Interim Results six months ended 30th June 2024

Source: RNS
RNS Number : 5822C
Braime Group PLC
02 September 2024
 

Braime Group PLC

("Braime" or the "Company" and together with its subsidiaries the "Group")

 

Interim Results for the six months ended 30th June 2024

 

 

The Company presents its unaudited interims results for the six months ended 30th June 2024:

 

Performance

Group sales revenue for the first six months of 2024 was £24.8m, slightly up on the same period last year.  Profit from operations for the first six months in 2024 was £1.8m compared to £2.3m for the same period in 2023, and profit before tax was £1.5m compared to £2.1m for the same six-month period last year.

 

In the second half of 2023, geopolitical uncertainties had began to impact business confidence, and thus our results for the first half of 2023 were significantly better than the second half.  As we stated in our 2023 full year annual report, much of the world economy was concerned with, or at risk of, being in recession, and we believed that this parlous environment would inevitably affect our own performance in 2024. 

 

The directors are therefore pleased that 2024 revenues, whilst flat compared to the corresponding period, have in fact improved by 6% from the second half of 2023.  Profit from operations was up 26% up from the second half of 2023 and profit before tax, up £326,000 or 27% from the second half of 2023.  The results for 2024 include £317,000 of repair costs to our Hunslet Road property.  We remain cautiously optimistic for our performance for the rest of the year, however much of the same uncertainties we mentioned in our annual report remain such as the Ukraine war and Gaza conflict and customer sentiment in our largest market, the USA, remains unpredictable.

 

Dividends

The Group's policy is to balance dividend growth alongside the Group's requirement for investment in capital, in order to support long-term growth of the business. Taking careful consideration of this, directors have decided to maintain the interim dividend at 5.25p per share, the same level as the interim dividend paid in October 2023.  This dividend will be paid on 11th October 2024 to the Ordinary and 'A' Ordinary shareholders on the register on the 27th September 2024.  The associated ex-dividend date is 26th September 2024.

 

Braime Pressings Limited

External sales revenue of £2.7m in the first 6 months of 2023 was £550,000 down on the same period last year essentially due to reduced volumes from key customers.  Intercompany sales were also reduced by £263,000 to £2.4m. The manufacturing division made a profit after tax of £236,000 in the six-month period to June 2024, down £271,000 compared to the same period last year but up £130,000 compared to the second half of 2023. 

 

4B Division

Our distribution division's external sales revenue of £22.1m increased by £593,000 or 3% when compared to the same period last year and up £1.1m when compared to the second half of 2023. Intercompany trading was £3.5m, up 13% from the corresponding period last year.  Profit for the period was £1.4m, down 5% when compared to the first half of 2023 but encouragingly, £675,000 up on profit for the second half of 2023.  Our North American and African operations have seen good growth in sales from 2023 but our Australasian business has had a slow start to the year whilst our European business remains subdued by the ongoing Ukraine-Russia conflict and our new Middle East operation is undoubtably affected by uncertainty in the region. On 29th August, we purchased four acres of land and property adjoining the rear of our USA warehouse, to cater for longer-term expansion plans in our largest market.

 

Balance Sheet

Net assets of the Group as at 30th June 2024 amounted to £21.9m (30th June 2023 - £20.1m).  Tangible fixed asset additions during the period amounted to £500,000, primarily plant and equipment and replacement vehicles.  New equipment included a water-jet wire cutter, sealer and heat tunnel, new decoilers and robot control systems.

 

Inventories increased by £288,000 from the start of the year, debtors increased by £1.6m and trade creditors decreased by £817,000 giving rise to a decrease in working capital of £2.7m.  This was due to a surge in sales across the group at the end of the period.

 

Cash flow

The net cash position of the Group at the end of June 2024 was £450,000 compared to £886,000 as at 30th June 2023.  Cash generated from operations before working capital movements was £2.2m compared to £1.9m for the corresponding period in 2023.  Investment in capital projects gave rise to outflows of £500,000.  During the period the group repaid £405,000 of borrowings and lease liabilities, without taking on additional loans.  Overall, net cash decreased by £1.7m during the six months to 30th June 2024. The business continues to have good headroom within its £3.5m bank overdraft facility.  Our USA property purchase cost $875,000 and was financed through our existing facility.  Management remain focused in ensuring that working capital requirements, particularly for stock and debtors, are carefully monitored and controlled. 

