TIDMBMTO
RNS Number : 2333R
Braime (T.F.& J.H.) (Hldgs) PLC
09 September 2014
T.F. & J.H. Braime (Holdings) P.L.C.
(the "Company")
Interim Results
For the six months ended 30th June 2014
Performance
Group sales revenue for the first six months of 2014 rose by
7.7% to GBP12,088,000 (2013 - GBP11, 224,000).
Profit before tax increased more substantially to GBP513,000
(2013 - GBP391,000), and profit after tax to GBP364,000 (2013 -
GBP266,000). This improved performance was achieved against the
background of a subdued global economy.
Dividends
The directors have decided to increase the next interim dividend
from 2.40p in 2013 to 2.90p per share. This dividend will be paid
on 17th October 2014 to the Ordinary and `A` Ordinary shareholders
on the register on 3rd
October 2014. The associated ex-dividend date will be 1st October 2014.
The decision to increase the dividend reflects the improvement
in performance but the decision on the level of increase has been
made to restore a better balance between the first and second
interim dividends. It should not be taken as any indication that
the second interim may be increased by a similar percentage.
Braime Pressings Limited
The performance of our manufacturing business continues to
improve but at a slower rate than hoped. Most of the recent large
investments in capital equipment have been commissioned and those
that remain should be completed by the end of the current year. The
challenge remains to fully capitalise on those investments and to
achieve the necessary on going improvements in efficiency and
profitability.
4B Division
Our distribution companies have enjoyed a positive start to the
year. However, the rise in the value of Sterling has increased both
the purchase cost in local currency of those products our
subsidiaries import from the UK and reduces the value of the
profits made when the subsidiary`s profits are translated back into
Sterling for consolidation in the group accounts. This situation
highlights the dependence of the group on exports which brings both
considerable benefits - but also challenges.
Cash and Investments
The company was cash negative, using GBP194,000 more than it
generated in the first six months. Inventories increased by
GBP293,000, 6.1%, roughly in line with the increase in revenue, and
there was a small increase in the difference between our trade
assets and our liabilities needed to finance the higher sales
revenue.
However, the main reason for the company being cash negative was
the investment of GBP264,000, largely in machinery & equipment.
The company continues its policy of investing in our production
facilities in order to increase both the capacity and services we
can offer to our customers and to improve the efficiency of our
operations.
The director`s believe that the group has a strong financial
position, access to borrowing facilities, where required for
capital investment, and has the full support of our bankers for
this policy.
Outlook
The directors believe that the trend of the past six months will
continue in the second half of the year. The main concern currently
is over the exchange rate and the effect this may have on the final
result for the year. The exchange rates with our main markets is
something over which we have no control, although the group takes
steps to mitigate against the short term effects on our results as
well as trying to reduce any long term negative impacts on our
business.
For further information please contact:
T.F. & J.H. Braime (Holdings) P.L.C
M. L. Mills - 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
Interim results
For the six months ended 30th June 2014
Unaudited Unaudited
6 months 6 months Audited
to to year to
Note 30th June 30th June 31st December
2014 2013 2013
GBP GBP GBP
------------------------------------ ------- ------------ ------------ ---------------
Revenue 12,088,143 11,224,157 22,953,805
Changes in inventories of finished
goods and work in progress 329,014 356,006 311,144
Raw materials and consumables
used (7,087,247) (6,760,517) (12,942,829)
Employee benefits costs (2,481,461) (2,423,752) (5,021,454)
Depreciation expense (238,243) (241,255) (520,945)
Other expenses (2,041,763) (1,731,995) (3,704,402)
------------------------------------ ------- ------------ ------------ ---------------
Profit from operations 568,443 422,644 1,075,319
Profit on disposal of tangible
fixed assets - 13,239 32,551
Finance costs (55,632) (44,778) (100,967)
Finance income 43 274 3,330
------------------------------------ ------- ------------ ------------ ---------------
Profit before tax 512,854 391,379 1,010,233
Tax expense (149,241) (125,241) (258,167)
------------------------------------ ------- ------------ ------------ ---------------
Profit for the year attributable
to equity shareholders of the
parent company 363,613 266,138 752,066
