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RNS

Half-year Report

Released 16:11 19-Sep-2017

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 £15.54M from £13.62M, while profit before tax increased by 28.2 % to £0.59M from £0.46M 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


 

 

 

Note

Unaudited 
6 months to 

30th June 
2017 

Unaudited 
6 months to 

30th June 
2016 

Audited

year to 31st  December 

2016 



£ 

£ 

£ 






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 

6 months to 

 30th June 

2017 

Unaudited 

6 months to 

 30th June 

2016 

Audited 

year to 31st  December  2016 


£ 

£ 

£ 





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  

6 months to  

30th June  

2017  

Unaudited  

6 months to  

30th June  

2016  

Audited 

year to 31st 

December 

2016 


£  

£  

£  





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

 

 

 

 

 

 

Note

Unaudited 

6 months to 

30th June 

2017 

Unaudited 

6 months to 

30th June 

2016 

Audited 

year to 31st  December 

2016 



£ 

£ 

£ 

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

 

 


 

Share 

Capital 

 

Capital 

Reserve 

Foreign 

Exchange 

Reserve 

 

Retained 

Earnings 

 

 

Total 

 

Minority 

Interests 

 

Total 

Equity 


£ 

£

£ 

£ 

£ 

£ 

£ 

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

 

 


 

Share 

Capital 

 

Capital 

Reserve 

Foreign 

Exchange 

Reserve 

 

Retained 

Earnings 

 

 

Total 

 

Minority 

Interests 

 

Total 

Equity 


£ 

£

£ 

£ 

£ 

£ 

£ 

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

 

 


 

Share 

Capital 

 

Capital 

Reserve 

Foreign 

Exchange 

Reserve 

 

Retained 

Earnings 

 

 

Total 

 

Minority 

Interests 

 

Total 

Equity 


£ 

£

£ 

£ 

£ 

£ 

£ 

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 


£ 

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 


£ 

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 

6 months to 

30th June 

2017 

 Unaudited 

6 months to 

30th June 

2016 

Audited 

year to 31st 

  December 

2016 


£ 

£ 

£ 

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 


£ 

£ 

£ 

£ 






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 


£ 

£ 

£ 

£ 






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 


£ 

£ 

£ 

£ 






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
 
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