TIDMBMTO
RNS Number : 3244L
Braime Group PLC
04 September 2023
Braime Group PLC
("Braime" or the "Company" and together with its subsidiaries
the "Group")
Interim Results for the six months ended 30th June 2023
The Company presents its unaudited interims results for the six
months ended 30th June 2023:
Performance
At the time of our 2022 results announcement in April 2023, we
noted that the year had began positively for the Group, albeit the
post-pandemic economic effects, the energy crisis, and the Ukraine
war made it even more difficult than usual, to predict future
trading. The directors are therefore pleased to report that the
Group's performance has remained strong in the first half of
2023.
Group sales revenue for the first six months of 2023 increased
by 16% to GBP24.7m when compared to GBP21.3m for the same period in
2022, while profit from operations was GBP2.3m compared to GBP2.0m
(before exceptional item) for the same six month-period last year.
Profit before tax increased to GBP2.1m compared to GBP1.6m for the
same period in 2022. Profit after tax for the first six months of
2023 was GBP1.5m compared to GBP1.1m in 2022. We also noted at the
time of our announcement that the first quarter of 2023 saw the
different parts of the Group performing quite differently, with the
Asian regions relatively subdued, but with USA our key market,
remaining particularly buoyant. This trend has continued into the
second quarter of 2023.
The positive performance of the Group is despite Sterling
strengthening against the US dollar during the first half of 2023.
A significant proportion of the Group's income is earned in the
USA, and consequently, Sterling strengthening (GBP to USD of
1:1.2714 at the end of June 2023 compared to 1:1.204 at the end of
2022) results in a decrease in profit for the Group when reported
in Sterling. Similarly, as a result of Sterling strengthening
against other currencies, foreign currency losses have been
incurred by the UK companies, as they hold significant overseas
intercompany loan balances.
During the year, the Group has continued to improve its Hunslet
Road property, to enhance and maintain operational efficiencies.
These results include GBP300,000 of ground repair costs, where the
recent discovery of a second subterranean well to the rear of our
property well has resulted in a temporary diversion of our dispatch
operations.
Taking these factors into account, the underlying trading
performance of the Group in the first half of the year is
particularly pleasing.
Dividends
In line with the Group's policy to maintain dividend growth,
balanced alongside the Group's requirement for investment in
capital to support long-term growth, the directors have decided to
increase the interim dividend from 4.75p to 5.25p per share. This
dividend will be paid on 13th October 2023 to the Ordinary and 'A'
Ordinary shareholders on the register on the 29th September 2023.
The associated ex-dividend date is 28th September 2023.
Braime Pressings Limited
External sales revenue of GBP3.2m in the first 6 months of 2023
was 9% up on the same period last year, largely due to an increase
in steel commodity prices which has driven up sales revenues.
Intercompany sales also increased by GBP95,000, an increase of 4%.
The manufacturing division made a profit after tax of GBP507,000 in
the six-month period to June 2023, in line with the same period
last year.
4B Division
Our distribution division's external sales revenue of GBP21.5m
increased by 17% when compared to GBP18.3m for the same period last
year. Intercompany trading was GBP3.1m, unchanged from the same
period in 2022. As mentioned, the division has benefitted from an
increase in demand in the USA, in particular in our electronics
products, as customers have continued to invest in new projects
following the upturn in activity that we witnessed in 2022. EBITDA
rose by 13% to GBP2.6m. The results for the 4B division have been
negatively impacted by foreign currency fluctuations and profit
after tax for the 4B division for the six-month period increased by
11% to GBP1.5m compared to GBP1.4m for the same period last
year.
Balance Sheet
Net assets of the Group as at 30th June 2023 amounted to
GBP20.1m (30th June 2022 - GBP17.3m). Tangible fixed asset
additions during the period amounted to GBP784,000. Of this,
GBP359,000 relates to the enhancement of the chain cell facility
and GBP97,000 relates to the installation of additional solar
panels at our Leeds headquarters which takes our energy generated
from green solar PV to 310kwH. Other capital investments relate to
items of manufacturing and IT equipment, including GBP138,000
relating to a new moulding machine in the USA.