 

Principal exchange rates

The Group reports its results in Sterling, its presentational currency.  The Group operates in seven other currencies and the average of the principal exchange rates in use during the half year and the closing rates as at 30th June 2024 are shown in the table below, along with comparatives.  As mentioned previously, a significant proportion of the Group revenues are derived in the USA.  Sterling weakened slightly against the US dollar from the start of 2024, however, when compared to the average during 2023, Sterling was on average, stronger against the US dollar in 2024 and our interim results are therefore reduced accordingly. The total positive impact of foreign currency translations on cashflow was £104,000.

 

The total gain on translation of overseas assets amounted to £42,000 for the six-month period as compared to the loss of £505,000 for the 2023 interim period.  This is shown in the consolidated statement of comprehensive income table on page 5.   

 

 

Currency

 

Symbol

Avg rate

HY 2024

Avg rate

HY 2023

Avg rate

FY 2023

Closing rate

30th Jun 2024

Closing rate

30th Jun 2023

Closing rate

31st Dec 2023

Australian Dollar

AUD

1.923

1.852 

       1.880

1.893

1.910

       1.868

Chinese Renminbi (Yuan)

CNY

9.026

8.639

8.821

9.043

9.143

9.041

Euro

EUR

1.172

1.146

       1.152

1.180

1.165

       1.154

South African Rand

ZAR

23.744

22.857

     23.088

23.075

24.023

     23.307

Thai Baht

THB

46.009

42.678

     43.423

46.430

44.906

     43.805

United Arab Emirates Dirham

AED

4.646

4.556

4.578

4.639

4.667

4.671

United States Dollar

USD

1.265

1.241

1.248

1.264

1.271

       1.275

 

Key performance indicators

The Group uses the following key performance indicators to assess the performance of the Group as a whole and of the individual businesses:

 

 

Key performance indicator

 

Note

 

Half year 

2024 

 

Half year 

2023 

 

Full year 

2023 

Turnover growth

1

0.2% 

16.0% 

7.3%  

Gross margin

2

48.1% 

48.6% 

46.8%  

Operating profit

3

£1.80m 

£2.31m 

£3.75m  

Stock days

4

183 days 

187 days 

179 days  

Debtor days

5

58 days 

57 days 

52 days  

 

Notes to KPI's

1.             Turnover growth

The Group aims to increase shareholder value by measuring the year-on-year growth in Group revenue.  Despite revenues being flat when compared against the comparative period, we are pleased that there has been an upturn in performance when compared to the second half of 2023.

 

2.             Gross margin

Gross profit (revenue less change in inventories and raw materials used) as a percentage of revenue is monitored to maximise profits available for reinvestment and distribution to shareholders.  Gross margin of 48.1% is in line with the same period last year and is improved from the average in 2023, partly as a result of a more favourable sales mix on certain product ranges.  The directors continue to monitor the margins carefully for further movement.

 

3.             Operating profit

Sustainable growth in operating profit is a strategic priority to enable ongoing investment and increase shareholder value.  Operating profits decreased compared to the same period last year due to unfavourable economic conditions but have improved when compared to the second half of 2023 as a direct result of the increase in sales particularly in the 4B division. 

 

4.             Stock days

The value of period-end inventories divided by raw materials and consumables used and changes in inventories of finished goods and work in progress expressed as a number of days is monitored to ensure the right level of stocks are held in order to meet customer demands whilst not carrying excessive amounts which impacts upon working capital requirements.  Stock days have decreased from the level as at June 2023 but increased compared to stock days as at December 2023 reflecting the anticipation of future orders at these period ends.  Management are focused on reducing the level of stock days.

5.             Debtor days

The value of period-end trade receivables divided by revenue expressed as a number of days.  This is an important indicator of working capital requirements.  Debtor days at 58 days are marginally higher than the equivalent figure of 57 as at June 2023 Management remain focused on reducing this to improve cash.

