FINANCIAL HIGHLIGHTS

Full year announcement

Nicholas Braime, Chairman said:

"I am pleased to report that the group's revenue in 2017 rose by 10.7% to £31.4m. After deducting taxes, the profit for 2017 is £1.6m, and is significantly above the result of £0.9m. This improvement is the direct result of the process of continuous investment in both new products and the development and extension of of overseas markets."

Year ended 31st December 2017 2017 £'000 2016 £'000
Revenue 31,449 28,415
Changes in inventories of finished goods and work in progress 114 337
Raw materials and consumables used (16,955) (15,891)
Employee benefits costs (7,449) (6,726)
Depreciation and amortisation expense (803) (801)
Other expenses (4,015) (3,940)
Profit from operations 2,341 1,394
Finance expense (143) (150)
Finance income 3 30
Profit before tax 2,201 1,274
Tax expense (621) (419)
Profit for the year 1,580 855
Profit attributable to:
Owners of the parent 1,719 932
Non-controlling interests (139) (77)
1,580 855
Basic and diluted earnings per share 109.73p 59.34p

Group Financial Highlights

Record turnover and total dividend up from 9.30p to 10.20p

  • Group revenue at a record level of £31.4 million (2016: £28.4 million)
  • Pre-tax profits at £2.2 million (2016: £1.3 million)
  • Earnings before interest, tax, depreciation and amortisation (EBITDA) at £3.1 million (2016: £2.2 million)
  • Basic and diluted earnings per share at 109.73p (2016: 59.34p)
  • Cash balances increased to £1.0 million (2016: £0.7 million)
  • Bank borrowings of £1.0 million (2016: £1.1 million)
  • The board is recommending a second interim dividend of 7.10p per share (2016: 6.40p) to the holders of Ordinary and 'A' Ordinary shares, an increase of 10% on 2016

Operating Highlights
 

Braime Pressings Limited - revenue has increased although profitability remains unchanged
  • Revenue of £7.4 million up 18% (2016: £6.2 million)
  • Intercompany revenue has grown to £3.2 million (2016: £2.7 million) reflecting growth in materials handling division
  • Focus for the manufacturing division is process improvement to improve productivity
  • Investment in new equipment will result in productivity gains in the coming year
     
The materials handling division (4B group) has seen revenue grow to £32.5 million (2016: £29.3 million)
  • Revenue of £32.5 million up 11% (2016: £29.3 million)
  • Intercompany activity £5.1m (2016: £4.4 million)
  • Continued penetration in home markets
Central costs have decreased to £0.2 million (2016: £0.5 million) as a result of increased rental charges to operating subsidiaries.
Outlook - Continued growth in materials handling particularly agricultural commodities. Careful strategy to manage costs in manufacturing.
Interim announcement

Nicholas Braime, Chairman said:

"I am pleased to report that the group's revenue for the first six months of 2018 rose by 16% to £18.1m, while profit before tax increased by 96% to £1.16m, compared to the same period last year."

For the six months ended 30th June 2018 Unaudited 6 months to 30th June 2018 £'000 Unaudited 6 months to 30th June 2017 £'000
Revenue 18,069 15,540
Changes in inventories of finished goods and work in progress 558 (36)
Raw materials and consumables used (10,332) (8,414)
Employee benefits costs (3,287) (3,637)
Depreciation expense (305) (369)
Other expenses (3,522) (2,426)
Profit from operations 1,181 658
Finance costs (19) (68)
Finance income - 2
Profit before tax 1,162 592
Tax expense (340) (179)
Profit for the period 822 413
Profit attributable to:
Owners of the parent 830 448
Non-controlling interests (8) (35)
822 413
Basic and diluted earnings per share 57.08p 28.72p

Group Financial Highlights

  • Dividend is increased from 3.1p to 3.5p per share for both Ordinary and 'A' Ordinary Shares.
  • Group revenue at £18.1 million (2017: £15.5 million)
  • Earnings before interest, tax, depreciation and amortisation (EBITDA) at £1.5 million (2017: £1.0 million)
  • Basic and diluted earnings per share at 57.08p (2017: 28.72p)
  • Cash reinvested in equipment, mainly new manufacturing site in USA
  • Cash balance at 30th June 2018  £981,000 (2017: £13,933)
Braime Pressings Limited - revenue has increased although profitability remains unchanged
  • Revenue of £4.2 million up 35% (2017: £3.1 million)
  • Intercompany revenue has grown by 40% to £1.6 million (2017: 1.1 million)
  • Investment in new presses and robotic cells
The materials handling division (4B group) has seen revenue grow to £17.7 million (2017: £15.8 million)
  • Revenue of £17.7 million up 12% (2017: £15.8 million)
  • Intercompany revenue has remained steady at £2.3 million (2017: £2.3 million)
  • Australasia market share is increasing.  China operations opened recently
Central costs - half year costs increased to £267,000 (2017: £15,000) due to more central costs being retained in Pressings in first half of 2017
Continued growth in materials handling particularly agricultural commodities. Careful strategy to manage costs in manufacturing