Inventory of GBP13.0m has increased by GBP1.9m when compared to
30th June 2022 but decreased by GBP264,000 when compared to 31st
December 2022. The increase from June 2022 was in part due to large
increases in raw material prices, and in part, due to stocking up
at the end of 2022 to meet increased customer demand. This
materialised in the first half of 2023 leading to the reduction in
inventory levels compared to the year end. Trade receivables of
GBP8.9m have increased by GBP445,000 when compared to 30th June
2022 as a consequence of the rise in revenue in 2023. Trade
payables of GBP7.1m have increased by GBP1.1m when compared to 30th
June 2022 but decreased by GBP1.5m when compared to 31st December
2022 reflecting the increase in activity as well as the stock
purchasing profile during the year.
Cash flow
The net cash position of the Group at the end of June 2023 was
GBP886,000 compared to an overdrawn balance as at 30th June 2022 of
GBP201,000. Cash generated from operations before working capital
movements was GBP1.7m. Working capital (inventory, receivables and
payables) increases for the six-month period came to GBP1.5m as a
consequence of increased trading activity outlined above.
Investment in capital projects gave rise to outflows of GBP784,000.
There were proceeds from new loans of GBP1.2m, of which GBP978,000
related to bank loan for the re-development of the chain cell, (as
reported in our end-of-year announcement in April 2023), with the
balance relating to robotic equipment financed under hire purchase
arrangements. Overall, net cash increased by GBP100,000 during the
six months to 30th June 2023. The business has good headroom within
its GBP3.5m bank overdraft facility and management remain focused
in ensuring that working capital requirements, particularly for
stock and debtors, are carefully monitored and controlled.
Principal exchange rates
The Group reports its results in Sterling, its presentational
currency. The Group operates in six other currencies and the
average of the principal exchange rates in use during the half year
and the closing rates as at 30th June 2023 are shown in the table
below, along with comparatives. As mentioned previously, a
significant proportion of the Group revenues are derived in the
USA. The Group has incurred foreign exchange losses as a result of
the strengthening of Sterling against the US Dollar since 31st
December 2022.
The loss on translation of overseas assets amounted to
GBP505,000 for the six-month period, as shown in the consolidated
statement of comprehensive income table on page 5.
Avg rate Avg rate Avg rate Closing Closing Closing
Currency Symbol HY 2023 HY 2022 FY 2022 rate rate rate
30th Jun 30th Jun 31st Dec
2023 2022 2022
------------------- ---------- --------- --------- ------------ ---------- ---------- ------------
Australian Dollar AUD 1.852 1.799 1.777 1.910 1.766 1.771
Chinese Renminbi
(Yuan) CNY 8.639 8.354 8.354 9.143 8.137 8.394
Euro EUR 1.146 1.184 1.170 1.165 1.162 1.128
South African
Rand ZAR 22.857 20.015 20.155 24.023 19.896 20.385
Thai Baht THB 42.678 43.586 43.159 44.906 42.926 44.589
United States
Dollar USD 1.2409 1.288 1.232 1.2714 1.214 1.204
------------------- ---------- --------- --------- ------------ ---------- ---------- ------------
Key performance indicators
The Group uses the following key performance indicators to
assess the performance of the Group as a whole and of the
individual businesses:
Key performance indicator Note Half year Half year Full year
2023 2022 2022
------------------------------------- ------- ------------ ------------ ------------
Turnover growth 1 16% 17.0% 23.3%
Gross margin 2 48.6% 47.2% 47.6%
Operating profit before exceptional 3 GBP2.31m GBP2.09m GBP4.45m
item
Stock days 4 187 days 181 days 206 days
Debtor days 5 57 days 63 days 64 days
------------------------------------- ------- ------------ ------------ ------------
Notes to KPI's
1. Turnover growth
The Group aims to increase shareholder value by measuring the
year-on-year growth in Group revenue. Revenues are up due to the
strong demand in the material handling sectors and a rise in raw
material prices.
2. Gross margin
Gross profit (revenue less change in inventories and raw
materials used) as a percentage of revenue is monitored to maximise
profits available for reinvestment and distribution to
shareholders. Gross margin is ahead of the same period last year as
strong demand has provided the opportunity to increase selling
prices on certain product ranges. The directors continue to monitor
the margins carefully for further movement.
3. Operating profit
Sustainable growth in operating profit is a strategic priority
to enable ongoing investment and increase shareholder value.
Operating profits have improved as a direct result of the increase
in sales in both the manufacturing and the 4B division and a
reduction in property repair costs.
