TIDMBMTO TIDMBMT TIDMBMTP
RNS Number : 5027J
Braime (T.F.& J.H.) (Hldgs) PLC
31 March 2010
T.F. & J.H. BRAIME (HOLDINGS) P.L.C.
ANNUAL RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2009
At a meeting of the directors held here today, the accounts for the year ended
31st December 2009 were submitted and approved by the directors. The
preliminary profits statement is as follows:
Chairman's statement
The financial position of the group has continued to improve, despite the
continuing world wide recession and the restructuring of our manufacturing
business undertaken in the second half of 2009. Sales revenue increased
marginally by 3% from GBP15.17 to GBP15.69m for the twelve months ending 31st
December 2009 and the profit before tax improved from GBP527,000 to GBP625,000 .
After deducting corporation taxes, the profit for the year increased by over 50%
from GBP251,000 in 2008 to GBP387,000 in 2009. Equally important, the group has
been successful in very significantly reducing its debt and has started the
current year in a much stronger financial position.
Following the interim dividend of 1.50p per share the 16th October 2009, the
directors have already announced the decision to pay a second interim dividend
of 3.00p on the 1st April 2010, (making a total of 4.50p paid during the tax
year ending 5th April 2010), but not to pay a final dividend.
After a number of years when the company has been forced to cut, or cease
altogether, the payment of dividends to shareholders, it remains a primary
commitment of the directors to continue to increase dividends, providing that
the steady improvement in our financial position can be maintained.
Performance of group companies
The group operates as two divisions
Distribution of components, under our 4B brand, to the bulk material handling
industry
The combined sales made by the subsidiaries in this 'division' made up 84% of
group sales in 2009.
Sales to industrial markets, specifically construction, were very badly affected
in countries such as the UK and Spain where the recession has been at its
deepest.
In contrast, sales to the agro/food industry, our largest sector, have held up
better than forecasted. Our European subsidiaries experienced a fall of only
around 10% in sales volume in local currency, and our USA subsidiary had an
exceptional year, maintaining sales volume in USD and increasing profitability.
The group was fortunate in three ways in 2009. Firstly, 90% of sales are made in
export markets, which, in general, have been less severely affected by the
recession than the UK economy. Secondly, the majority of products we sell are
made in the UK and the fall in the value in GBP reduced input costs and
increased the gross margins in our overseas subsidiaries. Thirdly, profits made
overseas in local currency translated into higher earnings when consolidated
into the group accounts.
Overall, as a result of the above factors, the 4B `distribution division' had a
much better year than anticipated with both sales and profitability up on the
previous year.
Manufacturing of deep drawn pressings (Braime Pressings Limited)
In 2009 the manufacturing business generated 16% of group external sales, down
on 2008 and inter-company sales also reduced.
In December 2008 the company lost its two largest customers for presswork and,
in January 2009, the remaining customers effectively cancelled their schedules
for the first three months of the year, as they themselves reduced stocks to
suit the much lower levels of demand. As a result, sales of presswork fell by
55% in the first six months of the year and the level of losses in Braime
Pressings Limited became unsustainable.
This situation forced the company to accelerate its strategy of moving away from
its traditional business, the manufacture of mid-volume batch production of a
large number of primarily manually made products, supplied to a wide range of
customers. Instead, the company has now focused entirely on the manufacture, in
automated cells, of technically difficult products, required in high volumes,
and supplied to a limited number of major key accounts with whom we have agreed
long term single source supply contracts.
In August, the company advised 80% of its customers that it no longer wished to
manufacture parts for them. The 'run out' volumes agreed with these customers,
in some cases equivalent to twelve months normal requirements, gave a
significant temporary boost to output. However, despite this short term
injection of turnover, overall sales for 2009 were still 15% below those of the
previous year.
During 2009, the company invested GBP705,000 in the purchase and installation of
new plant and equipment to enable it to manufacture groups of complex parts in
cells dedicated to specific customers.
The fundamental change in strategy sadly also required a significant reduction
in staff which had to be achieved, in part, through redundancies. However, the
only alternative would have involved the complete closure of the manufacturing
business.
Instead, as a result of the restructuring of the manufacturing business, the
company has an opportunity to achieve a profitable and sustainable long-term
future. Braime Pressings Limited is forecasted to continue to lose money in 2010
but at a declining rate as new work comes on stream, and should move into long
term profit in 2011.