------------------------------------ ------- ------------ ------------ ---------------
Basic and diluted earnings per
share 2 25.25p 18.48p 52.23p
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated statement of comprehensive income
For the six months ended 30th June 2014
Unaudited Unaudited
6 months 6 months Audited
to to year to
30th June 30th June 31st December
2014 2013 2013
GBP GBP GBP
--------------------------------------------- ----------- ----------- ---------------
Profit for the period 363,613 266,138 752,066
--------------------------------------------- ----------- ----------- ---------------
Items that will not be reclassified
subsequently to profit or loss
Remeasurement gain on post employment
benefits - - 6,000
Adjustment in respect of minimum funding
requirement per IFRIC14 - - 25,000
Items that may be reclassified subsequently
to profit or loss
Foreign exchange losses on re-translation
of overseas operations (26,226) (24,516) (199,729)
Other comprehensive income for the
period (26,226) (24,516) (168,729)
--------------------------------------------- ----------- ----------- ---------------
Total comprehensive income for the
period 337,387 241,622 583,337
--------------------------------------------- ----------- ----------- ---------------
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated balance sheet
At 30th June 2014
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st
30th June 30th June December
2014 2013 2013
GBP GBP GBP
Non-current assets
Property, plant and equipment 3,142,566 2,531,097 3,119,378
Goodwill 12,270 12,270 12,270
Total non-current assets 3,154,836 2,543,367 3,131,648
------------------------------------- ------------ ------------ ------------
Current assets
Inventories 5,112,346 4,794,271 4,819,200
Trade and other receivables 5,017,522 4,597,832 3,948,734
Cash and cash equivalents 720,100 637,041 567,226
------------------------------------- ------------ ------------ ------------
Total current assets 10,849,968 10,029,144 9,335,160
------------------------------------- ------------ ------------ ------------
Total assets 14,004,804 12,572,511 12,466,808
------------------------------------- ------------ ------------ ------------
Current liabilities
Bank overdraft 837,994 392,403 490,944
Trade and other payables 3,662,158 3,221,111 3,146,004
Other financial liabilities 1,241,095 1,285,701 828,414
Corporation tax liability 190,588 119,714 43,494
------------------------------------- ------------ ------------ ------------
Total current liabilities 5,931,835 5,018,929 4,508,856
------------------------------------- ------------ ------------ ------------
Non-current liabilities
Financial liabilities 1,037,833 1,189,708 1,170,923
Deferred income tax liability 116,000 - 116,000
------------------------------------- ------------ ------------ ------------
Total non-current liabilities 1,153,833 1,189,708 1,286,923
------------------------------------- ------------ ------------ ------------
Total liabilities 7,085,668 6,208,637 5,795,779
------------------------------------- ------------ ------------ ------------
Total net assets 6,919,136 6,363,874 6,671,029
------------------------------------- ------------ ------------ ------------
Capital and reserves
Share capital 360,000 360,000 360,000
Capital reserve 77,319 77,319 77,319
Foreign exchange reserve 51,196 252,635 77,422
Retained earnings 6,430,621 5,673,920 6,156,288
------------------------------------- ------------ ------------ ------------
Total equity attributable to equity
shareholders
of the company 6,919,136 6,363,874 6,671,029
------------------------------------- ------------ ------------ ------------
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated cash flow statement
For the six months ended 30th June 2014
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st December
Note 30th June 30th June 2013
2014 2013
GBP GBP GBP
--------------------------------------- ------- ------------ -------------- ---------------
Operating activities
Net profit from ordinary activities 363,613 266,137 752,066
--------------------------------------- ------- ------------ -------------- ---------------
Adjustments for:
Depreciation 238,243 241,255 520,945
Grants amortised (828) (828) (1,656)
Non-cash operating charges - - 56,000
Foreign exchange losses (24,057) (30,871) (186,189)
Finance income (43) (274) (3,330)
Finance expense 55,632 44,778 100,967
Gain on sale of plant and equipment - (13,239) (32,551)
Adjustment in respect of defined benefit
scheme - - 34,000
Income tax expense 149,241 125,241 258,167
--------------------------------------- ------- ------------ -------------- ---------------
Operating profit before changes
in working capital and provisions 781,801 632,199 1,498,419
--------------------------------------- ------- ------------ -------------- ---------------