4. Stock days
The value of period-end inventories divided by raw materials and
consumables used and changes in inventories of finished goods and
work in progress expressed as a number of days is monitored to
ensure the right level of stocks are held in order to meet customer
demands whilst not carrying excessive amounts which impacts upon
working capital requirements. Stock days have increased from the
level as at June 2022 as a result of increased inventory unit
prices and but decreased compared to stock days as at December 2022
as stock built up at the end of 2022 have been utilised. Management
are focused on reducing the level of stock days.
5. Debtor days
The value of period-end trade receivables divided by revenue
expressed as a number of days. This is an important indicator of
working capital requirements. It is pleasing to see that debtor
days at 57 days are lower than the equivalent figure as at June
2022 and from the figure as at December 2022 despite the increase
in sales activity. Management remain focused on reducing this to
improve cash.
Other metrics monitored weekly or monthly include quality
measures (such as customer complaints), raw materials buying
prices, capital expenditure, line utilisation, reportable accidents
and near-misses.
Outlook for the second half of 2023
4B USA remains buoyant as the US economy continues its post
Covid boom; but historically is likely to be negatively affected by
the usual uncertainty and delays in committing to new Capex
investments as the US approaches a Presidential election in
2024.
Our subsidiaries in the Asia region, 4B China, 4B Asia and 4B
Australia are all affected by the very unusual current recession in
the Asian economies and 4B France is now starting to feel the same
downturn in the EU. However, both our UK operations are still
performing well. 4B Braime Components has recently launched
globally several exciting new products and Braime Pressings in the
autumn will be trialing two new very promising long-term
contracts.
Overall, we think 2023 will continue the run of good results in
recent years, even though it is unlikely that the Group will be
able to repeat last year's record result, because global trading
conditions have deteriorated substantially. In 2024 and in the
longer term, the Group remains well placed to make further
progress. Our hard-working staff have become accustomed to
successfully overcoming new challenges and outperforming the
general market. Meanwhile the Board continues to focus on
developing new products and new markets.
Employees
All our employees in the Group, regardless of location continue
to make a major contribution and we thank them for their
efforts.
For further information please contact:
Nicholas Braime - Chairman
Cielo Cartwright - Chief Financial Officer
0113 245 7491
W. H. Ireland Limited
Katy Mitchell
0113 394 6628
Unaudited Unaudited
Braime Group PLC 6 months 6 months Audited
Consolidated income statement for to to year to
the six months Note 30th June 30th June 31st December
ended 30th June 2023 2023 2022 2022
GBP'000 GBP'000 GBP'000
------------------------------------------- ------- ----------- ----------- ---------------
Revenue 24,706 21,308 44,879
Changes in inventories of finished
goods and work in progress (49) 841 2,925
Raw materials and consumables used (12,650) (12,099) (26,456)
Employee benefits costs (5,398) (4,859) (10,260)
Depreciation expense (828) (738) (1,535)
Other expenses (3,503) (2,568) (5,391)
Other operating income 36 200 287
------------------------------------------- ------- ----------- ----------- ---------------
Profit from operations before exceptional
item 2,314 2,085 4,449
Exceptional item - (350) (350)
------------------------------------------- ------- ----------- ----------- ---------------
Profit from operations 2,314 1,735 4,099
Finance costs (199) (127) (282)
Finance income - - 5
------------------------------------------- ------- ----------- ----------- ---------------
Profit before tax 2,115 1,608 3,822
Tax expense (605) (477) (1,101)
------------------------------------------- ------- ----------- ----------- ---------------
Profit for the period 1,510 1,131 2,721
------------------------------------------- ------- ----------- ----------- ---------------
Profit attributable to:
Owners of the parent 1,478 1,123 2,768
Non-controlling interests 32 8 (47)
------------------------------------------- ------- ----------- ----------- ---------------
1,510 1,131 2,721
------------------------------------------- ------- ----------- ----------- ---------------
Basic and diluted earnings per share 2 104.86p 78.54p 188.96p
Unaudited Unaudited
Braime Group PLC 6 months 6 months Audited
Consolidated statement of comprehensive to to year to
income for the six months 30th June 30th June 31st December
ended 30th June 2023 2023 2022 2022
GBP'000 GBP'000 GBP'000
--------------------------------------------------- ----------- ----------- ---------------
Profit for the period 1,510 1,131 2,721
--------------------------------------------------- ----------- ----------- ---------------
Items that will not be reclassified subsequently
to profit or loss
Net pension remeasurement gain on post-employment
benefits - - 128
Items that may be reclassified subsequently
to profit or loss
Foreign exchange (losses)/gains on re-translation
of overseas operations (505) 604 815
Other comprehensive income for the period (505) 604 943
--------------------------------------------------- ----------- ----------- ---------------
Total comprehensive income for the period 1,005 1,735 3,664
--------------------------------------------------- ----------- ----------- ---------------
Total comprehensive income attributable
to:
Owners of the parent 955 1,735 3,727
Non-controlling interests 50 - (63)
--------------------------------------------------- ----------- ----------- ---------------
1,005 1,735 3,664
--------------------------------------------------- ----------- ----------- ---------------
The foreign currency movements arise on the re-translation of
overseas subsidiaries' opening balance sheets at closing rates.
