TIDMBMTO
RNS Number : 7525M
Braime (T.F.& J.H.) (Hldgs) PLC
20 September 2012
T.F. & J.H. Braime (Holdings) P.L.C.
("Braime" or the "Company")
INTERIM REPORT
FOR THE SIX MONTHS ENDED 30TH JUNE 2012
The directors believe that the global recession, particularly
the crisis in the Euro Zone, finally impacted on the performance of
the group in the first six months of this year. Although the growth
in revenue continued, increasing by 9.6% from GBP9,656,000 to
GBP10,587,000, the profit before tax compared to the same period of
2011, dropped from GBP426,000 to GBP258,000, and the profit after
tax from GBP307,000 to GBP179,000.
The main reasons for this were, firstly, a very significant
reduction in the gross margin on sales within Europe due to fierce
price competition in a weak market and, more importantly, to the
fall in the value of the Euro, the currency in which most of our
European sales are made. Secondly there was an increase in our
labour overhead, mostly due to a deliberate decision to invest, in
spite of the recession, in additional technical sales staff across
all our 4B subsidiaries.
Cash and investments
The cash position as at 30th June 2012 was minus GBP82,000
compared to a positive position of GBP261,000 at 31st December
2011, a net reduction of GBP343,000. This was due to the repayment
in full of a short term loan and the funding of capital investments
in machinery for the pressings division and the fit out of our new
premises in the USA.
Dividends
The second half of the year has begun brightly and we continue
to benefit from the growth in our revenues across the whole
group.
In these circumstances, in light of the underlying strength of
our balance sheet, the directors have taken the decision to
maintain the interim dividend at the same level as in the two
previous years. A dividend of 2.40p per share will be paid on the
10th of October 2012 to the Ordinary and 'A' Ordinary shareholders
on the register as at 28th September 2012.
Performance of group companies
4B division
All the subsidiaries in the 4B division which sell mechanical
components and electronic monitoring systems to the bulk material
handling industry worldwide, increased their sales revenue well
above inflation - but those subsidiaries, whose sales are primarily
in Euros, saw their gross margins severely eroded by the fall in
value of the Euro.
During the first half of this year our US business relocated to
new bespoke premises, nearly tripling their operating space. We are
currently in the process of selling our previous US property. The
relocation inevitably incurred one off exceptional costs and
diverted scarce management time. It has also increased our overhead
costs. Our South African subsidiary has recently gone through a
similar relocation process.
Pressings division
Revenue for the first six months of this year was some 25% ahead
of the same period last year, as sales from the new projects
finally began slowly to come on stream and the level of loss
increased on last year due in the main to higher depreciation
charges. Ongoing investments to improve operating efficiencies are
helping us to reduce future labour costs.
Outlook
We have been fortunate over the last two years to have been
sheltered from the world recession, due, firstly, to the
predominate focus of our business on the Commercial Agro business
and, secondly, due to largely favourable exchange rates. The former
situation has not changed substantially, but we have been affected
this year by the sharp rise in the value of the Pound against the
Euro and the first six months of this year have proved to be more
challenging than expected.
The position of our manufacturing business is improving but we
still need additional volume from the new contracts to come to
fruition, in order for us to see the full benefits of the
restructuring of this business.
In the first half of 2012 the group has absorbed a number of one
off costs. With revenues still increasing, we expect to see a
better second half but, at this stage, it is unlikely that we will
be able to recover all the ground lost in the first six months.
In spite of the recession, the group has continued its policy of
investment - in machinery, infrastructure, IT and communications, R
& D in new products and in front line sales engineers -
believing that this strategy remains correct and will enable us to
sustain the substantial progress of recent years and achieve our
twin goals of steadily increasing, over time, both the revenue and
profitability of the group.
For further information please contact:
T.F. & J.H. Braime (Holdings) P.L.C.