Cash flow and debt
The restructuring of the manufacturing business, specifically the change in the
customer base and the switch to cellular manufacturing, enabled us to eliminate
most of our work in progress, raw material stock and finished stock and to
significantly reduce debtors. As a result, the group generated a positive cash
inflow of GBP819,000, even after financing from cash GBP327,000 out of the total
of GBP705,000 invested in capital equipment in 2009.
The positive cash flow has enabled the company to substantially reduce its bank
debts during 2009 and to begin 2010 in a more solid financial position.
Staff
2009 has been a difficult year for all staff working through a time of recession
but particularly so for those within the manufacturing business, who have lived
with a great deal of uncertainty for much of 2009, had to manage or endure the
redundancies and finally do their best to cope with the enormous challenges
involved in the restructuring of the manufacturing business. This restructuring,
involving the installation and commissioning of new plant will continue
throughout 2010, and will be an ongoing challenge.
We thank all our staff for their hard work, energy and commitment to the
business.
Appointment of an additional non-executive director
I am delighted to announce the appointment of Andrew Walker as a non-executive
director. Andrew is a Leeds based Corporate Lawyer of national repute and he
will bring to the board his expertise in corporate and legal issues and his
wealth of experience gained from working closely with businesses over many
years.
Outlook
Losses in the manufacturing business will reduce substantially in 2010 before
the business moves towards profit in 2011. However the result in 2010 in this
division depends entirely on our ability to bring the new products and the new
automated lines on stream on time and in our achieving the planned levels of
productivity and machine utilization.
Customer demand has increased noticeably and the year has begun very positively
for the distribution division. However, competition becomes ever fiercer and
pricing remains under severe pressure. Additionally, as this business is so
heavily weighted towards export markets, the profitability of this part of the
group will always be very sensitive to movements in exchange rates.
Overall we expect in 2010 to continue the steady progress made in the past two
years.
Summarised Consolidated Income Statement for the year ended 31st December 2009
(audited)
+-------------------------------------+-------+-------------+-------------+
| | Note | 2009 | 2008 |
+-------------------------------------+-------+-------------+-------------+
| | | GBP | GBP |
+-------------------------------------+-------+-------------+-------------+
| Revenue | | 15,685,218 | 15,173,891 |
+-------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------+-------+-------------+-------------+
| Changes in inventories of finished | | | |
| goods and work in | | (406,362) | 689,836 |
| progress | | | |
+-------------------------------------+-------+-------------+-------------+
| Raw materials and consumables used | | (8,156,328) | (8,854,300) |
+-------------------------------------+-------+-------------+-------------+
| Employee benefits costs | | (3,685,404) | (3,599,505) |
+-------------------------------------+-------+-------------+-------------+
| Depreciation expense | | (302,865) | (189,879) |
+-------------------------------------+-------+-------------+-------------+
| Other expenses | | (2,434,978) | (2,644,005) |
+-------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------+-------+-------------+-------------+
| Profit from operations | | 699,281 | 576,038 |
+-------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------+-------+-------------+-------------+
| Finance costs | | (285,338) | (312,924) |
+-------------------------------------+-------+-------------+-------------+
| Finance income | | 211,049 | 264,009 |
+-------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------+-------+-------------+-------------+
| Profit before tax | | 624,992 | 527,123 |
+-------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------+-------+-------------+-------------+
| Tax expense | | (237,905) | (275,565) |
+-------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------+-------+-------------+-------------+
| Profit for the year attributable to | | | |
| equity shareholders of the parent | | 387,087 | 251,558 |
| company | | | |
+-------------------------------------+-------+-------------+-------------+
| | | | |
+-------------------------------------+-------+-------------+-------------+
| Basic and diluted earnings per | 1 | 26.88p | 17.47p |
| share | | | |
+-------------------------------------+-------+-------------+-------------+
Summarised Consolidated Statement of Comprehensive Income for the year ended
31st December 2009 (audited)
+-------------------------------------+----+-----------+----------+
| | | 2009 | 2008 |
+-------------------------------------+----+-----------+----------+
| | | GBP | GBP |
