 3,131,046 15,773,737 19,260,010
-------------------------- ---------- -------------- ------------- -----------
Profit
EBITDA 236,409 (624,192) 1,415,461 1,027,678
Finance costs (45,245) (11,515) (11,657) (68,417)
Finance income 1,469 175 399 2,043
Depreciation (206,932) - (162,299) (369,231)
Tax expense - - (178,576) (178,576)
-------------------------- ---------- -------------- ------------- -----------
(Loss)/profit for
the period (14,299) (635,532) 1,063,328 413,497
-------------------------- ---------- -------------- ------------- -----------
Assets
Total assets 4,000,762 709,717 13,437,878 18,148,357
Additions to non current
assets 222,479 - 21,579 244,058
Liabilities
Total liabilities 980,330 2,185,462 4,869,336 8,035,128
T.F. & J.H. Braime (Holdings) P.L.C.
Notes to the interim financial report - continued
4. Segmental information - continued
Unaudited 6 months to 30th June
2016
Central Manufacturing Distribution Total
GBP GBP GBP GBP
-------------------------- ---------- -------------- ------------- -----------
Revenue
External - 1,793,834 11,825,174 13,619,008
Inter company 111,138 1,036,547 1,785,464 2,933,149
-------------------------- ---------- -------------- ------------- -----------
Total 111,138 2,830,381 13,610,638 16,552,157
-------------------------- ---------- -------------- ------------- -----------
Profit
EBITDA 42,855 (219,819) 1,094,773 917,809
Finance costs (27,760) (17,133) (19,630) (64,523)
Finance income - 267 313 580
Depreciation (35,765) (176,568) (177,957) (390,290)
Tax expense (13,072) - (126,217) (139,289)
-------------------------- ---------- -------------- ------------- -----------
(Loss)/profit for
the period (33,742) (413,253) 771,282 324,287
-------------------------- ---------- -------------- ------------- -----------
Assets
Total assets 4,489,887 2,163,769 11,564,312 18,217,968
Additions to non current
assets - 754,777 243,354 998,131
Liabilities
Total liabilities 1,352,359 2,906,318 5,247,692 9,506,369
Audited year to 31st December
2016
Central Manufacturing Distribution Total
GBP GBP GBP GBP
-------------------------- ---------- -------------- ------------- -----------
Revenue
External - 3,564,987 24,850,462 28,415,449
Inter company 472,671 2,659,476 4,443,233 7,575,380
-------------------------- ---------- -------------- ------------- -----------
Total 472,671 6,224,463 29,293,695 35,990,829
-------------------------- ---------- -------------- ------------- -----------
Profit
EBITDA (143,881) 180,991 2,158,611 2,195,721
Finance costs (73,959) (25,867) (50,316) (150,142)
Finance income - 2,489 27,413 29,902
Depreciation (279,022) (140,585) (381,769) (801,376)
Tax expense (40,740) 98,242 (477,090) (419,588)
-------------------------- ---------- -------------- ------------- -----------
(Loss)/profit for
the period (537,602) 115,270 1,276,849 854,517
-------------------------- ---------- -------------- ------------- -----------
Assets
Total assets 4,497,238 1,008,429 11,991,240 17,496,907
Additions to non current
assets 1,022,501 - 347,010 1,369,511
Liabilities
Total liabilities 1,022,777 2,139,638 4,374,930 7,537,345
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EKLFFDKFBBBE
(END) Dow Jones Newswires
September 19, 2017 11:11 ET (15:11 GMT)
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