TIDMBMTO
RNS Number : 8251K
Braime (T.F.& J.H.) (Hldgs) PLC
21 April 2015
T.F. & J.H. BRAIME (HOLDINGS) P.L.C.
('Braime' or the 'company' and with it subsidiaries the
'group')
ANNUAL RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2014
At a meeting of the directors held today, the accounts for the
year ended 31st December 2014 were submitted and approved by the
directors. The preliminary accounts statement is as follows:
Chairman's statement
Performance of the group
Group sales revenue in 2014 rose by 5.8% to GBP24.3 million and
operating profit by 14.9% to GBP1.2 million. Profit for the year
ending 2014, after tax, increased by 4.0% from GBP752,000 to
GBP782,000.
After a relatively strong result in the first six months of the
year, the result for the second half of the year was disappointing.
This was caused by the higher than anticipated operating costs in
our manufacturing business and by the negative impact of changes in
exchange rates, which reduced the contribution of overseas
earnings.
The first interim dividend paid on the 17th October was
increased from 2.40p paid in 2013 to 2.90p in 2014, in part
reflecting the strong first half performance but principally to
restore a better balance between the two dividends paid each
year.
In view of the final result for 2014, the directors have
approved the payment of the same second interim dividend as last
year of 6.20p, making a total dividend, paid in the tax year ending
April 2015, of 9.10p, compared to 8.60p in the previous year.
The second interim dividend of 6.20p was paid on 2nd April 2015
to the Ordinary and 'A' Ordinary shareholders on the register as at
27th March 2015.
Group highlights
The group made further substantial investments in machinery to
manufacture parts for the external customers of its manufacturing
business. It also made several specific investments in machinery to
improve the quality, productivity and lead time of components
manufactured for our material handling business. Together, these
investments largely completed the recent major investment program
in our manufacturing business.
During 2005/6 the company made two unsuccessful attempts to sell
its main operating site, located in Leeds, at a price sufficient to
cover the cost of relocating the business to a modern purpose built
facility. Since then we have invested in machinery at our present
site to enable us to meet our customers' requirements. The cost of
relocating this plant now would be prohibitive and, given the need
to supply our customers on a just in time basis, the relocation of
our manufacturing is no longer a viable option. Accordingly, in
2013 we began a program of investment to totally modernise our
infrastructure and in 2014 we carried out further work as outlined
in the group strategic report.
In 2014, we made available a loan of GBP200,000 to a key
supplier in order to help them make a major investment which would
strengthen their ability to meet our current and future
requirements. The loan was secured, made on a commercial basis, and
is re-payable within three years.
During the year the group recruited staff to fill a number of
important positions. In our manufacturing business, we have both a
new maintenance manager and new quality manager. While in our
material handling business, we have recruited three key senior
staff in technical and sales roles. All these appointments are
already having a very positive impact on our business.
The group continues to invest in new products to ensure that we
remain at the forefront of technology and so that we can continue
to extend our range of products and provide our customers with
innovative solutions. A number of new products, finalised in 2014,
are planned for launch in 2015.
Outlook
Group sales revenues for the first quarter of 2015 are above the
comparable figure for the same period last year. We hope to have
new manufacturing business coming on stream during the year, and,
in the material handling sector of our business, we have some
exciting new products which we believe will enhance revenue.
A very high proportion of our group sales are made in overseas
markets and sold in local currencies, so our result for 2015 will
inevitably be affected by movements in exchange rates, in spite of
the conscious efforts to match our purchasing and selling currency
profiles, in order to mitigate their impact.
Currently the margins on our sales to European markets are being
reduced by the fall in the value of the Euro. In contrast, the
current strength of the US Dollar is having a positive impact on
our margins on products sold in US dollar linked markets. In other
areas of the world, we believe that the overall effect of changes
in exchange rates will be broadly neutral.
While it is impossible to predict, with any degree of certainty,
the overall effect of currency fluctuations, the underlying
position of the group remains strong.
University Technical College.
On April 15th 2015, the group exchanged contracts with Leeds
Advanced Manufacturing UTC Ltd., (LAM), for the sale of 1.18 acres
of land and buildings, (about 25% of the 4.6 acre site) in Hunslet,
Leeds for a price of GBP855,000, plus a contribution of GBP295,000
towards associated works. The sale remains conditional upon
approval by the buyer of the ground conditions and on the securing
of planning consent.
