FINANCIAL HIGHLIGHTS

2020 Interim announcement

Nicholas Braime, Chairman said:

"In view of the havoc that the Covid-19 pandemic has wreaked on the global economy, the directors are pleased to report that sales volumes have held up better than expected."

For the six months ended 30th June 2020 Unaudited 6 months to 30th June 2020 £'000 Unaudited 6 months to 30th June 2019 £'000
Revenue 16,114 17,077
Changes in inventories of finished goods and work in progress 492 1,174
Raw materials and consumables used (8,954) (9,901)
Employee benefits costs (4,406) (4,090)
Depreciation expense (646) (536)
Other expenses (2,146) (2,438)
Profit from operations 454 1,286
Finance costs (82) (218)
Finance income - 1
Profit before tax 372 1,069
Tax expense (114) (315)
Profit for the period 258 754
Profit attributable to:
Owners of the parent 242 749
Non-controlling interests 16 5
258 754
Basic and diluted earnings per share 16.81p 52.00p

Group Financial Highlights

  • Dividend is increased from 3.6p to 4.0p per share for both Ordinary and 'A' Ordinary Shares.
  • Group revenue at £16.1 million (2019: £17.1 million)
  • Earnings before interest, tax, depreciation and amortisation (EBITDA) at £1.1 million (2019: £1.8 million)
  • Basic and diluted earnings per share at 16.81p (2019: 52.00p)
  • Cash balance at 30th June 2020 £822,000 (2019: £427,000)
Braime Pressings Limited - revenue has increased but profitability has decreased
  • Revenue of £3.6 million up 9% (2019: £3.3 million)
  • Intercompany revenue has increased by 19% to £1.7 million (2019: 1.4 million)
  • The automotive market remains challenging
The materials handling division (4B group) revenues have held up better than expected during this difficult period
  • Revenue of £16.5 million down 8% (2019: £18.0 million)
  • Intercompany revenue has decreased to £2.4 million (2019: £2.9 million)
  • Construction of new French warehouse facility is underway
Central costs - half year costs decreased to £15,000 (2019: £243,000)
The agricultural sector has been more resilient than most and the group is continuing strategic investment for long-term growth
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.