Unaudited Unaudited Audited
6 months 6 months year to
Braime Group PLC to to 31st
Consolidated balance sheet at 30th June 30th June 30th June December
2023 2023 2022 2022
GBP'000 GBP'000 GBP'000
----------------------------------------------- ----------- ----------- ----------
Non-current assets
Property, plant and equipment 9,841 9,142 9,782
Intangible assets 561 709 636
Right of use assets 380 534 425
Total non-current assets 10,782 10,385 10,843
----------------------------------------------- ----------- ----------- ----------
Current assets
Inventories 13,025 11,174 13,289
Trade and other receivables 8,915 8,470 8,760
Cash and cash equivalents 1,965 1,533 1,458
----------------------------------------------- ----------- ----------- ----------
Total current assets 23,905 21,177 23,507
----------------------------------------------- ----------- ----------- ----------
Total assets 34,687 31,562 34,350
----------------------------------------------- ----------- ----------- ----------
Current liabilities
Bank overdraft 1,079 1,734 672
Trade and other payables 7,139 6,073 8,635
Other financial liabilities 3,931 2,715 3,219
Corporation tax liability 85 177 195
----------------------------------------------- ----------- ----------- ----------
Total current liabilities 12,234 10,699 12,721
----------------------------------------------- ----------- ----------- ----------
Non-current liabilities
Financial liabilities 2,294 2,554 2,343
Deferred income tax liability 90 36 92
Provision for liabilities - 939 -
----------------------------------------------- ----------- ----------- ----------
Total non-current liabilities 2,384 3,529 2,435
----------------------------------------------- ----------- ----------- ----------
Total liabilities 14,618 14,228 15,156
----------------------------------------------- ----------- ----------- ----------
Total net assets 20,069 17,334 19,194
----------------------------------------------- ----------- ----------- ----------
Capital and reserves
Share capital 360 360 360
Capital reserve 257 257 257
Foreign exchange reserve 219 523 742
Retained earnings 19,439 16,387 18,091
----------------------------------------------- ----------- ----------- ----------
Total equity attributable to the shareholders
of the parent company 20,275 17,527 19,450
Non-controlling interests (206) (193) (256)
----------------------------------------------- ----------- ----------- ----------
Total equity 20,069 17,334 19,194
----------------------------------------------- ----------- ----------- ----------
Unaudited Unaudited Audited
Braime Group PLC 6 months 6 months year to
Consolidated cash flow statement to to 31st December
for the six months Note 30th June 30th June 2022
ended 30th June 2023 2023 2022
GBP'000 GBP'000 GBP'000
----------------------------------------- ------- ----------- ----------- ---------------
Operating activities
Net profit 1,510 1,131 2,721
----------------------------------------- ------- ----------- ----------- ---------------
Adjustments for:
Depreciation 828 738 1,535
Foreign exchange (losses)/gains (398) 480 622
Finance income - - (5)
Finance expense 199 127 282
Gain on sale of plant, machinery
and motor vehicles (20) (186) (188)
Adjustment in respect of defined
benefit scheme - - 132
Income tax expense 605 477 1,101
Income taxes paid (794) (310) (759)
----------------------------------------- ------- ----------- ----------- ---------------
Operating profit before changes
in working capital and provisions 1,930 2,457 5,441
----------------------------------------- ------- ----------- ----------- ---------------
Increase in trade and other receivables (79) (2,278) (2,669)
Decrease/(increase) in inventories 264 (1,050) (3,165)
(Decrease)/increase in trade and
other payables (1,647) 1,664 4,870
Decrease in provisions - (115) (1,054)
(1,462) (1,779) (2,018)
----------------------------------------- ------- ----------- ----------- ---------------
Cash generated from operations 468 678 3,423
----------------------------------------- ------- ----------- ----------- ---------------
Investing activities
Purchases of property, plant, machinery
and motor vehicles (784) (1,618) (2,053)
Purchase of intangible assets - - (725)
Sale of plant, machinery and motor
vehicles 20 218 216
Interest received - - 1
----------------------------------------- ------- ----------- ----------- ---------------
(764) (1,400) (2,561)
----------------------------------------- ------- ----------- ----------- ---------------