+-------------------------------------+----+-----------+----------+
| Profit for the year | | 387,087 | 251,558 |
+-------------------------------------+----+-----------+----------+
| | | | |
+-------------------------------------+----+-----------+----------+
| Actuarial gains recognised directly | | 76,000 | 60,000 |
| in equity | | | |
+-------------------------------------+----+-----------+----------+
| Foreign exchange (losses)/gains on | | | |
| re-translation of overseas | | (107,605) | 436,143 |
| operations | | | |
+-------------------------------------+----+-----------+----------+
| Adjustment in respect of minimum | | | |
| funding requirement per IFRIC14 | | (149,000) | - |
+-------------------------------------+----+-----------+----------+
| Other comprehensive income for the | | (180,605) | 496,143 |
| year | | | |
+-------------------------------------+----+-----------+----------+
| | | | |
+-------------------------------------+----+-----------+----------+
| Total comprehensive income for the | | 206,482 | 747,701 |
| year | | | |
+-------------------------------------+----+-----------+----------+
Summarised Consolidated Balance Sheet at 31st December 2009 (audited)
+------------------+------+------------+------------+------------+------------+
| | Note | 2009 | 2009 | 2008 | 2008 |
+------------------+------+------------+------------+------------+------------+
| | | GBP | GBP | GBP | GBP |
+------------------+------+------------+------------+------------+------------+
| Assets | | | | | |
+------------------+------+------------+------------+------------+------------+
| Non-current | | | | | |
| assets | | | | | |
+------------------+------+------------+------------+------------+------------+
| Property, plant | | | | | |
| and equipment | | 1,249,460 | | 850,758 | |
+------------------+------+------------+------------+------------+------------+
| Goodwill | | 12,270 | | 12,270 | |
+------------------+------+------------+------------+------------+------------+
| Employee | | - | | 140,000 | |
| benefits | | | | | |
+------------------+------+------------+------------+------------+------------+
| Total | | | 1,261,730 | | 1,003,028 |
| non-current | | | | | |
| assets | | | | | |
+------------------+------+------------+------------+------------+------------+
| | | | | | |
+------------------+------+------------+------------+------------+------------+
| Current assets | | | | | |
+------------------+------+------------+------------+------------+------------+
| Inventories | | 2,862,149 | | 3,344,011 | |
+------------------+------+------------+------------+------------+------------+
| Trade and other | | | | | |
| receivables | | 2,400,384 | | 2,644,375 | |
+------------------+------+------------+------------+------------+------------+
| Cash and cash | | 1,947,207 | | 1,753,273 | |
| equivalents | | | | | |
+------------------+------+------------+------------+------------+------------+
| Total current | | | 7,209,740 | | 7,741,659 |
| assets | | | | | |
+------------------+------+------------+------------+------------+------------+
| | | | | | |
+------------------+------+------------+------------+------------+------------+
| Total assets | | | 8,471,470 | | 8,744,687 |
+------------------+------+------------+------------+------------+------------+
| | | | | | |
+------------------+------+------------+------------+------------+------------+
| Liabilities | | | | | |
+------------------+------+------------+------------+------------+------------+
| Current | | | | | |
| liabilities | | | | | |
+------------------+------+------------+------------+------------+------------+
| Bank overdraft | | 1,159,966 | | 1,785,513 | |
+------------------+------+------------+------------+------------+------------+
| Trade and other | | 2,019,053 | | 1,954,625 | |
| payables | | | | | |
+------------------+------+------------+------------+------------+------------+
| Other financial | | 344,339 | | 306,746 | |
| liabilities | | | | | |
+------------------+------+------------+------------+------------+------------+
| Corporation tax | | - | | 112,413 | |
| liability | | | | | |
+------------------+------+------------+------------+------------+------------+
| Total current | | | 3,523,358 | | 4,159,297 |
| liabilities | | | | | |
+------------------+------+------------+------------+------------+------------+
| | | | | | |
+------------------+------+------------+------------+------------+------------+
| Non-current | | | | | |
| liabilities | | | | | |
+------------------+------+------------+------------+------------+------------+
| Financial | | 488,979 | | 289,539 | |
| liabilities | | | | | |
+------------------+------+------------+------------+------------+------------+
| Total | | | | | |
| non-current | | | 488,979 | | 289,539 |
| liabilities | | | | | |
+------------------+------+------------+------------+------------+------------+
| | | | | | |
+------------------+------+------------+------------+------------+------------+
| Total | | | 4,012,337 | | 4,448,836 |
| liabilities | | | | | |
