FINANCIAL HIGHLIGHTS

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
2018 Full year announcement

Nicholas Braime, Chairman said:

"I am delighted to report that the Group’s sales revenue increased in 2018 by 13.6% to £35.7m from £31.4m in 2017 and the profit from operations increased to £3.2m, compared to £2.3m last year. As a group we continue to benefit from our long-term strategy of investment in continually developing new products and new markets."

Year ended 31st December 2018 2018 £'000 2017 £'000
Revenue 35,718 31,449
Changes in inventories of finished goods and work in progress 1,229 114
Raw materials and consumables used (19,677) (16,955)
Employee benefits costs (8,300) (7,449)
Depreciation and amortisation expense (788) (803)
Other expenses (4,940) (4,015)
Profit from operations 3,242 2,341
Finance expense (227) (143)
Finance income 2 3
Profit before tax 3,017 2,201
Tax expense (788) (621)
Profit for the year 2,229 1,580
Profit attributable to:
Owners of the parent 2,178 1,719
Non-controlling interests 51 (139)
2,229 1,580
Basic and diluted earnings per share 154.79p 109.73p

Group Financial Highlights

Record turnover and total dividend up from 10.20p to 11.50p

  • Group revenue at a record level of £35.7 million (2017: £31.4 million)
  • Pre-tax profits at £3.0 million (2017: £2.2 million)
  • Earnings before interest, tax, depreciation and amortisation (EBITDA) at £4.0 million (2017: £3.1 million)
  • Basic and diluted earnings per share at 154.79p (2017: 109.73p)
  • Cash balances increased to £1.5 million (2017: £1.0 million)
  • Bank borrowings of £1.4 million (2017: £1.0 million)
  • The board is recommending a second interim dividend of 8.00p per share (2017: 7.10p) to the holders of Ordinary and 'A' Ordinary shares, an increase of 12.75% on 2017

Operating Highlights
 

Braime Pressings Limited - revenue has increased although profitability remains unchanged
  • Revenue of £8.2 million up 11% (2017: £7.4 million)
  • Intercompany revenue has grown to £3.9 million (2016: £3.2 million) reflecting growth in materials handling division
  • Focus for the manufacturing division is process improvement to improve productivity
  • Continued nvestment in new equipment will result in productivity gains in the coming year
     
The materials handling division (4B group) has seen revenue grow to £37.9 million (2017: £32.5 million)
  • Revenue of £37.9 million up 11% (2017: £32.5 million)
  • Intercompany activity £6.5m (2017: £5.1 million)
  • Continued penetration in home markets
  • New subsidiary set up in China
Central costs have remained at £0.2 million (2017: £0.2 million)
Outlook - Continued growth in materials handling particularly agricultural commodities. Careful strategy to manage costs in manufacturing.