 

Other metrics monitored weekly or monthly include quality measures (such as customer complaints), raw materials buying prices, capital expenditure, line utilisation, reportable accidents and near-misses.

 

Outlook for the second half of 2024

As suggested in the Chairman's Report for 2023, after the initial "post-covid boost" enjoyed by the Group in 2021 and 2022, with the important exception of North America, the Group's principal markets became increasingly subdued during the last quarter of 2023 and remained so through the whole of the first half of 2024.  This largely explains the decline in the Group's result after the record levels in 2021.

 

An inflationary spike in material costs and the relatively high interest rates introduced globally by the central banks to try to stem this inflation, created a clear global drop in investment in projects to either upgrade existing facilities, build additional capacity or new projects to construct additional facilities for the processing or storage of granular product, such as cereal crops, which make up the Group's main sales areas.  The Group largely depends on such investment projects to generate the volume of sales of its mechanical components to equipment manufacturers.

 

However, both our UK and overseas subsidiaries have recently seen an increase in customer demand for pricing for new projects which, if realised in orders, would result in the return to growth in the sales of our key volume products.  One important area of remaining concern though, which might dent this possible positive scenario, is the degree to which the US economy retains its current buoyancy, through the remaining months of the current Presidential election year and, following its result, through into 2025.

 

Meanwhile, we continue to pursue opportunities for further extending our sales into the additional potential growth markets recently identified, by further increasing the proportion of our sales to end user facilities.  We also continue to invest in strengthening our business structure and in recruiting additional engineering staff to ensure we are in the best possible place to fully exploit these opportunities when our market finally returns to growth.

 

Employees

All our employees in the Group, regardless of location continue to make a major contribution and we thank them for their efforts during these challenging times.

 

For further information please contact:

 

Nicholas Braime - Chairman

Cielo Cartwright - Chief Financial Officer

0113 245 7491

 

Zeus Capital Limited

Katy Mitchell

0113 394 6628

 

 

Braime Group PLC

Consolidated income statement for the six months

ended 30th June 2024

 

 

 

Note

Unaudited 
6 months to 

30th June 
2024 

Unaudited 
6 months to 

30th June 
2023 

Audited 

year to 

31st December 

2023 

 

 

£'000 

£'000 

£'000 

 

 

 



Revenue

 

24,750 

24,706 

48,155 


 

 



Changes in inventories of finished goods and work in progress

 

 

215 

 

(49)

 

(426)

Raw materials and consumables used

 

(13,073)

(12,650)

(25,188)

Employee benefits costs


(5,967)

(5,398)

(11,009)

Depreciation expense

 

(760)

(828)

(1,678)

Other expenses

 

(3,339)

(3,503)

(6,270)

Other operating income

 

(24)

36 

164 


 

 



Profit from operations

 

1,802 

2,314 

3,748 


 

 



Finance costs


(259)

(199)

(485)

Finance income

                     

72 


 

 



Profit before tax

 

1,546 

2,115 

3,335 


 

 



Tax expense


(451)

(605)

(999)


 

 



Profit for the period

 

1,095 

1,510 

2,336 


 

 



Profit attributable to:

 

 



Owners of the parent

 

1,097 

1,478 

2,274 

Non-controlling interests

 

(2)

32 

62 


 

1,095 

1,510 

2,336 


 

 



Basic and diluted earnings per share

2

76.04p 

104.86p 

162.22p 

 

 

Braime Group PLC

Consolidated statement of comprehensive income for the six months

ended 30th June 2024

Unaudited 

6 months to 

 30th June 

2024 

Unaudited 

6 months to 

 30th June 

2023 

Audited 

year to 

31st December 

2023 

 

£'000 

£'000 

£'000 

 

 



Profit for the period

1,095 

1,510 

2,336 


 



Items that will not be reclassified subsequently to profit or loss

 



Net pension remeasurement gain on post-employment benefits

19 


 



Items that may be reclassified subsequently to profit or loss

 


 

Share capital introduced by minority interest

22 

Foreign exchange gains/(losses) on re-translation of overseas operations

 

42 

(505)

(505)


 



Other comprehensive income for the period

64 

(505)

(486)

 

 



Total comprehensive income for the period

1,159 

1,005 

1,850 

 

 



Total comprehensive income attributable to:

 



Owners of the parent

1,128 

955 

1,775 

Non-controlling interests

31 

50 

75 

 

The foreign currency movements arise on the re-translation of overseas subsidiaries' opening balance sheets at closing rates.

