FINANCIAL HIGHLIGHTS

2024 Interim announcement

Nicholas Braime, Chairman said:

"The directors are pleased that 2024 revenues have improved by 6% from the second half of 2023 and profit from operations are up 26% from the second half of 2023."

For the six months ended 30th June 2024 Unaudited 6 months to 30th June 2024 £'000 Unaudited 6 months to 30th June 2023 £'000
Revenue 24,750 24,706
Changes in inventories of finished goods and work in progress 215 (49)
Raw materials and consumables used (13,073) (12,650)
Employee benefits costs (5,967) (5,398)
Depreciation expense (760) (828)
Other (expenses)/operating income (3,363) (3,467)
Profit from operations 1,802 2,314
Finance costs (259) (199)
Finance income 3 -
Profit before tax 1,546 2,115
Tax expense (451) (605)
Profit for the period 1,095 1,510
Profit attributable to:
Owners of the parent 1,097 1,478
Non-controlling interests (2) 32
1,095 1,510
Basic and diluted earnings per share 76.04p 104.86p

Group Financial Highlights

  • Dividend remains the same at 5.25p per share for both Ordinary and 'A' Ordinary Shares
  • Group revenue at £24.8 million (2023: £24.7 million)
  • Earnings before interest, tax, depreciation and amortisation (EBITDA) at £2.6 million (2023: £3.1 million)
  • Basic and diluted earnings per share at 76.04p (2023: 104.86p)
  • Net cash at 30th June 2024 £450,000 (2023: £886,000)
Braime Pressings Limited - external revenue has decreased by 17%, compared to the first half of 2023, but have improved from the second half of 2023.
  • Total revenue of £5.1 million down 14% (2023: £5.9 million)
  • Intercompany revenue has decreased by 11% to £2.4 million (2023: 2.7 million)
  • The business is continuing to develop new product sectors
The materials handling division (4B group) external revenues have seen growth of 3%.
  • Revenue of £25.5 million up 4% (2023: £24.6 million)
  • Intercompany revenue of £3.5 million up 13% (2023: £3.1 million)
  • The demand for electronics remained strong, particularly in the USA.
Central costs - half year costs are higher than last year by £67,000 due to higher interest costs.
2023 Full year announcement

Nicholas Braime, Chairman said:

"We are delighted that the Group has had another excellent year given the economic climate"

Year ended 31st December 2023 2023 £'000 2022 £'000
Revenue 48,155 44,879
Changes in inventories of finished goods and work in progress (426) 2,925
Raw materials and consumables used (25,188) (26,456)
Employee benefits costs (11,009) (10,260)
Depreciation and amortisation expense (1,678) (1,535)
Other (expenses)/operating income (6,106) (5,104)
Exceptional item - (350)
Profit from operations 3,748 4,099
Finance expense (485) (282)
Finance income 72 5
Profit before tax 3,335 3,822
Tax expense (999) (1,101)
Profit for the year 2,336 2,721
Profit attributable to:
Owners of the parent 2,274 2,768
Non-controlling interests 62 (47)
2,336 2,721
Basic and diluted earnings per share 162.22p 188.96p

Group Financial Highlights

Total dividend 14.75p (2022: 13.75p)

  • Group revenue of £48.2 million (2022: £44.9 million)
  • Pre-tax profits at £3.33 million (2022: £3.82 million)
  • Earnings before interest, tax, depreciation, amortisation and exceptional costs (EBITDA) at £5.4 million (2022: £6.0 million)
  • Basic and diluted earnings per share at 162.22p (2022: 188.96p)
  • Cash balances increased to £2.2 million (2022: £0.8 million)
  • Bank borrowings of £2.9 million (2022: £2.3 million)
  • The board is recommending a second interim dividend of 9.50p per share (2022: 9.00p) to the holders of Ordinary and 'A' Ordinary shares

Operating Highlights
 

Braime Pressings Limited
  • Revenue of £10.5 million (2022: £11.8 million)
  • External revenue down £1.0 million to £5.7 million
  • Intercompany revenue has decreased to £4.7 million (2022: £5.1 million) 
  • Profit of £0.6 million has decreased from prior year's profit of £1.0 million
Materials handling division (4B group)
  • Revenue of £50.3 million up 9% (2022: £46.3 million)
  • External revenue up £4.3 million to £42.4 million
  • Intercompany activity £7.8 million (2022: £8.1 million)
Central costs have reduced to £0.5 million (2022: £1.1 million) due to higher intercompany management recharges in the year.
Outlook

End Users provide a significant spares market for our traditional mechanical products and also for the Group's new electronic products, which improve safety and reduce maintenance.  This is a business sector that remained buoyant through Covid and continues to be so, even in the current downturn.  This helps provide the Group with stability at a time when we consider the market for new machinery to be running at a low ebb.