TIDMBMTO
RNS Number : 7951O
Braime (T.F.& J.H.) (Hldgs) PLC
25 September 2013
T.F. & J.H. Braime (Holdings) P.L.C.
("Braime" or the "Company")
INTERIM REPORT
FOR THE SIX MONTHS ENDED 30TH JUNE 2013
Sales revenue for the first six months of 2013 increased by 6%
to GBP11,224,000 (2012: 10,586,601). Profit before tax increased to
GBP391,000 (2012: GBP258,000) and the profit after tax increased to
GBP266,000 (2012: GBP179,000) 2012.
Although this modest profit remains well below our target, the
improvement in profitability is welcome, particularly given the
background of the continuing difficult markets.
Cash and investments
After previous periods of strong cash generation, the operating
cash flow for the first six months of 2013 was negative due
primarily to an increase in both stocks and debtors over and above
our trade credit finance.
The transfer of our banking arrangements in January of this year
to HSBC has both reduced our finance costs and strengthened the
group's financial position. This enabled the directors to take up
the option to purchase, with the assistance of mortgage funding,
new and much larger premises in the US which we had moved into in
2012. The timing also enabled the Company to benefit from the `Roll
Over` tax relief on the profit arising on the sale of the previous
US property. Over and above the mortgage, the purchase resulted in
a net outflow of funds of GBP297,000, although much of this cash
requirement came from the sale in 2012 of our previous US
property.
Dividends
The directors have taken the decision to maintain the first
interim dividend at the same level as 2012. A dividend of 2.40p per
share will be paid on 9th October to the Ordinary and `A` Ordinary
shareholders on the register on 4th October 2013. The associated
ex-dividend date will be 2nd October 2013.
Performance of group companies
4B division
The performance of our distribution businesses was mixed, with
some subsidiaries reporting a reduction in profitability. While the
result in the US was largely flat, the UK operation enjoyed an
improvement. Overall, the operating profitability of the 4B
division improved when compared to the first half of 2012. The
division is well placed to continue its long term growth.
Pressings division
The performance of our manufacturing business in Leeds improved,
partly due to a reduction in costs and an increase in sales. We are
currently in the midst of a major investment to revise the layout
of our facility and introduce a number of new manufacturing cells,
including spray painting facilities. We are hopeful of securing
substantial increased business with both existing and new
customers.
Outlook
There have been early signs that the recession may be coming to
an end but these signs are both tentative and fragile. We are
cautiously optimistic of being able to continue the gradual
improvement in profitability but, given the background of
relatively weak demand and the continuing volatility in exchange
rates, it is difficult to predict the result for 2013.
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 0161 832 2174
Consolidated income statement
For the six months ended 30th June 2013
Unaudited Unaudited
6 months 6 months Audited
to to year to
Note 30th June 30th June 31st December
2013 2012 2012
GBP GBP GBP
------------------------------------ ------- ------------ ------------ ---------------
Revenue 11,224,157 10,586,601 21,211,887
Changes in inventories of finished
goods and work in progress 356,006 (95,947) (23,484)
Raw materials and consumables
used (6,760,517) (6,004,802) (11,849,425)
Employee benefits costs (2,423,752) (2,306,180) (4,587,039)
Depreciation expense (241,255) (218,072) (464,539)
Other expenses (1,731,995) (1,671,605) (3,628,799)
------------------------------------ ------- ------------ ------------ ---------------
Profit from operations 422,644 289,995 658,601
Profit on disposal of tangible
fixed assets 13,239 5,900 100,435
Finance costs (44,778) (50,016) (101,541)
Finance income 274 12,273 20,726
------------------------------------ ------- ------------ ------------ ---------------
Profit before tax 391,379 258,152 678,221
Tax expense (125,241) (79,121) (251,346)
------------------------------------ ------- ------------ ------------ ---------------
Profit for the year attributable
to equity shareholders of the
parent company 266,138 179,031 426,875
------------------------------------ ------- ------------ ------------ ---------------
Basic and diluted earnings per
share 2 18.48p 12.43p 29.64p
Consolidated statement of comprehensive income
For the six months ended 30th June 2013
Unaudited Unaudited
6 months 6 months Audited
