FINANCIAL HIGHLIGHTS
2023 Interim announcement
Nicholas Braime, Chairman said:
"The different parts of the Group have performed quite differently, with the Asian regions relatively subdued, but with the USA, our key market, remaining particularly buoyant."
| For the six months ended 30th June 2023 | Unaudited 6 months to 30th June 2023 £'000 | Unaudited 6 months to 30th June 2022 £'000 |
| Revenue | 24,706 | 21,308 |
| Changes in inventories of finished goods and work in progress | (49) | 841 |
| Raw materials and consumables used | (12,650) | (12,099) |
| Employee benefits costs | (5,398) | (4,859) |
| Depreciation expense | (828) | (738) |
| Other (expenses)/operating income | (3,467) | (2,368) |
| Exceptional item | - | (350) |
| Profit from operations | 2,314 | 1,735 |
| Finance costs | (199) | (127) |
| Finance income | - | - |
| Profit before tax | 2,115 | 1,608 |
| Tax expense | (605) | (477) |
| Profit for the period | 1,510 | 1,131 |
| Profit attributable to: | ||
| Owners of the parent | 1,478 | 1,123 |
| Non-controlling interests | 32 | 8 |
| 1,510 | 1,131 | |
| Basic and diluted earnings per share | 104.86p | 78.54p |
Group Financial Highlights
- Dividend is increased from 4.75p to 5.25p per share for both Ordinary and 'A' Ordinary Shares
- Group revenue at £24.7 million (2022: £21.3 million)
- Earnings before interest, tax, depreciation and amortisation (EBITDA including exceptional item) at £3.1 million (2022: £2.5 million)
- Basic and diluted earnings per share at 104.86p (2022: 78.54p)
- Net cash at 30th June 2023 £886,000 positive (2022: £201,000 overdrawn)
2022 Full year announcement
Nicholas Braime, Chairman said:
"Our strategy remains largely unchanged; continuing to invest and constantly improving our production processes; and exploring new potential global markets for our niche products and developing new innovative solutions for our customers' common engineering problems"
| Year ended 31st December 2022 | 2022 £'000 | 2021 £'000 |
| Revenue | 44,879 | 36,406 |
| Changes in inventories of finished goods and work in progress | 2,925 | 869 |
| Raw materials and consumables used | (26,456) | (19,656) |
| Employee benefits costs | (10,260) | (8,930) |
| Depreciation and amortisation expense | (1,535) | (1,334) |
| Other (expenses)/operating income | (5,104) | (4,866) |
| Exceptional item | (350) | (1,217) |
| Profit from operations | 4,099 | 1,272 |
| Finance expense | (282) | (205) |
| Finance income | 5 | 3 |
| Profit before tax | 3,822 | 1,070 |
| Tax expense | (1,101) | (320) |
| Profit for the year | 2,721 | 750 |
| Profit attributable to: | ||
| Owners of the parent | 2,768 | 665 |
| Non-controlling interests | (47) | 85 |
| 2,721 | 750 | |
| Basic and diluted earnings per share | 188.96p | 52.08p |
Group Financial Highlights
Total dividend 13.75p (2021: 12.45p)
- Group revenue of £44.9 million (2021: £36.4 million)
- Pre-tax profits at £3.82 million (2021: £1.07 million)
- Earnings before interest, tax, depreciation, amortisation and exceptional costs (EBITDA) at £6.0 million (2021: £3.8 million)
- Exceptional costs of £0.4 million relate to further extensive repairs to the chain cell area of our Hunslet Road property, originally announced in the 2021 full year results
- Basic and diluted earnings per share at 188.96p (2021: 52.08p)
- Cash balances decreased to £0.8 million (2021: £1.0 million)
- Bank borrowings of £2.3 million (2021: £2.4 million)
- The board is recommending a second interim dividend of 9.00p per share (2021: 8.20p) to the holders of Ordinary and 'A' Ordinary shares
Operating Highlights