FINANCIAL HIGHLIGHTS

2019 Full year announcement

Nicholas Braime, Chairman said:

"We are in unknown territory and whilst the Group is currently in a relatively fortunate position, we are taking the necessary steps to ensure we remain flexible, carefully managing our cashflow, and keeping expenditure under constant review."

Year ended 31st December 2019 2019 £'000 2018 £'000
Revenue 33,433 35,718
Changes in inventories of finished goods and work in progress 959 1,229
Raw materials and consumables used (17,986) (19,677)
Employee benefits costs (8,530) (8,300)
Depreciation and amortisation expense (1,236) (788)
Other (expenses)/operating income (4,419) (4,940)
Profit from operations 2,221 3,242
Finance expense (477) (227)
Finance income 2 2
Profit before tax 1,746 3,017
Tax expense (397) (788)
Profit for the year 1,349 2,229
Profit attributable to:
Owners of the parent 1,360 2,178
Non-controlling interests (11) 51
1,349 2,229
Basic and diluted earnings per share 94.44p 151.25p

Group Financial Highlights

Total dividend 11.60p (2018: 11.50p)

  • Group revenue of £33.4 million (2018: £35.7 million)
  • Pre-tax profits at £1.75 million (2018: £3.0 million)
  • Earnings before interest, tax, depreciation and amortisation (EBITDA) at £3.5 million (2018: £4.0 million)
  • Basic and diluted earnings per share at 94.44p (2018: 151.25p)
  • Cash balances decreased to £0.7 million (2018: £1.5 million)
  • Bank borrowings of £1.2 million (2018: £1.4 million)
  • The board is recommending a second interim dividend of 8.00p per share (2018: 8.00p) to the holders of Ordinary and 'A' Ordinary shares

Operating Highlights
 

Braime Pressings Limited
  • Revenue of £6.9 million down 16% (2018: £8.2 million)
  • Intercompany revenue has fallen to £3.4 million (2018: £3.9 million) reflecting reduced 4B division activity
  • Loss of £0.25 million reflects cost concessions made during the year
Materials handling division (4B group)
  • Revenue of £36.2 million down 4% (2018: £37.9 million)
  • Intercompany activity £6.2 million (2018: £6.5 million)
  • New subsidiary in China gaining ground
Central costs have remained at £0.2 million (2018: £0.2 million)
Outlook - Focus on new products and new customer sectors in materials handling. Careful strategy to manage costs in manufacturing.
2019 Interim announcement

Nicholas Braime, Chairman said:

"Performance for the first half of the year is less than we had hoped for based on our growth in previous years, but it is better than we feared, given the current uncertainties in the global and local economic and political environment."

For the six months ended 30th June 2019 Unaudited 6 months to 30th June 2019 £'000 Unaudited 6 months to 30th June 2018 £'000
Revenue 17,077 18,069
Changes in inventories of finished goods and work in progress 1,174 558
Raw materials and consumables used (10,501) (10,332)
Employee benefits costs (3,719) (3,287)
Depreciation expense (536) (305)
Other expenses (2,209) (3,522)
Profit from operations 1,286 1,181
Finance costs (216) (19)
Finance income 1 -
Profit before tax 1,071 1,162
Tax expense (315) (340)
Profit for the period 756 822
Profit attributable to:
Owners of the parent 751 830
Non-controlling interests 5 (8)
756 822
Basic and diluted earnings per share 52.49p 57.08p

Group Financial Highlights

  • Dividend is increased from 3.5p to 3.6p per share for both Ordinary and 'A' Ordinary Shares.
  • Group revenue at £17.1 million (2018: £18.1 million)
  • Earnings before interest, tax, depreciation and amortisation (EBITDA) at £1.8 million (2018: £1.5 million)
  • Basic and diluted earnings per share at 52.49p (2018: 57.08p)
  • Cash balance at 30th June 2019 £427,000 (2018: £938,000)
Braime Pressings Limited - revenue has decreased but profitability has increased
  • Revenue of £3.3 million down 21% (2018: £4.2 million)
  • Intercompany revenue has fallen by 12% to £1.4 million (2018: 1.6 million)
  • 190KW solar panel project implemented to generate green energy
  • Three new presses to improve productivity
The materials handling division (4B group) has seen revenue grow to £18.0 million (2018: £17.7 million)
  • Revenue of £18.0 million up 2% (2018: £17.7 million)
  • Intercompany revenue has increased to £2.9 million (2018: £2.3 million)
  • Improved revenue in 4B Africa but global market generally down
Central costs - half year costs decreased to £243,000 (2018: £267,000)
The agricultural market remains difficult but the group continues strategic investment for long-term grown