 

Braime Group PLC

Consolidated balance sheet at 30th June 2024

Unaudited  

6 months to  

30th June  

2024  

Unaudited  

6 months to  

30th June  

2023  

Audited 

year to 31st 

December 

2023 

 

£'000  

£'000  

£'000 

 

 



Non-current assets

 



Property, plant and equipment

10,000 

9,841 

10,082 

Intangible assets

415 

561 

489 

Right of use assets

595 

380 

717 

 

 



Total non-current assets

11,010 

10,782 

11,288 

 

 



Current assets

 



Inventories

12,875 

13,025 

12,587 

Trade and other receivables

9,479 

8,915 

7,973 

Cash and cash equivalents

2,201 

1,965 

2,310 

 

 



Total current assets

24,555 

23,905 

22,870 

 

 



Total assets

35,565 

34,687 

34,158 

 

 



Current liabilities

 



Bank overdraft

1,751 

1,079 

138 

Trade and other payables

6,215 

7,139 

6,991 

Other financial liabilities

2,742 

3,931 

3,769 

Corporation tax liability

18 

85 

52 

 

 



Total current liabilities

10,726 

12,234 

10,950 

 

 



Non-current liabilities

 



Financial liabilities

2,934 

2,294 

2,325 

Deferred income tax liability

44 

90 

44 

 

 



Total non-current liabilities

2,978 

2,384 

2,369 

 

 



Total liabilities

13,704 

14,618 

13,319 

 

 



Total net assets

21,861 

20,069 

20,839 

 

 



Capital and reserves

 



Share capital

360 

360 

360 

Capital reserve

257 

257 

257 

Foreign exchange reserve

253 

219 

221 

Retained earnings

21,141 

19,439 

20,182 

Total equity attributable to the shareholders of the parent Company

22,011 

20,275 

21,020 

Non-controlling interests

(150)

(206)

(181)

Total equity

21,861 

20,069 

20,839 

 

 

 

Braime Group PLC

Consolidated cash flow statement for the six months

ended 30th June 2024

 

 

 

Note

Unaudited 

6 months to 

30th June 

2024 

Unaudited 

6 months to 

30th June 

2023 

Audited 

year to 

31st December 

2023 


 

£'000 

£'000 

£'000 

Operating activities

 

 



Net profit

 

1,095 

1,510 

2,336 


 

 



Adjustments for:

 

 



Depreciation

 

760 

828 

1,678 

Foreign exchange gains/(losses)

 

105 

(398)

(424)

Finance income

 

(3)

(72)

Finance expense

 

259 

199 

485 

Gain on sale of plant, machinery and motor vehicles

 

(9)

(20)

(80)

Adjustment in respect of defined benefit scheme

 

69 

Income tax expense

 

451 

605 

999 

Income taxes paid

 

(440)

(794)

(1,401)

Operating profit before changes in working capital and provisions

 

 

2,218 

 

1,930 

 

3,590 

 

 

 



(Increase)/decrease in trade and other receivables

 

(1,552)

(79)

998 

(Increase)/decrease in inventories

 

(288)

264 

702 

Decrease in trade and other payables

 

(817)

 (1,647)

(2,053)


 

 




 

(2,657)

(1,462)

(353)


 

 



Cash generated from operations

 

(439)

468 

3,237 


 

 



Investing activities

 

 



Purchases of property, plant, machinery and motor vehicles

 

(500)

(784)

(1,421)

Sale of plant, machinery and motor vehicles

 

14 

20 

88 

Interest received

 

22 


 

(483)

(764)

(1,311)


 

 