+------------------+------+------------+------------+------------+------------+
| | | | | | |
+------------------+------+------------+------------+------------+------------+
| Total net assets | | | 4,459,133 | | 4,295,851 |
+------------------+------+------------+------------+------------+------------+
| | | | | | |
+------------------+------+------------+------------+------------+------------+
| Capital and | | | | | |
| reserves | | | | | |
| attributable to | | | | | |
| equity holders | | | | | |
| of the parent | | | | | |
| company | | | | | |
+------------------+------+------------+------------+------------+------------+
| Share capital | | | 360,000 | | 360,000 |
+------------------+------+------------+------------+------------+------------+
| Capital reserves | | | 77,319 | | 77,319 |
+------------------+------+------------+------------+------------+------------+
| Foreign exchange | | | 319,546 | | 427,151 |
| reserve | | | | | |
+------------------+------+------------+------------+------------+------------+
| Retained | | | 3,702,268 | | 3,431,381 |
| earnings | | | | | |
+------------------+------+------------+------------+------------+------------+
| | | | | | |
+------------------+------+------------+------------+------------+------------+
| Total equity | | | 4,459,133 | | 4,295,851 |
+------------------+------+------------+------------+------------+------------+
Summarised Consolidated Cash Flow Statement for the year ended 31st December
2009 (audited)
+---------------------+------+-----------+------------+-----------+------------+
| | Note | 2009 | 2009 | 2008 | 2008 |
+---------------------+------+-----------+------------+-----------+------------+
| | | GBP | GBP | GBP | GBP |
+---------------------+------+-----------+------------+-----------+------------+
| Operating | | | | | |
| activities | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Net profit | | | 387,087 | | 251,558 |
+---------------------+------+-----------+------------+-----------+------------+
| Adjustments for: | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Depreciation | | 302,865 | | 189,879 | |
+---------------------+------+-----------+------------+-----------+------------+
| Grants amortised | | (1,656) | | (1,656) | |
+---------------------+------+-----------+------------+-----------+------------+
| Foreign exchange | | | | | |
| (losses)/ gains | | (119,426) | | 567,471 | |
+---------------------+------+-----------+------------+-----------+------------+
| Investment | | (211,049) | | (264,009) | |
| income | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Interest expense | | 285,338 | | 312,924 | |
+---------------------+------+-----------+------------+-----------+------------+
| Gain on sale of | | | | | |
| plant, machinery | | | | | |
| and motor | | (8,748) | | (40,924) | |
| vehicles | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Decrease in | | | | | |
| provision and | | 57,000 | | 23,000 | |
| employee | | | | | |
| benefits | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Income tax | | 237,905 | | 275,565 | |
| expense | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| | | | 542,229 | | 1,062,250 |
+---------------------+------+-----------+------------+-----------+------------+
| Operating profit | | | | | |
| before changes | | | | | |
| in working | | | 929,316 | | 1,313,808 |
| capital and | | | | | |
| provisions | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Increase in | | | | | |
| trade and other | | 243,991 | | 68,790 | |
| receivables | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Decrease/(increase) | | | | | |
| in inventories | | 481,862 | | (808,340) | |
+---------------------+------+-----------+------------+-----------+------------+
| Increase/(decrease) | | | | | |
| in trade and other | | 89,643 | | (161,429) | |
| payables | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| | | | 815,496 | | (900,979) |
+---------------------+------+-----------+------------+-----------+------------+
| | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Cash generated | | | | | |
| from operations | | | 1,744,812 | | 412,829 |
+---------------------+------+-----------+------------+-----------+------------+
| | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Income taxes | | | (375,533) | | (352,311) |
| paid | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Investing | | | | | |
| activities | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Purchases of | | | | | |
| plant, machinery | | | | | |
| and motor | | (326,902) | | (119,621) | |
| vehicles | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Sale of plant, | | | | | |
| machinery and | | 8,750 | | 83,225 | |
| motor vehicles | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Interest | | 11,049 | | 57,009 | |
| received | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| | | | (307,103) | | 20,613 |
+---------------------+------+-----------+------------+-----------+------------+
| | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Financing | | | | | |