O. N. A. Braime - Chairman
0113 245 7491
W. H. Ireland Limited
Katy Mitchell
0113 394 6628
Condensed consolidated income statement
Interim results
For the six months ended 30th June 2012
Unaudited Unaudited
6 months 6 months Audited
to to year to
Note 30th June 30th June 31st December
2012 2011 2011
GBP GBP GBP
-------------------------------- ------- ----------- ----------- ---------------
Revenue 10,586,601 9,656,490 20,067,905
Cost of sales 8,406,929 7,494,668 15,146,890
-------------------------------- ------- ----------- ----------- ---------------
Gross profit 2,179,672 2,161,822 4,921,015
Other operating expenses 1,883,777 1,700,753 3,605,733
-------------------------------- ------- ----------- ----------- ---------------
Operating profit 295,895 461,069 1,315,282
-------------------------------- ------- ----------- ----------- ---------------
Finance expense (182,016) (172,229) (345,455)
Finance income 144,273 138,041 274,406
-------------------------------- ------- ----------- ----------- ---------------
Profit before tax 258,152 426,881 1,244,233
Income tax expense (79,121) (119,527) (430,212)
-------------------------------- ------- ----------- ----------- ---------------
Profit after tax 179,031 307,354 814,021
-------------------------------- ------- ----------- ----------- ---------------
Basic and diluted earnings per
share 2 12.43p 21.34p 56.53p
Consolidated statement of comprehensive income
For the six months ended 30th June 2012
Unaudited Unaudited
6 months 6 months Audited
to to year to
30th June 30th June 31st December
2012 2011 2011
GBP GBP GBP
------------------------------------------ ----------- ----------- ---------------
Profit for the period 179,031 307,354 814,021
------------------------------------------ ----------- ----------- ---------------
Actuarial losses recognised directly
in equity - - (50,000)
Foreign exchange (losses)/gains on
re-translation of overseas operations (21,630) 56,427 48,467
Adjustment in respect of minimum funding
requirement per IFRIC14 3,000 (25,000) (31,000)
------------------------------------------ ----------- ----------- ---------------
Total other comprehensive income for
the period (18,630) 31,427 (32,533)
------------------------------------------ ----------- ----------- ---------------
Total comprehensive income for the
period 160,401 338,781 781,488
------------------------------------------ ----------- ----------- ---------------
Consolidated statement of financial position
At 30th June 2012
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st
30th June 30th June December
2012 2011 2011
GBP GBP GBP
Non-current assets
Property, plant and equipment 1,711,300 1,444,106 1,426,995
Goodwill 12,270 12,270 12,270
Total non-current assets 1,723,570 1,456,376 1,439,265
------------------------------------- ------------ ------------ ------------
Current assets
Inventories 4,381,296 3,879,299 4,401,733
Trade and other receivables 4,116,516 4,077,310 3,507,494
Cash and cash equivalents 1,972,761 1,804,679 1,746,464
------------------------------------- ------------ ------------ ------------
Total current assets 10,470,573 9,761,288 9,655,691
------------------------------------- ------------ ------------ ------------
Total assets 12,194,143 11,217,664 11,094,956
------------------------------------- ------------ ------------ ------------
Current liabilities
Bank overdraft 2,055,431 1,630,184 1,485,757
Trade and other payables 3,310,588 3,154,832 2,656,483
Other financial liabilities 200,740 352,862 350,859
Corporation tax liability 82 119,527 114,319
------------------------------------- ------------ ------------ ------------
Total current liabilities 5,566,841 5,257,405 4,607,418
------------------------------------- ------------ ------------ ------------
Non-current liabilities
Financial liabilities 604,596 428,341 547,473
------------------------------------- ------------ ------------ ------------
Total non-current liabilities 604,596 428,341 547,473