Financing activities
Proceeds from long term borrowings 1,191 236 236
Repayment of borrowings (237) (233) (392)
Repayment of hire purchase creditors (86) (73) (158)
Repayment of lease liabilities (143) (138) (268)
Bank interest paid (163) (92) (210)
Lease interest paid (24) (29) (60)
Hire purchase interest paid (12) (6) (11)
Dividends paid (130) (118) (187)
----------------------------------------- ------- ----------- ----------- ---------------
396 (453) (1,050)
----------------------------------------- ------- ----------- ----------- ---------------
Increase/(decrease) in cash and cash
equivalents 100 (1,175) (188)
Cash and cash equivalents, beginning
of period 786 974 974
----------------------------------------- ------- ----------- ----------- ---------------
Cash and cash equivalents (including
overdrafts), end of period 3 886 (201) 786
----------------------------------------- ------- ----------- ----------- ---------------
Braime Group PLC
Consolidated statement
of Foreign
changes in equity Share Capital Exchange Retained Minority Total
for the Capital Reserve Reserve Earnings Total Interests Equity
six months ended
30th June 2023
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 1st January
2023 360 257 742 18,091 19,450 (256) 19,194
Comprehensive income
Profit - - - 1,478 1,478 32 1,510
Other comprehensive
income
Foreign exchange
(loss)/gain
on re-translation
of overseas operations - - (523) - (523) 18 (505)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total other comprehensive
income - - (523) - (523) 18 (505)
Total comprehensive
income - - (523) 1,478 955 50 1,005
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Transactions with
owners
Dividends - - - (130) (130) - (130)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total transactions
with owners - - - (130) (130) - (130)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 30th
June 2023 360 257 219 19,439 20,275 (206) 20,069
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Braime Group PLC
Consolidated statement
of Foreign
changes in equity Share Capital Exchange Retained Minority Total
for the Capital Reserve Reserve Earnings Total Interests Equity
six months ended
30th June 2022
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 1st January
2022 360 257 (89) 15,382 15,910 (193) 15,717
Comprehensive income
Profit - - - 1,123 1,123 8 1,131
Other comprehensive
income
Foreign exchange
gain/(loss) on re-translation
of overseas
operations - - 612 - 612 (8) 604
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total other comprehensive
income - - 612 - 612 (8) 604
Total comprehensive
income - - 612 1,123 1,735 - 1,735
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Transactions with
owners
Dividends - - - (118) (118) - (118)
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total transactions
with owners - - - (118) (118) - (118)
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 30th
June 2022 360 257 523 16,387 17,527 (193) 17,334
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Braime Group PLC
Consolidated statement
of Foreign
changes in equity Share Capital Exchange Retained Minority Total
for the Capital Reserve Reserve Earnings Total Interests Equity
year ended 31st
December
2022
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 1st January
2022 360 257 (89) 15,382 15,910 (193) 15,717
Comprehensive income
Profit - - - 2,768 2,768 (47) 2,721
Other comprehensive
income
Net pension remeasurement
gain recognised
directly in
equity - - - 128 128 - 128
Foreign exchange
losses on
re-translation of
overseas
operations - - 831 - 831 (16) 815
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total other comprehensive
income - - 831 128 959 (16) 943
Total comprehensive
income - - 831 2,896 3,727 (63) 3,664
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Transactions with
owners
Dividends - - - (187) (187) - (187)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total transactions
with owners - - - (187) (187) - (187)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 31st
December
2022 360 257 742 18,091 19,450 (256) 19,194
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
1. Accounting policies
Basis of preparation
The interim financial report has been prepared using accounting
policies that are consistent with those used in the preparation of
the full financial statements to 31st December 2022 and those which
management expects to apply in the Group's full financial
statements to 31st December 2023.