to to year to
30th June 30th June 31st December
2013 2012 2012
GBP GBP GBP
------------------------------------------- ----------- ----------- ---------------
Profit for the period 266,138 179,031 426,875
------------------------------------------- ----------- ----------- ---------------
Actuarial losses recognised directly
in equity - - (7,000)
Foreign exchange losses on re-translation
of overseas operations (24,516) (21,630) (57,608)
Adjustment in respect of minimum funding
requirement per IFRIC14 - 3,000 10,000
------------------------------------------- ----------- ----------- ---------------
Total other comprehensive income for
the period (24,516) (18,630) (54,608)
------------------------------------------- ----------- ----------- ---------------
Total comprehensive income for the
period 241,622 160,401 372,267
------------------------------------------- ----------- ----------- ---------------
Consolidated statement of financial position
At 30th June 2013
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st
30th June 30th June December
2013 2012 2012
GBP GBP GBP
Non-current assets
Property, plant and equipment 2,531,097 1,711,300 1,504,575
Goodwill 12,270 12,270 12,270
Total non-current assets 2,543,367 1,723,570 1,516,845
------------------------------------- ------------ ------------ ------------
Current assets
Inventories 4,794,271 4,381,296 4,387,303
Trade and other receivables 4,597,832 4,116,516 3,219,715
Cash and cash equivalents 637,041 1,972,761 1,576,283
------------------------------------- ------------ ------------ ------------
Total current assets 10,029,144 10,470,573 9,183,301
------------------------------------- ------------ ------------ ------------
Total assets 12,572,511 12,194,143 10,700,146
------------------------------------- ------------ ------------ ------------
Current liabilities
Bank overdraft 392,403 2,055,431 642,492
Trade and other payables 3,221,111 2,642,811 2,478,283
Other financial liabilities 1,285,701 868,517 863,922
Corporation tax liability 119,714 82 -
------------------------------------- ------------ ------------ ------------
Total current liabilities 5,018,929 5,566,841 3,984,697
------------------------------------- ------------ ------------ ------------
Non-current liabilities
Financial liabilities 1,189,708 604,596 515,437
------------------------------------- ------------ ------------ ------------
Total non-current liabilities 1,189,708 604,596 515,437
------------------------------------- ------------ ------------ ------------
Total liabilities 6,208,637 6,171,437 4,500,134
------------------------------------- ------------ ------------ ------------
Total net assets 6,363,874 6,022,706 6,200,012
------------------------------------- ------------ ------------ ------------
Capital and reserves
Share capital 360,000 360,000 360,000
Capital reserve 77,319 77,319 77,319
Foreign exchange reserve 252,635 313,129 277,151
Retained earnings 5,673,920 5,272,258 5,485,542
------------------------------------- ------------ ------------ ------------
Total equity attributable to equity
shareholders
of the company 6,363,874 6,022,706 6,200,012
------------------------------------- ------------ ------------ ------------
Consolidated statement of changes in equity
For the six months ended 30th June 2013
Foreign
Share Capital Exchange Retained
Capital Reserve Reserve Earnings Total
GBP GBP GBP GBP GBP
Balance at 1st January
2013 360,000 77,319 277,151 5,485,542 6,200,012
Comprehensive income
Profit - - - 266,138 266,138
Other comprehensive
income
Actuarial gains recognised
directly in equity - - - - -
Foreign exchange losses
on re-translation
of overseas operations - - (24,516) - (24,516)
Adjustment in respect
of minimum funding
requirement per IFRIC14 - - - - -
Total other comprehensive
income - - (24,516) - (24,516)
Total comprehensive
income - - (24,516) 266,138 241,622
----------------------------- ---------- ---------- ----------- ----------- -----------
Transaction with owners
Dividends - - - (77,760) (77,760)
----------------------------- ---------- ---------- ----------- ----------- -----------
Total transactions
with owners - - - (77,760) (77,760)
----------------------------- ---------- ---------- ----------- ----------- -----------
Balance at 30th June
2013 360,000 77,319 252,635 5,673,920 6,363,874
----------------------------- ---------- ---------- ----------- ----------- -----------
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 gains
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
2012 360,000 77,319 334,759 5,167,987 5,940,065
Comprehensive income
Profit - - - 426,875 426,875
Other comprehensive