------------------------------------- ------------ ------------ ------------
Total liabilities 6,171,437 5,685,746 5,154,891
------------------------------------- ------------ ------------ ------------
Total net assets 6,022,706 5,531,918 5,940,065
------------------------------------- ------------ ------------ ------------
Capital and reserves
Share capital 360,000 360,000 360,000
Capital reserve 77,319 77,319 77,319
Foreign exchange reserve 313,129 342,719 334,759
Retained earnings 5,272,258 4,751,880 5,167,987
------------------------------------- ------------ ------------ ------------
Total equity attributable to equity
shareholders
of the company 6,022,706 5,531,918 5,940,065
------------------------------------- ------------ ------------ ------------
Consolidated statement of changes in equity
For the six months ended 30th June 2012
Foreign
Share Capital Exchange Retained
Capital Reserve Reserve Earnings Total
GBP GBP GBP GBP GBP
Balance at 1st January
2012 360,000 77,319 334,759 5,167,987 5,940,065
Comprehensive income
Profit - - - 179,031 179,031
Other comprehensive
income
Actuarial gains recognised
directly in equity - - - - -
Foreign exchange losses
on re-translation
of overseas operations - - (21,630) - (21,630)
Adjustment in respect
of minimum funding
requirement per IFRIC14 - - - 3,000 3,000
Total other comprehensive
income - - (21,630) 3,000 (18,630)
Total comprehensive
income - - (21,630) 182,031 160,401
---------------------------- ---------- ---------- ----------- ----------- -----------
Transaction with owners
Dividends - - - (77,760) (77,760)
---------------------------- ---------- ---------- ----------- ----------- -----------
Total transactions
with owners - - - (77,760) (77,760)
---------------------------- ---------- ---------- ----------- ----------- -----------
Balance at 30th June
2012 360,000 77,319 313,129 5,272,258 6,022,706
---------------------------- ---------- ---------- ----------- ----------- -----------
Balance at 1st January
2011 360,000 77,319 286,292 4,538,646 5,262,257
Comprehensive income
Profit - - - 307,354 307,354
Other comprehensive
income
Actuarial gains recognised
directly in equity - - - - -
Foreign exchange gains
on re-translation
of overseas operations - - 56,427 - 56,427
Adjustment in respect
of minimum funding
requirement per IFRIC14 - - - (25,000) (25,000)
---------------------------- ---------- ---------- ----------- ----------- -----------
Total other comprehensive
income - - 56,427 (25,000) 31,427
Total comprehensive
income - - 56,427 282,354 338,781
---------------------------- ---------- ---------- ----------- ----------- -----------
Transaction with owners
Dividends - - - (69,120) (69,120)
---------------------------- ---------- ---------- ----------- ----------- -----------
Total transactions
with owners - - - (69,120) (69,120)
---------------------------- ---------- ---------- ----------- ----------- -----------
Balance at 30th June
2011 360,000 77,319 342,719 4,751,880 5,531,918
---------------------------- ---------- ---------- ----------- ----------- -----------
Consolidated statement of changes in equity - continued
For the six months ended 30th June 2012
Foreign
Share Capital Exchange Retained
Capital Reserve Reserve Earnings Total
GBP GBP GBP GBP GBP
Balance at 1st January
2011 360,000 77,319 286,292 4,538,646 5,262,257
Comprehensive income
Profit - - - 814,021 814,021
Other comprehensive
income
Actuarial losses recognised
directly in equity - - - (50,000) (50,000)
Foreign exchange gains
on re-translation
of overseas operations - - 48,467 - 48,,467
Adjustment in respect
of minimum funding
requirement per IFRIC14 - - - (31,000) (31,000)
----------------------------- ---------- ---------- ---------- ----------- -----------
Total other comprehensive
income - - 48,467 (81,000) (32,533)
Total comprehensive
income - - 48,467 733,021 781,488
----------------------------- ---------- ---------- ---------- ----------- -----------
Transaction with owners