| activities | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Repayment of | | | | | |
| hire purchase | | (124,157) | | (107,513) | |
| creditors | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Interest paid | | (75,338) | | (111,924) | |
+---------------------+------+-----------+------------+-----------+------------+
| Dividends paid | | (43,200) | | - | |
+---------------------+------+-----------+------------+-----------+------------+
| | | | (242,695) | | (219,437) |
+---------------------+------+-----------+------------+-----------+------------+
| Increase/(decrease) | | | | | |
| in cash and cash | | | 819,481 | | (138,306) |
| equivalents | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Cash and cash | | | | | |
| equivalents, | | | (32,240) | | 106,066 |
| beginning of | | | | | |
| period | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
| Cash and cash | | | | | |
| equivalents, end | | | 787,241 | | (32,240) |
| of period | | | | | |
+---------------------+------+-----------+------------+-----------+------------+
Consolidated statement of changes in equity for the year ended 31st December
2009 (audited)
+-------------------+----------+---------+-----------+------------+------------+
| | | | Foreign | | |
| | Share | Capital | | Retained | |
| | | | Exchange | | Total |
| | Capital | Reserve | | Earnings | |
| | | | Reserve | | |
+-------------------+----------+---------+-----------+------------+------------+
| | GBP | GBP | GBP | GBP | GBP |
+-------------------+----------+---------+-----------+------------+------------+
| Balance at 1st | 360,000 | 77,319 | (8,992) | 3,119,823 | 3,548,150 |
| January 2008 | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Comprehensive | | | | | |
| income | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Profit | - | - | - | 251,558 | 251,558 |
+-------------------+----------+---------+-----------+------------+------------+
| | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Other | | | | | |
| comprehensive | | | | | |
| income | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Actuarial gains | | | | | |
| recognised | - | - | - | 60,000 | 60,000 |
| directly in | | | | | |
| equity | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Foreign exchange | | | | | |
| gains on | | | | | |
| re-translation of | - | - | 436,143 | - | 436,143 |
| overseas | | | | | |
| operations | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Total other | | | | | |
| comprehensive | - | - | 436,143 | 60,000 | 496,143 |
| income | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Total | - | - | 436,143 | 311,558 | 747,701 |
| comprehensive | | | | | |
| income | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Balance at 1st | 360,000 | 77,319 | 427,151 | 3,431,381 | 4,295,851 |
| January 2009 | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Comprehensive | | | | | |
| income | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Profit | - | - | - | 387,087 | 387,087 |
+-------------------+----------+---------+-----------+------------+------------+
| | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Other | | | | | |
| comprehensive | | | | | |
| income | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Actuarial gains | | | | | |
| recognised | - | - | - | 76,000 | 76,000 |
| directly in | | | | | |
| equity | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Foreign exchange | | | | | |
| losses on | | | | | |
| re-translation of | - | - | (107,605) | - | (107,605) |
| overseas | | | | | |
| operations | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Adjustment in | | | | | |
| respect of | | | | | |
| minimum funding | - | - | - | (149,000) | (149,000) |
| requirement per | | | | | |
| IFRIC14 | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Total other | | | | | |
| comprehensive | - | - | (107,605) | (73,000) | (180,605) |
| income | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Total | - | - | (107,605) | 314,087 | 206,482 |
| comprehensive | | | | | |
| income | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Transaction with | | | | | |
| owners | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Dividends | - | - | - | (43,200) | (43,200) |
+-------------------+----------+---------+-----------+------------+------------+
| Total | | | | | |
| transactions with | - | - | - | (43,200) | (43,200) |
| owners | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| | | | | | |
+-------------------+----------+---------+-----------+------------+------------+
| Balance at 31st | | | | | |
| December 2009 | 360,000 | 77,319 | 319,546 | 3,702,268 | 4,459,133 |
+-------------------+----------+---------+-----------+------------+------------+
Notes
1. Earnings per share and dividends
Both the basic and diluted earnings per share have been calculated using the net
results attributable to shareholders of T.F. & J.H. Braime (Holdings) P.L.C. as
the numerator.
The weighted average number of outstanding shares used for basic earnings per
share amounted to 1,440,000 (2008 - 1,440,000). There are no potentially
dilutive shares in issue.