income
Actuarial losses recognised
directly in equity - - - (7,000) (7,000)
Foreign exchange gains
on re-translation
of overseas operations - - (57,608) - (57,608)
Adjustment in respect
of minimum funding
requirement per IFRIC14 - - - 10,000 10,000
----------------------------- ---------- ---------- ----------- ----------- -----------
Total other comprehensive
income - - (57,608) 3,000 (54,608)
Total comprehensive
income - - (57,608) 429,875 372,267
----------------------------- ---------- ---------- ----------- ----------- -----------
Transaction with owners
Dividends - - - (112,320) (112,320)
----------------------------- ---------- ---------- ----------- ----------- -----------
Total transactions
with owners - - - (112,320) (112,320)
----------------------------- ---------- ---------- ----------- ----------- -----------
Balance at 31st December
2012 360,000 77,319 277,151 5,485,542 6,200,012
----------------------------- ---------- ---------- ----------- ----------- -----------
Consolidated cash flow statement
For the six months ended 30th June 2013
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st December
Note 30th June 30th June 2012
2013 2012
GBP GBP GBP
--------------------------------------- ------------- ------------ ----------- ---------------
Operating activities
Net profit from ordinary activities 266,137 179,031 426,875
--------------------------------------- ------------- ------------ ----------- ---------------
Adjustments for:
Depreciation 241,255 218,073 464,539
Grants amortised (828) (828) (1,656)
Foreign exchange losses (30,871) (18,825) (53,182)
Finance income (274) (12,273) (20,726)
Finance expense 44,778 50,016 101,541
Gain on sale of plant and equipment (13,239) (5,900) (100,435)
Adjustment in respect of defined
benefit scheme - 13,000 21,000
Income tax expense 125,241 79,121 251,346
--------------------------------------- ------------- ------------ ----------- ---------------
Operating profit before changes
in working capital and provisions 632,199 501,415 1,089,302
--------------------------------------- ------------- ------------ ----------- ---------------
(Increase)/decrease in trade and other
receivables (1,378,117) (609,022) 363,898
(Increase)/decrease in inventories (406,968) 20,437 14,430
Increase in trade and other
payables 1,084,954 654,105 444,808
(700,131) 65,520 823,136
--------------------------------------- ------------- ------------ ----------- ---------------
Net cash from operating activities (67,932) 566,935 1,912,438
--------------------------------------- ------------- ------------ ----------- ---------------
Income taxes paid (5,527) (193,359) (441,784)
--------------------------------------- ------------- ------------ ----------- ---------------
Investing activities
Purchase of property (1,187,465) - -
Purchases of plant, machinery and
motor vehicles (84,662) (317,507) (483,734)
Sale of plant, machinery and
motor vehicles 13,239 5,900 378,440
Interest received 274 2,273 2,726
--------------------------------------- ------------- ------------ ----------- ---------------
(1,258,614) (309,334) (102,568)
--------------------------------------- ------------- ------------ ----------- ---------------
Financing activities
Proceeds from long term borrowings 890,443 - -
Repayment of borrowings (6,782) (173,137) (247,065)
Repayment of hire purchase creditors (118,203) (106,706) (234,076)
Interest paid (44,778) (50,016) (101,541)
Dividend paid (77,760) (77,760) (112,320)
--------------------------------------- ------------- ------------ ----------- ---------------
642,920 (407,619) (695,002)
--------------------------------------- ------------- ------------ ----------- ---------------
Decrease in cash and cash equivalent 4 (689,153) (343,377) 673,084
Cash and cash equivalents (including
overdrafts), beginning of period 4 933,791 260,707 260,707
--------------------------------------- ------------- ------------ ----------- ---------------
Cash and cash equivalents (including
overdrafts), end of period 244,638 (82,670) 933,791
--------------------------------------- ------------- ------------ ----------- ---------------
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 2012 and those which
management expects to apply in the group's full financial
statements to 31st December 2013.
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 2012 but is derived from the accounts. Statutory
accounts for the period ended 31st December 2012 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 2012, 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 (2012 - 1,440,000). There
are no potentially dilutive shares in issue.