This interim financial report is unaudited. The comparative
financial information set out in this interim financial report does
not constitute the Group's statutory accounts for the period ended
31st December 2022 but is derived from the accounts. Statutory
accounts for the period ended 31st December 2022 have been
delivered to the Registrar of Companies. The auditors have reported
on those accounts. Their audit report was unqualified and did not
contain any statements under Section 498 of the Companies Act
2006.
The Group's condensed interim financial information has been
prepared in accordance with International Financial Reporting
Standards ('IFRS') as adopted for the use in the European Union and
in accordance with IAS 34 'Interim Financial Reporting' and the
accounting policies included in the Annual Report for the year
ended 31st December 2022, which have been applied consistently
throughout the current and preceding periods.
The Group has adopted the following new or amended standards as
of 1st January 2023 and beyond:
(a) New and amended standards adopted by the Group:
-- IAS12 - International Tax Reform - Pillar Two Model Rules -
Introduces exception in relation to the OECD Pillar Two income
taxes. Specifically, an entity does not recognise deferred tax
assets and liabilities related to the OECD Pillar Two income taxes
and is exempt from providing 'normal' IAS 12 disclosures in
relation to them. Also adds related disclosures which are effective
for annual periods beginning on or after 1st January 2023 - see
below - effective immediately (subject to any local endorsement
requirements).
-- IFRS 17 Insurance Contracts - Establishes new principles for
the recognition, measurement, presentation and disclosure of
insurance contracts issued, reinsurance contracts held and
qualifying investment contracts with discretionary participation
features issued - effective accounting periods on or after 1st
January 2023.
-- Amendments to IFRS 17 - Initial Application of IFRS 17 &
IFRS 9 - Comparative Information - Helps entities to avoid
temporary accounting mismatches by allowing an option relating to
comparative information about financial assets presented on initial
application of IFRS 17 - effective accounting periods beginning on
or after 1st January 2023.
-- Amendments to IAS 1 and IFRS Practice Statement 2 -
Disclosure of Accounting Policies - Changes requirements from
disclosing 'significant' to 'material' accounting policies and
provides explanations and guidance on how to identify material
accounting policies - effective accounting periods beginning on or
after 1st January 2023.
-- Amendments to IAS 8 - Definition of Accounting Estimates -
Clarifies how to distinguish changes in accounting policies from
changes in accounting estimates - effective accounting periods
beginning on or after 1st January 2023.
-- Amendments to IAS 12 - Deferred Tax related to Assets and
Liabilities arising from a Single Transaction - Introduces an
exception to clarify that the 'initial recognition exemption' does
not apply to transactions that give rise to equal taxable and
deductible timing differences - effective accounting periods
beginning on or after 1st January 2023.
-- Amendments to IAS 12 - International Tax Reform - Pillar Two
Model Rules - Adds disclosures relating to the impacts of Pillar
Two income tax legislation. Also introduces a temporary exception
to the associated accounting for deferred taxes, which is effective
immediately- see above - effective accounting periods beginning on
or after 1st January 2023.
(b) New standards, amendments and interpretations issued but
effective for the financial year beginning 1st January 2024 and not
early adopted:
-- Amendments to IAS 1 - Classification of Liabilities as
Current or Non-current - Clarifies that the classification of
liabilities as current or non-current should be based on rights
that exist at the end of the reporting period - effective
accounting periods beginning on or after 1st January 2024.
-- Amendments to IAS 1 - Non-current Liabilities with Covenants
- Clarifies that only those covenants with which an entity must
comply on or before the end of the reporting period affect the
classification of a liability as current or non-current - effective
accounting periods beginning on or after 1st January 2024.
-- Amendments to IFRS 16 - Lease Liability in a Sales and
Leaseback - Specifies requirements relating to measuring the lease
liability in a sale and leaseback transaction after the date of the
transaction - effective accounting periods beginning on or after
1st January 2024.
-- Amendments to IAS 7 and IFRS 7 - Supplier Finance
Arrangements - Requires an entity to provide additional disclosures
about its supplier finance arrangements - effective accounting
periods beginning on or after 1st January 2024.
The application and interpretations surrounding the new or
amended standards is not expected to have a material impact on the
Group's reported financial performance or position. However, they
may give rise to additional disclosures being made in the financial
statements.
2. Earnings per share and dividends
Both the basic and diluted earnings per share have been
calculated using the net results attributable to shareholders of
Braime Group PLC as the numerator.
The weighted average number of outstanding shares used for basic
earnings per share amounted to 1,440,000 (2022 - 1,440,000). There
are no potentially dilutive shares in issue.