+-+---------------------------------------+------------+------------+
| | Dividends paid | 2009 | 2008 |
+-+---------------------------------------+------------+------------+
| | Equity shares | | |
+-+---------------------------------------+------------+------------+
| | Ordinary shares | | |
+-+---------------------------------------+------------+------------+
| | Interim of 1.50p (2008 - nil) per | | |
| | share paid on 3rd April 2009 | 7,200 | - |
+-+---------------------------------------+------------+------------+
| | Interim of 1.50p (2008 - nil) per | | |
| | share paid on 16th October 2009 | 7,200 | - |
+-+---------------------------------------+------------+------------+
| | | 14,400 | - |
+-+---------------------------------------+------------+------------+
| | 'A' Ordinary shares | | |
+-+---------------------------------------+------------+------------+
| | Interim of 1.50p (2008 - nil) per | | |
| | share paid on 3rd April 2009 | 14,400 | - |
+-+---------------------------------------+------------+------------+
| | Interim of 1.50p (2008 - nil) per | | |
| | share paid on 16th October 2009 | 14,400 | - |
+-+---------------------------------------+------------+------------+
| | | 28,800 | - |
+-+---------------------------------------+------------+------------+
| | | | |
+-+---------------------------------------+------------+------------+
| | Total dividends paid | 43,200 | - |
+-+---------------------------------------+------------+------------+
| | | | |
+-+---------------------------------------+------------+------------+
| 2.| Cash and cash equivalents | 2009 | 2008 |
+-+---------------------------------------+------------+------------+
| | | GBP | GBP |
+-+---------------------------------------+------------+------------+
| | Cash at bank and in hand | 1,947,207 | 1,753,273 |
+-+---------------------------------------+------------+------------+
| | Bank overdrafts | 1,159,966 | 1,785,513 |
+-+---------------------------------------+------------+------------+
| | | 787,241 | (32,240) |
+-+---------------------------------------+------------+------------+
3. Major non-cash transaction
During the year the group acquired GBP378,354 (2008 - GBP48,125) of tangible
assets under hire purchase agreements.
4. Basis of preparation
The preliminary announcement has been prepared in accordance with applicable
International Financial Reporting Standards as adopted by the EU and applied in
accordance with the Companies Act 2006.
The financial statements have been prepared under the historical cost
convention. During 2009 the group has adopted IFRS 8, Operating Segments, and
the revised standard IAS 1, presentation of financial statements, which have
only impacted the disclosure and presentation of information and have not
resulted in restatement of comparative amounts. The group has also adopted
IFRIC 14 'IAS 19 - The limits, of a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction'. This revision has had an impact in that
the group can no longer recognise a pensions asset on its balance sheet as it
does not have an unconditional right to a surplus in the scheme. As a
consequence an asset that would previously have been recognised at 31st December
2009 of GBP149,000 has been debited to other comprehensive income. If this
policy had been adopted in earlier years then pension scheme assets of
GBP140,000 at 31st December 2008 and GBP97,000 at 31st December 2007 would not
have been recognised on the balance sheet and cumulative retained profits would
have been reduced accordingly. Other changes to IFRS, effective in 2009, have
resulted in no material changes to the group's financial statements.
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in Section 435 of the Companies Act
2006.
The summarised consolidated income statement, summarised consolidated statement
of comprehensive income, summarised consolidated balance sheet as at 31st
December 2009, summarised consolidated cash flow statement, consolidated
statement of changes in equity and associated notes for the year then ended,
have been extracted from the group's financial statements upon which the
auditors opinion in unqualified and does not include any statement under section
498(2) and 498(3) of the Companies Act 2006. Those financial statements have
not yet been delivered to the Registrar.
5. Annual general meeting
The annual general meeting of the company will be held in Leeds on Thursday 27th
May 2010. Full details will be included in the published annual report and
financial statements, which will be sent to shareholders by the 30th April 2010
and will also be available on the company's web-site (www.braimegroup.com) from
that date.
31st March 2010
For further information please contact:
T.F. & J.H. Braime (Holdings) P.L.C.
D. H. Brown FCA - Financial Director
0113 245 7491
W. H. Ireland Limited
Katy Mitchell LLB
0113 394 6628
This information is provided by RNS
The company news service from the London Stock Exchange
END
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