6 months
to 30th
June 2013
GBP
Dividends paid
Equity shares
Ordinary shares
Interim of 5.40p per share paid on 4th April 2013 25,920
'A' Ordinary shares
Interim of 5.40p per share paid on 4th April 2013 51,840
------------------------------------------------------ -----------
Total dividends paid 77,760
------------------------------------------------------ -----------
Year to
31st
December
2012
GBP
Dividends paid
Equity shares
Ordinary shares
Interim of 5.40p per share paid on 2nd April 2012 25,920
Interim of 2.40p per share paid on 10th October 2012 11,520
------------------------------------------------------ -----------
37,440
------------------------------------------------------ -----------
'A' Ordinary shares
Interim of 5.40p per share paid on 2nd April 2012 51,840
Interim of 2.40p per share paid on 10th October 2012 23,040
------------------------------------------------------ -----------
74,880
------------------------------------------------------ -----------
Total dividends paid 112,320
------------------------------------------------------ -----------
3. Amendment to comparative figures
Following changes to IAS 19, defined benefit interest costs have
been offset against the expected return on scheme assets disclosed
within the consolidated income statement. As a consequence of this
change in treatment the comparative figures for finance expenses
and income have been reduced by the value of the defined benefit
interest cost of GBP132,000.
4. Cash and cash equivalents
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st
30th June 30th June December
2013 2012 2012
GBP GBP GBP
Cash at bank and in hand 637,041 1,972,761 1,576,283
Bank overdrafts 392,403 2,055,431 642,492
-------------------------- ------------ ----------- ----------
244,638 (82,670) 933,791
-------------------------- ------------ ----------- ----------
5. Segmental information
Unaudited 6 months to 30th June 2013
Central Manufacturing Distribution Total
GBP GBP GBP GBP
-------------------------- ---------- -------------- ------------- -----------
Revenue
External - 1,682,274 9,541,883 11,224,157
Inter company 20,000 1,306,284 1,300,717 2,627,001
-------------------------- ---------- -------------- ------------- -----------
Total 20,000 2,988,558 10,842,600 13,851,158
-------------------------- ---------- -------------- ------------- -----------
Profit
EBITDA (45,532) 112,694 609,976 677,138
Finance costs (9,399) (18,722) (16,657) (44,778)
Finance income 201 - 73 274
Depreciation - (167,697) (73,558) (241,255)
Tax expense (5,200) - (120,041) (125,241)
-------------------------- ---------- -------------- ------------- -----------
(Loss)/profit for the
period (59,930) (73,725) 399,793 266,138
-------------------------- ---------- -------------- ------------- -----------
Assets
Total assets 1,214,383 2,232,335 9,125,793 12,572,511
Additions to non current
assets 1,187,465 31,406 53,256 1,272,127
Liabilities
Total liabilities 492,760 1,676,445 4,039,432 6,208,637
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
Audited year to 31st December 2012
Central Manufacturing Distribution Total
GBP GBP GBP GBP
------------------------------ --------- -------------- ------------- -----------
Revenue
External - 2,992,202 18,219,685 21,211,887
Inter company 51,390 3,339,322 2,300,456 5,691,168
------------------------------ --------- -------------- ------------- -----------
Total 51,390 6,331,524 20,520,141 26,903,055
------------------------------ --------- -------------- ------------- -----------
Profit
EBITDA (20,799) 253,679 896,659 1,129,539
Gain on sale of land &
buildings 94,036 - - 94,036
Finance costs (11,302) (49,488) (40,751) (101,541)
Finance income 1,105 19,505 116 20,726
Depreciation - (331,640) (132,899) (464,539)
Tax expense (17,718) - (233,628) (251,346)
------------------------------
(Loss)/profit for the period 45,322 (107,944) 489,497 426,875
------------------------------ --------- -------------- ------------- -----------
Assets
Total assets 625,569 2,250,827 7,823,750 10,700,146
Additions to non current
assets - 439,004 385,546 824,550
Liabilities
Total liabilities 458,973 1,670,820 2,370,341 4,500,134
24th September 2013
This information is provided by RNS
The company news service from the London Stock Exchange
END
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