Financing activities

 

 



Proceeds from long term borrowings

 

1,191 

977 

Repayment of borrowings

 

(197)

(237)

(372)

Repayment of hire purchase creditors

 

(60)

(86)

(172)

Repayment of lease liabilities

 

(148)

(143)

(283)

Bank interest paid

 

(218)

(163)

(404)

Lease interest paid

 

(33)

(24)

(64)

Hire purchase interest paid

 

(7)

(12)

(17)

Dividends paid

 

(137)

(130)

(205)


 

(800)

396 

(540)


 

 



(Decrease)/increase in cash and cash equivalents


(1,722)

100 

1,386 

Cash and cash equivalents, beginning of period

 

2,172 

786 

786 

Cash and cash equivalents (including overdrafts), end of period

 

3

 

450 

 

886 

 

2,172 

 

 

Braime Group PLC

Consolidated statement of

changes in equity for the

six months ended

30th June 2024

 

 

 

Share 

Capital 

 

 

 

Capital 

Reserve 

 

 

Foreign 

Exchange 

Reserve 

 

 

 

Retained 

Earnings 

 

 

 

 

Total 

 

 

 

Minority 

Interests 

 

 

 

Total 

Equity 

 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

Balance at 1st January

2024

 

360 

 

257 

 

221 

 

20,182 

 

21,020 

 

(181)

 

20,839 


 

 

 

 

 

 

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit

1,097 

1,097 

(2)

1,095 


 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shared capital introduced by minority interest

 

 

 

 

-

 

-

 

22 

 

22 

Foreign exchange gain/(loss)

on re-translation of overseas operations

 

 

 

 

 

 

32 

 

 

(1)

 

 

31 

 

 

11 

 

 

42 

Total other comprehensive

income

 

 

 

32 

 

(1)

 

31 

 

33 

 

64 

Total comprehensive

income

 

 

 

32 

 

1,096 

 

1,128 

 

31 

 

1,159 

Transactions with owners

 

 

 

 

 

 

 

Dividends

(137)

(137)

(137)

Total transactions with owners

(137)

(137)

(137)

Balance at 30th June 2024

360 

257 

253 

21,141 

22,011 

(150)

21,861 


 

 

 

 

 

 

 

 

 

Braime Group PLC

Consolidated statement of

changes in equity for the

six months ended

30th June 2023

 

 

 

Share 

Capital 

 

 

 

Capital 

Reserve 

 

 

Foreign 

Exchange 

Reserve 

 

 

 

Retained 

Earnings 

 

 

 

 

Total 

 

 

 

Minority 

Interests 

 

 

 

Total 

Equity 

 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

Balance at 1st January

2023

 

360 

 

257 

 

742 

 

18,091 

 

19,450 

 

(256)

 

19,194  









Comprehensive income








 








Profit

1,478 

1,478 

32 

1,510  









Other comprehensive income








 








Foreign exchange (loss)/gain

on re-translation of overseas operations

 

 

 

 

 

 

(523)

 

 

- 

 

 

(523)

 

 

18 

 

 

(505)

Total other comprehensive

income

 

 

 

(523)

 

- 

 

(523)

 

18 

 

(505)

Total comprehensive

income

 

 

 

(523)

 

1,478 

 

955 

 

50 

 

1,005 

Transactions with owners








Dividends

(130)

(130)

(130)

Total transactions with owners

(130)

(130)

(130)

Balance at 30th June 2023

360 

257 

219 

19,439 

20,275 

(206)

20,069 


 

 

 

 

 

 

 

 

Braime Group PLC

Consolidated statement of

changes in equity for the

year ended 31st December

2023

 

 

 

Share 

Capital 

 

 

 

Capital 

Reserve 

 

 

Foreign 

Exchange 

Reserve 

 

 

 

Retained 

Earnings 

 

 

 

 

Total 

 

 

 

Minority 

Interests 

 

 

 

Total 

Equity 

 

£'000 

£'000

£'000 

£'000 

£'000 

£'000 

£'000 

Balance at 1st January 2023

360 

257 

742 

18,091 

19,450 

(256)

