FINANCIAL HIGHLIGHTS

2020 Full year announcement

Nicholas Braime, Chairman said:

"In normal circumstances the 2020 result would be very disappointing but in the quite exceptional circumstances that affected the Group globally the result achieved was significantly better than we had dared hope for much of the year."

Year ended 31st December 2020 2020 £'000 2019 £'000
Revenue 32,803 33,433
Changes in inventories of finished goods and work in progress (63) 959
Raw materials and consumables used (17,428) (17,986)
Employee benefits costs (8,408) (8,530)
Depreciation and amortisation expense (1,280) (1,236)
Other (expenses)/operating income (4,247) (4,419)
Profit from operations 1,377 2,221
Finance expense (191) (477)
Finance income 9 2
Profit before tax 1,195 1,746
Tax expense (341) (397)
Profit for the year 854 1,349
Profit attributable to:
Owners of the parent 823 1,360
Non-controlling interests 31 (11)
854 1,349
Basic and diluted earnings per share 59.31p 93.68p

Group Financial Highlights

Total dividend 11.80p (2019: 11.60p)

  • Group revenue of £32.8 million (2019: £33.4 million)
  • Pre-tax profits at £1.20 million (2019: £1.75 million)
  • Earnings before interest, tax, depreciation and amortisation (EBITDA) at £2.7 million (2019: £3.5 million)
  • Basic and diluted earnings per share at 59.31p (2019: 93.68p)
  • Cash balances increased to £1.2 million (2019: £0.7 million)
  • Bank borrowings of £1.7 million (2019: £1.2 million)
  • The board is recommending a second interim dividend of 7.80p per share (2019: 8.00p) to the holders of Ordinary and 'A' Ordinary shares

Operating Highlights
 

Braime Pressings Limited
  • Revenue of £6.8 million (2019: £6.9 million)
  • External revenue up £0.3 million to £3.7 million
  • Intercompany revenue has fallen to £3.1 million (2019: £3.4 million) reflecting reduced 4B division activity
  • Loss of £0.2 million has reduced marginally from prior year
Materials handling division (4B group)
  • Revenue of £34.2 million down 6% (2019: £36.2 million)
  • Intercompany activity £5.2 million (2019: £6.2 million)
Central costs have increased to £0.4 million (2019: £0.2 million) due to property maintenance expenses in the year.
Outlook - We continue to invest time and resources to improve operations and develop new products. We can see a gradual increase in confidence and in the number of new projects generated by our customers worldwide.
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