This sale will enable the group to eliminate the costs of
maintaining and servicing an area surplus to its needs, provide new
funds for the modernisation of its facility in Leeds and make
improvements in the operating efficiency of the business.
LAM intends to build a new University Technical College for 600
students, focused on engineering and help them achieve either
university entry or placement as apprentices to continue their
education while in work.
Given the longstanding twin problems in the UK of high youth
unemployment and a serious shortage of people trained and qualified
to work in industry, the company fully supports the UTC
program.
The funds raised by the sale will be used to strengthen the
business, which was founded in Leeds in 1888 and whose group
headquarters and principal manufacturing site are still based in
the city. The group hopes the creation of a UTC within our iconic
heritage building will also benefit the wider community of Leeds
and, in particular, inspire people to choose a career in
engineering.
Employees
Our most important resource is the skill and commitment of our
employees and we thank them for their contribution. Recruiting
people with the ability and enthusiasm we need to continue the
growth of the company, in an ever increasingly competitive world,
is our biggest challenge. This applies to all the regions where we
have subsidiaries but it is a particularly acute problem in the
UK.
Group strategic report
Principal activities and risks and uncertainties
The group comprises of two core segments; manufacture of deep
drawn metal presswork, and the distribution of material handling
components and monitoring equipment.
The metal presswork segment operates across several industries
including the automotive sector. The market remains challenging due
to pricing pressures throughout the supply chain. The TS16949
quality standard is important to the group as it allows us to
access growing markets. If lost, this would adversely impact both
existing and new business activity. A process of continual
improvement in systems, process and review reduce this risk. Long
term supply agreements are made with major customers. The company
is exposed to medium to long term fluctuations in steel prices. In
order to mitigate this volatility, the company fixes its prices
with suppliers where possible.
The material handling components subsidiaries trade from six
countries and export to over fifty countries. The division
maintains its competitive edge in a price sensitive market through
the provision of engineering expertise and by working closely with
our suppliers to supply innovative components of the highest
standard. In addition, ranges of complementary products are sold
into different industries. These monitoring systems are developed
and improved on a regular basis.
Exposure to customer credit risk is managed through a variety of
methods; credit insurance, credit checking and the setting and
monitoring of appropriate credit limits.
The group has a centralised treasury function which, through the
use of forward contracts, hedges against foreign exchange
differences arising on cash flows in currencies that differ to the
operational entity's reporting currency.
The centralised treasury function also controls the group
banking facilities, including all lines of funding. Liquidity risk
is managed through the matching of short and long term funding to
the needs of the business. Medium and long term cash flow
projections are prepared and regularly monitored.
Our business model
The focus of the manufacturing business is to produce quality,
technically demanding components. Using automated equipment this
allows us to produce in high volumes, yet it also provides
flexibility.
The material handling components business is located around the
globe allowing us to be close to our core markets. The focus is to
provide innovative solutions drawing on our expertise and broad
product range.
The two segments are very different serving different markets,
however together they add strength and balance to the group.
Performance of Braime Pressings Limited, manufacturer of deep
drawn metal presswork
Sales revenues increased but the performance of the company
deteriorated due to problems and delays in the installation and
commissioning of the new plant purchased in the previous year. As a
result, there was a marked drop in the anticipated improvements in
productivity. It also delayed the new volumes of work that we had
anticipated would come on stream in 2014.
At the end of 2014, we also took a decision to make a
fundamental change to our historic shift pattern, changing our
hours worked by our manufacturing business to 6.00am to 2.00pm and
2.00pm to 10.00pm. This gives us much more flexibility to respond
to the demands of our major customers, makes it much easier to
provide the necessary maintenance and tool room cover and enables
us, when necessary, to add a third shift, 10.00pm to 6.00am. The
overall result is to substantially increase our production capacity
and the volumes of output that we can achieve using the existing
machinery.
Since the start of the current year, there has finally been a
marked improvement in quality and productivity.
Performance of the 4B division, world wide distributor of
components and monitoring systems for the material handling
industry
Overall the 4B division increased sales revenues and posted
healthy results, although final contribution from the overseas
subsidiaries was negatively affected by changes in exchange rates
towards the end of 2014.