19,194 









Comprehensive income








 








Profit

2,274 

2,274 

62 

2,336 









Other comprehensive

income








 








Net pension remeasurement

gain recognised directly in

equity

 

 

 

 

 

 

 

 

19 

 

 

19 

 

 

 

 

19 

Foreign exchange losses on

re-translation of overseas

operations

 

 

 

 

 

 

(521)

 

 

 

 

(518)

 

 

13 

 

 

(505)

Total other comprehensive

income

 

 

 

(521)

 

22 

 

(499)

 

13 

 

(486)

Total comprehensive

income

 

 

 

(521)

 

2,296 

 

1,775 

 

75 

 

1,850 

Transactions with owners








Dividends

(205)

(205)

(205)

Total transactions with owners

 (205)

 (205)

 (205)

Balance at 31st December

2023

 

360 

 

257 

 

221 

 

20,182 

 

21,020 

 

(181)

 

20,839 


 

 

 

 

 

 

 

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 2023 and those which management expects to apply in the Group's full financial statements to 31st December 2024.

 

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 2023 but is derived from the accounts.  Statutory accounts for the period ended 31st December 2023 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 2023, which have been applied consistently throughout the current and preceding periods. 

 

The Group has adopted the following new or amended standards as of 1st January 2024 and beyond:

 

(a)   New and amended standards adopted by the Group:

 

·    Amendments to IAS 1 - Classification of Liabilities as Current or Non-current - Clarifies that the classification of liabilities as current or non-current should be based on rights that exist at the end of the reporting period - effective accounting periods beginning on or after 1st January 2024.

·    Amendments to IAS 1 - Non-current Liabilities with Covenants - Clarifies that only those covenants with which an entity must comply on or before the end of the reporting period affect the classification of a liability as current or non-current - effective accounting periods beginning on or after 1st January 2024.

·    Amendments to IFRS 16 - Lease Liability in a Sales and Leaseback - Specifies requirements relating to measuring the lease liability in a sale and leaseback transaction after the date of the transaction - effective accounting periods beginning on or after 1st January 2024.

·    Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements - Requires an entity to provide additional disclosures about its supplier finance arrangements - effective accounting periods beginning on or after 1st January 2024.

 

(b)   New standards, amendments and interpretations issued but effective for the financial year beginning 1st January 2024 and not early adopted:

 

·    Amendments to IAS 21 - Lack of Exchangeability - Requires a consistent approach to assessing whether a currency is exchangeable and, when it is not, to determining the exchange rate to use and the disclosures to provide - effective accounting periods beginning on or after 1st January 2025.

·    Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments - Clarifies how contractual cash flows on financial assets with environmental, social and governance (ESG) and similar features should be assessed when determining if they are consistent with a basic lending arrangement and, hence, whether they are measured at amortised cost or fair value. Clarifies the date on which a financial asset or financial liability can be derecognised when settlement is via an electronic cash transfer.  Requires additional disclosures for certain equity investments and financial investments with contingent features - effective accounting periods beginning on or after 1st January 2026.

·    Annual Improvements to IFRS Accounting Standards - Volume 11 - Minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7.  Statement of Cash Flows - effective accounting periods beginning on or after 1st January 2026.

·    IFRS 18 Presentation and Disclosure in Financial Statements - Introduces new requirements for classification of income and expenses in specified categories and presentation of defined subtotals in the statement of profit or loss, enhanced guidance and requirements for more useful aggregation and disaggregation of information in the primary financial statements and in the notes; and additional disclosures about management-defined performance measures related to the statement of profit or loss. Supersedes IAS 1 Presentation of Financial Statements - effective accounting periods beginning on or after 1st January 2027.

 

The application and interpretations surrounding the new or amended standards is not expected to have a material impact on the Group's reported financial performance or position.  However, they may give rise to additional disclosures being made in the financial statements.

 

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 Braime Group PLC as the numerator.

 

        The weighted average number of outstanding shares used for basic earnings per share amounted to 1,440,000 (2023 - 1,440,000).  There are no potentially dilutive shares in issue.