Increase in trade and other receivables (1,066,255) (1,378,117) (718,157)
Increase in inventories (293,146) (406,968) (431,897)
Increase in trade and other
payables 991,247 1,084,954 590,038
(368,154) (700,131) (560,016)
--------------------------------------- ------- ------------ -------------- ---------------
Cash generated from operations 413,647 (67,932) 938,403
--------------------------------------- ------- ------------ -------------- ---------------
Income taxes paid (4,680) (5,527) (109,535)
--------------------------------------- ------- ------------ -------------- ---------------
Investing activities
Purchases of property, plant, machinery
and motor vehicles (263,599) (1,272,127) (2,205,287)
Sale of land and buildings,
plant, machinery and motor vehicles - 13,239 32,551
Interest received 43 274 330
--------------------------------------- ------- ------------ -------------- ---------------
(263,556) (1,258,614) (2,172,406)
--------------------------------------- ------- ------------ -------------- ---------------
Financing activities
Proceeds from long term borrowings - 890,443 1,081,989
Repayment of borrowings (91,348) (6,782) (141,574)
Repayment of hire purchase creditors (103,327) (118,203) (241,099)
Interest paid (55,632) (44,778) (100,967)
Dividend paid (89,280) (77,760) (112,320)
--------------------------------------- ------- ------------ -------------- ---------------
(339,587) 642,920 486,029
--------------------------------------- ------- ------------ -------------- ---------------
Decrease in cash and cash equivalents (194,176) (689,153) (857,509)
Cash and cash equivalents (including
overdrafts), beginning of period 76,282 933,791 933,791
--------------------------------------- ------- ------------ -------------- ---------------
Cash and cash equivalents (including
overdrafts), end of period 3 (117,894) 244,638 76,282
--------------------------------------- ------- ------------ -------------- ---------------
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated statement of changes in equity
For the six months ended 30th June 2014
Foreign
Share Capital Exchange Retained
Capital Reserve Reserve Earnings Total
GBP GBP GBP GBP GBP
Balance at 1st January
2014 360,000 77,319 77,422 6,156,288 6,671,029
Comprehensive income
Profit - - - 363,613 363,613
Other comprehensive
income
Remeasurement gain
recognised directly - - - - -
in equity
Foreign exchange losses
on re-translation
of overseas operations - - (26,226) - (26,226)
Adjustment in respect
of minimum funding
requirement per IFRIC14 - - - - -
Total other comprehensive
income - - (26,226) - (26,226)
Total comprehensive
income - - (26,226) 363,613 337,387
--------------------------- ---------- ---------- ----------- ----------- -----------
Transaction with owners
Dividends - - - (89,280) (89,280)
--------------------------- ---------- ---------- ----------- ----------- -----------
Total transactions
with owners - - - (89,280) (89,280)
--------------------------- ---------- ---------- ----------- ----------- -----------
Balance at 30th June
2014 360,000 77,319 51,196 6,430,621 6,919,136
--------------------------- ---------- ---------- ----------- ----------- -----------
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
Remeasurement gain
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
--------------------------- ---------- ---------- ----------- ----------- -----------
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated statement of changes in equity - continued
For the six months ended 30th June 2014
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 - - - 752,066 752,066
Other comprehensive
income
Remeasurement gain
recognised directly
in equity - - - 6,000 6,000
Foreign exchange losses
on re-translation
of overseas operations - - (199,729) - (199,729)
Adjustment in respect
of minimum funding
requirement per IFRIC14 - - - 25,000 25,000
--------------------------- ---------- ---------- ------------ ----------- ------------
Total other comprehensive
income - - (199,729) 31,000 (168,729)
Total comprehensive
income - - (199,729) 783,066 583,337
--------------------------- ---------- ---------- ------------ ----------- ------------
Transaction with owners
Dividends - - - (112,320) (112,320)
--------------------------- ---------- ---------- ------------ ----------- ------------
Total transactions
with owners - - - (112,320) (112,320)
--------------------------- ---------- ---------- ------------ ----------- ------------
Balance at 31st December
2013 360,000 77,319 77,422 6,156,288 6,671,029
--------------------------- ---------- ---------- ------------ ----------- ------------
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 2013 and those which
management expects to apply in the group's full financial
statements to 31st December 2014.