2015 has begun positively across the group and we are engaged in
a number of projects which will contribute positively to the
outcome for this year.
Taxation
The effective rate of tax is 30.5% (2013 - 25.6%). The effective
rate is above the standard UK tax rate of 21.5% (2013 - 23.0%) due
to the blending of the different rates of tax applied by each of
the countries in which the group operates. In any financial year
the rate will depend on the mix of profits made between those
countries.
Capital expenditure
In 2014, the group invested GBP965,000 in plant and equipment,
completing our recent substantial investment in new manufacturing
machinery. Currently we have minimal commitments for the
acquisition of further plant. Our plan for 2015 is to maximise the
productivity of our recently acquired equipment.
Included in this plant and equipment figure, is an investment of
GBP135,000 in our manufacturing facility in Leeds on installing new
energy efficient LED lighting and in fitting new transformers and
switchgear. This provides the manufacturing site with additional
power and flexibility to meet current and future needs. Linked to
this, and in order to meet the latest safety standards, GBP552,000
was spent on the electrical rewiring of the site.
Cash flow
Our debtors increased by GBP1,045,000 and our stocks also by the
relatively small sum of GBP69,000; both calls on our working
capital were balanced by an increase in our creditors of
GBP1,115,000.
The business generated funds from operations of GBP1,861,000. It
invested GBP1,369,000 in capital expenditure and repaid GBP443,000
of borrowings.
After the payment of other financial costs and the dividend, the
net cash position was negative by GBP148,000.
Bank facilities
The group's operating banking facilities are renewed annually.
The arrangements with HSBC provide sufficient headroom to the group
and have allowed us to make the necessary investments in the
year.
Balance sheet
Net assets of the group have increased to GBP7.4 million (2013 -
GBP6.7 million). This increase is due to the strong profit
performance in the year. A foreign exchange gain of GBP11,000 (2013
- loss of GBP200,000) was recorded on the re-translation of the net
assets of the overseas operations.
Key performance indicators
The group uses certain key performance indicators to assess the
performance of the group as a whole and of the individual business.
The financial KPIs comprise turnover growth, product and customer
margins and operating net profit as demonstrated in note 4 below.
Key balance sheet indicators such as inventory levels, inventory
aging, stock turnover and debtor days are monitored monthly for
both the group and individual entities. The operational KPIs
comprise on time delivery achievement, component quality and
rejection rates and labour utilisation.
Environment
The group's policy with regard to the environment is that we
understand and effectively manage the actual and potential
environmental impact of our activities. Our operations are
conducted such that we comply with all legal requirements relating
to the environment in all areas where we carry out our business.
During the period of this report the group has not incurred any
fines or penalties or been investigated for any breach of
environmental regulations.
Employees
The quality and commitment of our people has played a major role
in our business success. This has been demonstrated in many ways,
including improvements in customer satisfaction, the development of
our product lines and the flexibility they have shown in adapting
to changing business requirements. Employee performance is aligned
to the achievement of goals set within each subsidiary and is
rewarded accordingly. Employees are encouraged to use their skills
to best effect and are offered training either externally or
internally to achieve this.
Research and Development
The group continues to invest in research and development. This
has resulted in improvements in the products which will benefit the
group in the medium to long term.