6 months
to
30th June
2023
GBP'000
------------------------------------------------------ ---------------
Dividends paid on equity shares
Ordinary shares
Interim of 9.00p per share paid on 26th May 2023 43
'A' Ordinary shares
Interim of 9.00p per share paid on 26th May 2023 87
------------------------------------------------------ ---------------
Total dividends paid 130
------------------------------------------------------ ---------------
Year to
31st December
2022
GBP'000
------------------------------------------------------ ---------------
Dividends paid on equity shares
Ordinary shares
Interim of 8.20p per share paid on 24th May 2022 39
Interim of 4.75p per share paid on 14th October 2022 23
------------------------------------------------------ ---------------
62
------------------------------------------------------ ---------------
'A' Ordinary shares
Interim of 8.20p per share paid on 24th May 2022 79
Interim of 4.75p per share paid on 14th October 2022 46
------------------------------------------------------ ---------------
125
------------------------------------------------------ ---------------
Total dividends paid 187
------------------------------------------------------ ---------------
3. Cash and cash equivalents
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st December
30th June 30th June 2022
2023 2022
GBP'000 GBP'000 GBP'000
-------------------------- ------------ ------------ ---------------
Cash at bank and in hand 1,965 1,533 1,458
Bank overdrafts (1,079) (1,734) (672)
-------------------------- ------------ ------------ ---------------
886 (201) 786
-------------------------- ------------ ------------ ---------------
4. Segmental information
Unaudited 6 months to
30th June 2023
Central Manufacturing Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------------- ------------- --------
Revenue
External - 3,247 21,459 24,706
Inter company 1,061 2,694 3,095 6,850
--------------------------------- -------- -------------- ------------- --------
Total 1,061 5,941 24,554 31,556
--------------------------------- -------- -------------- ------------- --------
Profit
EBITDA (including exceptional
item) (32) 583 2,591 3,142
Finance costs (101) (46) (52) (199)
Depreciation (351) (20) (457) (828)
Tax expense (15) (10) (580) (605)
--------------------------------- -------- -------------- ------------- --------
(Loss)/profit for the period (499) 507 1,502 1,510
--------------------------------- -------- -------------- ------------- --------
Assets
Total assets 7,550 9,922 17,215 34,687
Additions to non-current assets 567 22 315 904
Liabilities
Total liabilities 2,975 3,602 8,041 14,618
Unaudited 6 months to
30th June 2022
Central Manufacturing Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------------- ------------- --------
Revenue
External - 2,986 18,322 21,308
Inter company 939 2,599 3,067 6,605
--------------------------------- -------- -------------- ------------- --------
Total 939 5,585 21,389 27,913
--------------------------------- -------- -------------- ------------- --------
Profit
EBITDA (375) 553 2,295 2,473
Finance costs (58) (19) (50) (127)
Depreciation (294) (18) (426) (738)
Tax expense (15) - (462) (477)
--------------------------------- -------- -------------- ------------- --------
(Loss)/profit for the period (742) 516 1,357 1,131
--------------------------------- -------- -------------- ------------- --------
Assets
Total assets 6,482 7,956 17,124 31,562
Additions to non-current assets 750 8 876 1,634
Liabilities
Total liabilities 2,317 3,637 8,274 14,228
Audited year to
31st December 2022
Central Manufacturing Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------------- ------------- --------
Revenue
External - 6,688 38,191 44,879
Inter company 1,880 5,149 8,087 15,116
--------------------------------- -------- -------------- ------------- --------
Total 1,880 11,837 46,278 59,995
--------------------------------- -------- -------------- ------------- --------
Profit
EBITDA (including exceptional
item) (183) 1,118 4,699 5,634
Finance costs (114) (63) (105) (282)
Finance income - 4 1 5
Depreciation (612) (35) (888) (1,535)
Tax expense (198) - (903) (1,101)
--------------------------------- -------- -------------- ------------- --------
(Loss)/profit for the period (1,107) 1,024 2,804 2,721
--------------------------------- -------- -------------- ------------- --------
Assets
Total assets 7,225 9,206 17,919 34,350
Additions to non-current assets 1,886 8 922 2,816
Liabilities
Total liabilities 1,918 3,771 9,467 15,156
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END
IR USOVROUUKRAR
(END) Dow Jones Newswires
September 04, 2023 11:34 ET (15:34 GMT)
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