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 2013 but is derived from the accounts. Statutory
accounts for the period ended 31st December 2013 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 2013, 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 (2013 - 1,440,000). There
are no potentially dilutive shares in issue.
6 months
to 30th
June 2014
GBP
Dividends paid
Equity shares
Ordinary shares
Interim of 6.20p per share paid on 4th April 2014 29,760
'A' Ordinary shares
Interim of 6.20p per share paid on 4th April 2014 59,520
----------------------------------------------------- -----------
Total dividends paid 89,280
----------------------------------------------------- -----------
Year to
31st
December
2013
GBP
Dividends paid
Equity shares
Ordinary shares
Interim of 5.40p per share paid on 4th April 2013 25,920
Interim of 2.40p per share paid on 9th October 2013 11,520
----------------------------------------------------- -----------
37,440
----------------------------------------------------- -----------
'A' Ordinary shares
Interim of 5.40p per share paid on 4th April 2013 51,840
Interim of 2.40p per share paid on 9th October 2013 23,040
----------------------------------------------------- -----------
74,880
----------------------------------------------------- -----------
Total dividends paid 112,320
----------------------------------------------------- -----------
3. Cash and cash equivalents
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st
30th June 30th June December
2014 2013 2013
GBP GBP GBP
Cash at bank and in hand 720,100 637,041 567,226
Bank overdrafts 837,994 392,403 490,944
-------------------------- ------------ ----------- ----------
(117,894) 244,638 76,282
-------------------------- ------------ ----------- ----------
4. Segmental information
Unaudited 6 months to 30th June 2014
Central Manufacturing Distribution Total
GBP GBP GBP GBP
-------------------------- ---------- -------------- ------------- -----------
Revenue
External - 1,760,143 10,328,000 12,088,143
Inter company 55,443 1,211,576 1,337,345 2,604,364
-------------------------- ---------- -------------- ------------- -----------
Total 55,443 2,971,719 11,665,345 14,692,507
-------------------------- ---------- -------------- ------------- -----------
Profit
EBITDA 3,333 98,662 704,691 806,686
Finance costs (14,542) (22,774) (18,316) (55,632)
Finance income - - 43 43
Depreciation (3,150) (116,598) (118,495) (238,243)
Tax expense (15,750) - (133,491) (149,241)
-------------------------- ---------- -------------- ------------- -----------
(Loss)/profit for the
period (30,109) (40,710) 434,432 363,613
-------------------------- ---------- -------------- ------------- -----------
Assets
Total assets 1,298,767 3,194,579 9,511,458 14,004,804
Additions to non current
assets - 217,330 46,269 263,599
Liabilities
Total liabilities 552,846 2,348,710 4,184,111 7,085,667
4. Segmental information - continued
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
Audited year to 31st December 2013
Central Manufacturing Distribution Total
GBP GBP GBP GBP
------------------------------ ---------- -------------- ------------- -----------
Revenue
External - 3,010,216 19,943,589 22,953,805
Inter company 74,866 2,976,179 3,422,562 6,473,607
------------------------------ ---------- -------------- ------------- -----------
Total 74,866 5,986,395 23,366,151 29,427,412
------------------------------ ---------- -------------- ------------- -----------
Profit
EBITDA (40,251) 387,263 1,249,252 1,596,264
Gain on sale of land &
buildings - 20,239 12,312 32,551
Finance costs (24,848) (40,703) (35,416) (100,967)
Finance income 201 3,000 129 3,330
Depreciation (3,675) (343,184) (174,086) (520,945)
Tax expense (15,690) 250,339 (492,816) (258,167)
------------------------------
(Loss)/profit for the period (84,263) 276,954 559,375 752,066
------------------------------ ---------- -------------- ------------- -----------
Assets
Total assets 1,283,313 2,329,357 8,854,138 12,466,808
Additions to non current
assets 1,274,526 441,571 489,190 2,205,287
Liabilities
Total liabilities 395,378 1,541,182 3,859,219 5,795,779
T.F. & J.H. Braime (Holdings) P.L.C.
Contact details
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 LLB
0113 394 6628
This information is provided by RNS
The company news service from the London Stock Exchange
END
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