Summarised Consolidated Income Statement for the year ended 31st
December 2014 (audited)
2014 2013
GBP GBP
Revenue 24,291,700 22,953,805
Changes in inventories of
finished goods and work
in progress 161,071 311,144
Raw materials and consumables
used (13,535,766) (12,942,829)
Employee benefits costs (5,309,357) (5,021,454)
Depreciation expense (564,244) (520,945)
Other expenses (3,807,604) (3,704,402)
--------------------------------- ------------- -------------
Profit from operations 1,235,800 1,075,319
Profit on disposal of tangible
fixed assets 2,796 32,551
Finance costs (115,291) (100,967)
Finance income 2,164 3,330
--------------------------------- ------------- -------------
Profit before tax 1,125,469 1,010,233
Tax expense (343,340) (258,167)
--------------------------------- ------------- -------------
Profit for the year 782,129 752,066
--------------------------------- ------------- -------------
Profit attributable to:
Owners of the parent 864,011 752,066
Non-controlling interests (81,882) -
-------------------------------- ------------- -------------
782,129 752,066
-------------------------------- ------------- -------------
Basic and diluted earnings
per share 54.31p 52.23p
--------------------------------- ------------- -------------
Summarised Consolidated Statement of Comprehensive Income for
the year ended 31st December 2014 (audited)
2014 2013
GBP GBP
Profit for the year 782,129 752,066
Items that will not be reclassified
subsequently to profit or loss
Net remeasurement gain on
post employment benefits 44,000 31,000
Items that may be reclassified
subsequently to profit or loss
Foreign exchange gains/(losses)
on re-translation of overseas
operations 10,819 (199,729)
-------------------------------------- --------- ------------
Other comprehensive income
for the year 54,819 (168,729)
-------------------------------------- --------- ------------
Total comprehensive income
for the year 836,948 583,337
-------------------------------------- --------- ------------
Total comprehensive income
attributable to:
Owners of the parent 918,830 583,337
Non-controlling interests (81,882) -
------------------------------------- --------- ------------
836,948 583,337
------------------------------------- --------- ------------
Summarised Consolidated Balance Sheet at 31st December 2014
(audited)
2014 2014 2013 2013
GBP GBP GBP GBP
Assets
Non-current
assets
Property, plant
and equipment 4,056,506 3,119,378
Goodwill 12,270 12,270
Financial assets 101,853
------------------------ ------------ ------------ ------------ ------------
Total non-current
assets 4,170,629 3,131,648
Current assets
Inventories 4,888,183 4,819,200
Trade and other
receivables 4,911,108 3,948,734
Financial assets 98,147 -
Cash and cash
equivalents 1,357,769 567,226
------------------------ ------------ ------------ ------------ ------------
Total current
assets 11,255,207 9,335,160
------------------------ ------------ ------------ ------------ ------------
Total assets 15,425,836 12,466,808
------------------------ ------------ ------------ ------------ ------------
Liabilities
Current liabilities
Bank overdraft 1,505,988 490,944
Trade and other
payables 3,752,594 3,146,004
Other financial
liabilities 1,323,095 828,414
Corporation
tax liability 187,054 43,494
------------------------ ------------ ------------ ------------ ------------
Total current
liabilities 6,768,731 4,508,856
Non-current
liabilities
Financial liabilities 1,111,045 1,170,923
Deferred income
tax liability 191,623 116,000
------------------------ ------------ ------------ ------------ ------------
Total non-current
liabilities 1,302,668 1,286,923
------------------------ ------------ ------------ ------------ ------------
Total liabilities 8,071,399 5,795,779
------------------------ ------------ ------------ ------------ ------------
Total net assets 7,354,437 6,671,029
------------------------ ------------ ------------ ------------ ------------
Capital and reserves attributable
to equity holders of the parent company
Share capital 360,000 360,000
Capital reserve 257,319 77,319
Foreign exchange
reserve 88,241 77,422
Retained earnings 6,730,759 6,156,288
------------------------ ------------ ------------ ------------ ------------
Total equity
attributable
to the shareholders
of the parent 7,436,319 6,671,029
Non-controlling (81,882) -
interests
----------------------- ------------ ------------ ------------ ------------
Total equity 7,354,437 6,671,029
------------------------ ------------ ------------ ------------ ------------
Summarised Consolidated Cash Flow Statement for the year ended
31st December 2014 (audited)
2014 2014 2013 2013
GBP GBP GBP GBP
Operating activities
Net profit 782,129 752,066
Adjustments
for:
Depreciation 564,244 520,945
Grants amortised (1,656) (1,656)
Non-cash operating
charges - 56,000
Foreign exchange