Dividends - - - (103,680) (103,680)
----------------------------- ---------- ---------- ---------- ----------- -----------
Total transactions
with owners - - - (103,680) (103,680)
----------------------------- ---------- ---------- ---------- ----------- -----------
Balance at 31st December
2011 360,000 77,319 334,759 5,167,987 5,940,065
----------------------------- ---------- ---------- ---------- ----------- -----------
Consolidated cash flow statement
For the six months ended 30th June 2012
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st December
Note 30th June 30th June 2011
2012 2011
GBP GBP GBP
--------------------------------------- ------- ----------- ----------- ---------------
Operating activities
Net profit from ordinary activities 179,031 307,354 814,021
--------------------------------------- ------- ----------- ----------- ---------------
Adjustments for:
Depreciation 218,073 186,713 395,200
Grants amortised (828) (828) (1,656)
Foreign exchange (gain)/loss (18,825) 62,548 47,391
Finance income (144,273) (138,041) (274,406)
Finance expense 182,016 172,229 345,455
Gain on sale of plant and equipment (5,900) (6,212) (21,617)
Adjustment in respect of defined
benefit scheme 13,000 (21,000) (74,000)
Income tax expense 79,121 119,527 430,212
--------------------------------------- ------- ----------- ----------- ---------------
Operating profit before changes
in working capital and provisions 501,415 682,290 1,660,600
--------------------------------------- ------- ----------- ----------- ---------------
Increase in trade and other receivables (609,022) (785,708) (215,892)
Decrease/(increase) in inventories 20,437 (285,619) (808,053)
Increase/(decrease) in trade
and other payables 654,105 510,180 (50,686)
65,520 (561,147) (1,074,631)
--------------------------------------- ------- ----------- ----------- ---------------
Cash generated from operations 566,935 121,143 585,969
--------------------------------------- ------- ----------- ----------- ---------------
Income taxes paid (193,359) (233,571) (486,947)
--------------------------------------- ------- ----------- ----------- ---------------
Investing activities
Purchases of plant, machinery and
motor vehicles (317,507) (207,670) (320,241)
Sale of plant, machinery and
motor vehicles 5,900 6,212 21,620
Interest received 2,273 2,041 4,406
--------------------------------------- ------- ----------- ----------- ---------------
(309,334) (199,417) (294,215)
--------------------------------------- ------- ----------- ----------- ---------------
Financing activities
Proceeds from long term borrowings - - 133,196
Repayment of long term borrowings (7,597) - -
Repayment of short term borrowings (165,540) - -
Repayment of hire purchase creditors (106,706) (103,824) (190,674)
Interest paid (50,016) (40,229) (82,455)
Dividend paid (77,760) (69,120) (103,680)
--------------------------------------- ------- ----------- ----------- ---------------
(407,619) (213,173) (243,613)
--------------------------------------- ------- ----------- ----------- ---------------
Decrease in cash and cash equivalents 3 (343,377) (525,018) (438,806)
Cash and cash equivalents (including
overdrafts), beginning of period 3 260,707 699,513 699,513
--------------------------------------- ------- ----------- ----------- ---------------
Cash and cash equivalents (including
overdrafts), end of period (82,670) 174,495 260,707
--------------------------------------- ------- ----------- ----------- ---------------
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 2011 and those which
management expects to apply in the group's full financial
statements to 31st December 2012.
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 2011 but is derived from the accounts. Statutory
accounts for the period ended 31st December 2011 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 2011, 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 (2011 - 1,440,000). There
are no potentially dilutive shares in issue.