 


6 months to 

30th June 

2024 


£'000 

Dividends paid on equity shares

 

Ordinary shares

 

Interim of 9.50p per share paid on 24th May 2024

46 


 

'A' Ordinary shares

 

Interim of 9.50p per share paid on 24th May 2024

91 

Total dividends paid

137 

 

 

 

Year to 

31st December 

2023 

 

£'000 

Dividends paid on equity shares


Ordinary shares


Interim of 9.00p per share paid on 26th May 2023

43 

Interim of 5.25p per share paid on 13th October 2023

25 


68 



'A' Ordinary shares


Interim of 9.00p per share paid on 26th May 2023

87 

Interim of 5.25p per share paid on 13th October 2023

50 


137 

Total dividends paid

205 

 

3.      Cash and cash equivalents

 

 Unaudited 

6 months to 

30th June 

2024 

 Unaudited 

6 months to 

30th June 

2023 

Audited 

year to 

  31st December 

2023 

 

£'000 

£'000 

£'000 

Cash at bank and in hand

2,201 

1,965 

2,310 

Bank overdrafts

(1,751)

(1,079)

(138)


450 

886 

2,172 

 

4.      Segmental information

 

Unaudited 6 months to 

30th June 2024 

 

Central 

Manufacturing

Distribution 

Total 

 

£'000 

£'000 

£'000 

£'000 

 

 

 

 

 

Revenue

 

 

 

 

External

2,697 

22,053 

24,750 

Inter company

1,274 

2,432 

3,485 

7,191 


 

 

 

 

Total

1,274 

5,129 

25,538 

31,941 


 

 

 

 

Profit

 

 

 

 

EBITDA

(51)

300 

2,313 

2,562 

Finance costs

(150)

(46)

(63)

(259)

Finance income

Depreciation

(349)

(18)

(393)

(760)

Tax expense

(16)

(435)

(451)


 

 

 

 

(Loss)/profit for the period

(566)

236 

1,425 

1,095 


 

 

 

 

Assets

 

 

 

 

Total assets

7,847 

11,557 

16,161 

35,565 

Additions to non-current assets

203 

23 

311 

537 

Liabilities

 

 

 

 

Total liabilities

2,103 

2,984 

8,617 

13,704 

 

 

Unaudited 6 months to 

 30th June 2023 

 

Central 

Manufacturing

Distribution 

Total 

 

£'000 

£'000 

£'000 

£'000 

 

 

 

 

 

Revenue

 

 

 

 

External

3,247 

21,459 

24,706 

Inter company

1,061 

2,694 

3,095 

6,850 






Total

1,061 

5,941 

24,554 

31,556 






Profit





EBITDA

(32)

583 

2,591 

3,142 

Finance costs

(101)

(46)

(52)

(199)

Depreciation

(351)

(20)

(457)

(828)

Tax expense

(15)

(10)

(580)

(605)






(Loss)/profit for the period

(499)

507 

1,502 

1,510 






Assets





Total assets

7,550 

9,922 

17,215 

34,687 

Additions to non-current assets

567 

22 

315 

904 

Liabilities





Total liabilities

2,975 

3,602 

8,041 

14,618 

 

 

Audited year to 

31st December 2023 

 

Central 

Manufacturing

Distribution 

Total 

 

£'000 

£'000 

£'000 

£'000 

 

 

 

 

 

Revenue





External

5,710 

42,445 

48,155 

Inter company

2,567 

4,747 

7,819 

15,133 






Total

2,567 

10,457 

50,264 

63,288 






Profit





EBITDA (including exceptional item)

490 

692 

4,244 

5,426 

Finance costs

(255)

(94)

(136)

(485)

Finance income

50 

22 

72 

Depreciation

(720)

(35)

(923)

(1,678)

Tax expense

(46)

(953)

(999)






(Loss)/profit for the period

(531)

613 

2,254 

2,336 






Assets





Total assets

7,739 

10,664 

15,755 

34,158 

Additions to non-current assets

1,319 

40 

879 

2,238 

Liabilities





Total liabilities

2,337 

3,000 

7,982 

13,319 

 

 

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