gains/(losses) 15,279 (186,189)
Finance income (2,164) (3,330)
Finance expense 115,291 100,967
Gain on sale of
land and buildings,
plant, machinery
and motor vehicles (2,796) (32,551)
Adjustment
in respect
of defined
benefits scheme 46,000 34,000
Income tax
expense 343,340 258,167
-------------------------- -------------- -------------- -------------- ------------
1,077,538 746,353
------------------------- -------------- -------------- -------------- ------------
Operating profit
before changes
in working
capital and
provisions 1,859,667 1,498,419
Increase in trade
and other receivables (1,044,846) (718,157)
Increase in inventories (68,983) (431,897)
Increase in trade
and other payables 1,114,877 590,038
1,048 (560,016)
------------------------- -------------- -------------- -------------- ------------
Cash generated
from operations 1,860,715 938,403
Income taxes
paid (41,685) (109,535)
Investing activities
Purchases of property,
plant, machinery
and motor vehicles (1,368,985) (2,205,287)
Sale of land and
buildings, plant,
machinery and
motor vehicles 14,540 32,551
Interest received 164 330
-------------------------- -------------- -------------- -------------- ------------
(1,354,281) (2,172,406)
Financing activities
Proceeds from
long term borrowings 200,000 1,081,989
Loan financing (200,000) -
provided
Repayment of
borrowings (272,688) (141,574)
Repayment of hire
purchase creditors (170,231) (241,099)
Interest paid (115,291) (100,967)
Dividends paid (131,040) (112,320)
-------------------------- -------------- -------------- -------------- ------------
(689,250) 486,029
------------------------- -------------- -------------- -------------- ------------
Decrease in cash
and cash equivalents (224,501) (857,509)
Cash and cash
equivalents, beginning
of period 76,282 933,791
-------------------------- -------------- -------------- -------------- ------------
Cash and cash
equivalents, end
of period (148,219) 76,282
-------------------------- -------------- -------------- -------------- ------------
Consolidated statement of changes in equity for the year ended
31st December 2014 (audited)
Foreign Non-
Share Capital Exchange Retained Controlling Total
Capital Reserve Reserve Earnings Total Interests Equity
GBP GBP GBP GBP GBP GBP GBP
Balance
at 1st January
2013 360,000 77,319 277,151 5,485,542 6,200,012 - 6,200,012
Comprehensive
income
Profit - - - 752,066 752,066 - 752,066
Other comprehensive
income
Net remeasurement
gain recognised
directly
in equity - - - 31,000 31,000 - 31,000
Foreign
exchange
losses on
re-translation
of overseas
operations - - (199,729) - (199,729) - (199,729)
Total other
comprehensive
income - - (199,729) 31,000 (168,729) - (168,729)
Total comprehensive
income - - (199,729) 783,066 583,337 - 583,337
--------------------- ---------- ---------- ------------ ------------ ------------ ------------- ------------
Transactions
with owners
Dividends - - - (112,320) (112,320) - (112,320)
--------------------- ---------- ---------- ------------ ------------ ------------ ------------- ------------
Total transactions
with owners - - - (112,320) (112,320) - (112,320)
--------------------- ---------- ---------- ------------ ------------ ------------ ------------- ------------
Balance
at 31st
December
2013 360,000 77,319 77,422 6,156,288 6,671,029 - 6,671,029
--------------------- ---------- ---------- ------------ ------------ ------------ ------------- ------------
Foreign Non-
Share Capital Exchange Retained Controlling Total
Capital Reserve Reserve Earnings Total Interests Equity
GBP GBP GBP GBP GBP GBP GBP
Balance
at 1st January
2014 360,000 77,319 77,422 6,156,288 6,671,029 - 6,671,029
Comprehensive
income
Profit - - - 864,011 864,011 (81,882) 782,129
Other comprehensive
income
Net remeasurement
gain recognised
directly
in equity - - - 44,000 44,000 - 44,000
Foreign
exchange
losses on
re-translation
of overseas
operations - - 10,819 - 10,819 - 10,819
Total other
comprehensive
income - - 10,819 44,000 54,819 - 54,819
Total comprehensive
income - - 10,819 908,011 918,830 (81,882) 836,948
--------------------- ---------- ---------- ---------- ------------ ------------ ------------- ------------
Transactions
with owners
Dividends - - - (131,040) (131,040) - (131,040)
Cancellation
of Preference
shares - 180,000 - (202,500) (22,500) - (22,500)
--------------------- ---------- ---------- ---------- ------------ ------------ ------------- ------------
Total transactions
with owners - 180,000 - (333,540) (153,540) - (153,540)
--------------------- ---------- ---------- ---------- ------------ ------------ ------------- ------------
Balance
at 31st
December
2014 360,000 257,319 88,241 6,730,759 7,436,319 (81,882) 7,354,437
--------------------- ---------- ---------- ---------- ------------ ------------ ------------- ------------
Notes
1. 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.