6 months
to 30th
June 2012
GBP
Dividends paid
Equity shares
Ordinary shares
Interim of 5.40p per share paid on 2nd April 2012 25,920
'A' Ordinary shares
Interim of 5.40p per share paid on 2nd April 2012 51,840
------------------------------------------------------ -----------
Total dividends paid 77,760
------------------------------------------------------ -----------
Year to
31st
December
2011
GBP
Dividends paid
Equity shares
Ordinary shares
Interim of 4.80p per share paid on 1st April 2011 23,040
Interim of 2.40p per share paid on 14th October 2011 11,520
------------------------------------------------------ -----------
34,560
------------------------------------------------------ -----------
'A' Ordinary shares
Interim of 4.80p per share paid on 1st April 2011 46,080
Interim of 2.40p per share paid on 14th October 2011 23,040
------------------------------------------------------ -----------
69,120
------------------------------------------------------ -----------
Total dividends paid 103,680
------------------------------------------------------ -----------
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
2012 2011 2011
GBP GBP GBP
Cash at bank and in hand 1,972,761 1,804,679 1,746,464
Bank overdrafts 2,055,431 1,630,184 1,485,757
-------------------------- ------------ ----------- ----------
(82,670) 174,495 260,707
-------------------------- ------------ ----------- ----------
4. Segmental information
Unaudited 6 months to 30th June 2012
Central Manufacturing Distribution Total
GBP GBP GBP GBP
-------------------------- --------- -------------- ------------- -----------
Revenue
External - 1,381,341 9,205,260 10,586,601
Inter company 31,074 1,511,451 857,751 2,400,276
-------------------------- --------- -------------- ------------- -----------
Total 31,074 2,892,792 10,063,011 12,986,877
-------------------------- --------- -------------- ------------- -----------
Profit
EBITDA (10,807) (6,128) 530,903 513,968
Finance costs (6,913) (156,718) (18,385) (182,016)
Finance income 728 143,475 70 144,273
Depreciation - (173,700) (44,373) (218,073)
Tax expense (11,227) - (67,894) (79,121)
-------------------------- --------- -------------- ------------- -----------
(Loss)/profit for the
period (28,219) (193,071) 400,321 179,031
-------------------------- --------- -------------- ------------- -----------
Assets
Total assets 617,155 3,061,128 8,515,860 12,194,143
Additions to non current
assets - 317,486 185,611 503,097
Liabilities
Total liabilities 463,698 2,513,622 3,194,117 6,171,437
Unaudited 6 months to 30th June 2011
Central Manufacturing Distribution Total
GBP GBP GBP GBP
-------------------------- --------- -------------- ------------- -----------
Revenue
External - 1,110,366 8,546,124 9,656,490
Inter company 29,885 1,162,918 899,006 2,091,809
-------------------------- --------- -------------- ------------- -----------
Total 29,885 2,273,284 9,445,130 11,748,299
-------------------------- --------- -------------- ------------- -----------
Profit
EBITDA (29,702) 6,395 671,089 647,782
Finance costs (7,168) (151,789) (13,272) (172,229)
Finance income 800 137,239 2 138,041
Depreciation - (157,267) (29,446) (186,713)
Tax expense (8,368) - (111,159) (119,527)
(Loss)/profit for the
period (44,438) (165,422) 517,214 307,354
-------------------------- --------- -------------- ------------- -----------
Assets
Total assets 820,403 3,256,977 7,140,284 11,217,664
Additions to non current
assets - 346,454 57,336 403,790
Liabilities
Total liabilities 570,278 2,611,112 2,504,356 5,685,746
Audited year to 31st December 2011
Central Manufacturing Distribution Total
GBP GBP GBP GBP
------------------------------ --------- -------------- ------------- -----------
Revenue
External - 2,510,726 17,557,179 20,067,905
Inter company 61,443 3,026,539 1,828,853 4,916,835
------------------------------ --------- -------------- ------------- -----------
Total 61,443 5,537,265 19,386,032 24,984,740
------------------------------ --------- -------------- ------------- -----------
Profit
EBITDA (12,901) 274,159 1,449,224 1,710,482
Finance costs (14,812) (301,808) (28,835) (345,455)
Finance income 1,679 272,722 5 274,406
Depreciation - (322,728) (72,472) (395,200)
Tax expense (23,079) - (407,133) (430,212)
------------------------------
(Loss)/profit for the period (49,113) (77,655) 940,789 814,021
------------------------------ --------- -------------- ------------- -----------
Assets
Total assets 810,551 2,874,795 7,409,610 11,094,956
Additions to non current
assets - 396,164 205,247 601,411
Liabilities
Total liabilities 526,570 1,849,717 2,778,604 5,154,891
20th September 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MMGZLMGKGZZM
Braime (LSE:BMTO)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
Braime (LSE:BMTO)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