Dividends paid 2014 2013
GBP GBP
Equity shares
Ordinary shares
Interim of 6.20p (2013 - 5.40p)
per share paid on 4th April
2014 29,760 25,920
Interim of 2.90p (2013 - 2.40p)
per share paid on 17th October
2014 13,920 11,520
-------------------------------------- ---------- ---------
43,680 37,440
-------------------------------------- ---------- ---------
'A' Ordinary shares
Interim of 6.20p (2013 - 5.40p)
per share paid on 4th April
2014 59,520 51,840
Interim of 2.90p (2013 - 2.40p)
per share paid on 17th October
2014 27,840 23,040
-------------------------------------- ---------- ---------
87,360 74,880
-------------------------------------- ---------- ---------
Total dividends paid 131,040 112,320
-------------------------------------- ---------- ---------
2. Cash and cash equivalents 2014 2013
GBP GBP
Cash at bank and in hand 1,357,769 567,226
Bank overdrafts 1,505,988 490,944
-------------------------------------- ---------- ---------
(148,219) 76,282
-------------------------------------- ---------- ---------
3. Major non-cash transaction
During the year the group acquired tangible assets of GBP148,591
(2013 - GBPnil) under hire purchase agreements.
4. Segmental information
Central Manufacturing Distribution Total
2014 2014 2014 2014
GBP GBP GBP GBP
Revenue
External - 3,621,626 20,670,074 24,291,700
Inter company 113,568 2,761,536 3,743,664 6,618,768
--------------------- ---------- -------------- ------------- ------------
Total 113,568 6,383,162 24,413,738 30,910,468
--------------------- ---------- -------------- ------------- ------------
Profit
EBITDA (5,777) 219,116 1,589,501 1,802,840
Finance costs (27,820) (46,387) (41,084) (115,291)
Finance income - 2,000 164 2,164
Depreciation (6,300) (287,663) (270,281) (564,244)
Tax expense (78,099) (34,335) (230,906) (343,340)
(Loss)/profit
for the period (117,996) (147,269) 1,047,394 782,129
--------------------- ---------- -------------- ------------- ------------
Assets
Total assets 1,323,858 4,033,070 10,068,908 15,425,836
Additions to
non current assets - 1,118,171 399,405 1,517,576
Liabilities
Total liabilities 520,316 2,868,453 4,682,630 8,071,399
Central Manufacturing Distribution Total
2013 2013 2013 2013
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 and 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)
------------ -------------- ------------- ------------
Profit/(loss)
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
5. Basis of preparation
The preliminary announcement has been prepared in accordance
with applicable International Financial Reporting Standards as
adopted by the European Union (IFRSs as adopted by the EU), IFRIC
interpretations and the Companies Act 2006 applicable to companies
reporting under IFRS.
The accounting policies adopted are consistent with those of the
annual financial statements for the year ended 31st December 2014,
as described in those annual financial statements.
The consolidated financial statements have been prepared on a
going concern basis and under the historical cost convention.
6. Annual general meeting
The annual general meeting of the company will be held in Leeds
on 5th June 2015. Full details will be included in the published
annual report and financial statements, which will be sent to
shareholders by the 12th May 2015 and will also be available on the
company's web-site (www.braimegroup.com) from that date.
7. Preliminary statement
The financial statements set out in the preliminary announcement
do not constitute statutory accounts as defined by section 434 of
the Companies Act 2006. The financial information for the year
ended 31st December 2014 has been extracted from the group's
financial statements upon which the auditor's opinion is
unqualified, does not include reference to any matters to which
they wish to draw attention by way of emphasis without qualifying
their report, and does not include any statement under section 498
of the Companies Act 2006. Statutory accounts for the year ended
31st December 2013 have been delivered to the Registrar of
Companies, and those for 2014 will be delivered in due course.
8. Events after the reporting year
There were no events after the balance sheet date that would
require disclosure in accordance with IAS10, "Events after the
reporting period", other than those noted in the Chairman's
statement.
20th April 2015
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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