Source - RNS
RNS Number : 8478K
Braime (T.F.& J.H.) (Hldgs) PLC
27 September 2016
 

 

T.F. & J.H. BRAIME (HOLDINGS) P.L.C.

("Braime" or the "Company")

Interim Results For the six months ended 30th June 2016

 

 

Performance

Group sales revenue for the first six months of 2016 increased by 1% to £13,619,000 (2015 - £13,487,000) but profit before tax increased by 14% to £464,000 and profit after tax by 15% to £324,000 compared to £282,000 in the comparable period of 2015.

 

Given the very weak demand level and outlook at the turn of the year, the directors regard the interim result as satisfactory.

 

Dividends

The directors have decided to maintain the interim dividend unchanged at 2.90p per share.  This dividend will be paid on the 21st October 2016 to the Ordinary and "A" Ordinary shareholders on the register on 14th October 2016. The associated ex-dividend date will be 13th October 2016

 

Braime Pressings Limited

The year started out with low demand from Europe for new or replacement parts for commercial vehicles as the EU economies remained flat, but there has been an increase in activity in recent months. The manufacturing business has also finally begun to benefit from some improvements in productivity and losses have been reduced. 

 

4B Division

In the early months of 2016, monthly sales by 4B Braime, particularly within the UK, continued at the worryingly low levels experienced at the end of 2015, in part because of the uncertainty prior to the Referendum. During the first six months of 2016, the monthly results remained stubbornly below budget and well below the equivalent months in 2015.

 

Then immediately after the unexpected result of the Referendum, 4B Braime had three strong sales months as pent up demand was released in the UK agricultural sector. Meanwhile margins on export sales, made since the start of the second half of the year, have improved substantially due to the sudden 10% fall in the value of the Pound following the Brexit decision and the company is now trading at comparable levels to prior year.

 

At 4B France, 2016 started brightly but severe weather in the spring and early summer has led to a poor harvest and many customers have now reduced their planned expenditure for the remainder of the year.

 

The other overseas subsidiaries have had a much better start to the year than they had feared and generally remain positive about the final result for the year, although there are signs of the usual slowdown in the USA as the Presidential Election approaches.

 

Cash Flow.

Cash throughout the first six months of the year remained tight. This is the period when outgoings are normally high as both the tax and dividends for the previous year become due. This situation was exacerbated by the unusually low sales revenue in the UK companies in the first months of 2016 and capital investment and improvements at the Hunslet Road site.

 

However the "Headroom" - the difference between the maximum amount of borrowing facility available to the group and the amount of borrowing actually needed at any one time to pay the ongoing costs of the business and for investments - has gradually improved and is predicted to continue to do so throughout the second half of 2016.

 

 

 

 

 

 

 

 

The business continues to focus on reducing group stocks and the cash it ties up in working capital. Meanwhile the group has been able to continue its policy of investing in new equipment to improve productivity.

 

Forecast for the second half of 2016.

Given the global spread of sales, the group is always going to be exposed to the sudden effects of unexpected economic events elsewhere. However, overall, we are reasonably optimistic of achieving a solid result in 2016.

 

For further information please contact:

T.F. & J.H. Braime (Holdings) P.L.C.

O. N. A. Braime - Chairman

0113 245 7491

 

W. H. Ireland Limited

Katy Mitchell

0113 394 6628                     

 

 

 

 

 



T.F. & J.H. Braime (Holdings) P.L.C.

 

Consolidated income statement

For the six months ended 30th June 2016

-----------------


 

 

 

Note

Unaudited 
6 months to 

30th June 
2016 

Unaudited 
6 months to 

30th June 
2015 

Audited 

year to 31st  December  2015 



£ 

£ 

£ 






Revenue


13,619,008 

13,487,175 

26,470,084 






Changes in inventories of finished goods and work in progress


 

224,198 

 

424,534 

 

886,480 

Raw materials and consumables used


(7,625,329)

(7,975,378)

(15,529,776)

Employee benefits costs


(3,151,829)

(2,848,956)

(6,022,492)

Depreciation expense


(390,290)

(342,441)

(758,589)

Other expenses


(2,148,239)

(2,305,874)

(4,148,272)






Profit from operations


527,519 

439,060 

897,435 






Profit on disposal of tangible fixed assets


14,750 

1,158,140 

Finance costs


(64,523)

(53,505)

(116,830)

Finance income


580 

5,870 

11,726 






Profit before tax


463,576 

406,175 

1,950,471 






Tax expense


(139,289)

(123,833)

(408,937)






Profit for the period


324,287 

282,342 

1,541,534 






Profit attributable to :





Owners of the parent


384,521 

305,646 

1,584,748 

Non-controlling interests


(60,234)

(23,304)

(43,214)



324,287 

282,342 

1,541,534 






Basic and diluted earnings per share

2

22.52p 

19.61p 

107.05p 

 

 

 

 

 

T.F. & J.H. Braime (Holdings) P.L.C.

Consolidated statement of comprehensive income

For the six months ended 30th June 2016

 


Unaudited 

6 months to 

 30th June 

2016 

Unaudited 

6 months to 

 30th June 

2015 

Audited 

year to 31st  December  2015 


£ 

£ 

£ 





Profit for the period

324,287 

282,342 

1,541,534 





Items that will not be reclassified subsequently to profit or loss




Net pension remeasurement gain on post employment benefits

10,000 





Items that may be reclassified subsequently to profit or loss




Foreign exchange losses on re-translation of overseas operations

(151,517)

(167,627)

 

(146,822)





Other comprehensive income for the period

(151,517)

(167,627)

(136,822)





Total comprehensive income for the period

172,770 

114,715 

1,404,712 





Total comprehensive income attributable to:




Owners of the parent

233,004 

138,019 

1,447,926 

Non-controlling interests

(60,234)

(23,304)

(43,214)


172,770 

114,715 

1,404,712 

 

The foreign currency movements arise on the re-translation of overseas subsidiaries' opening balance sheets at closing rates.

 

 

 

 

T.F. & J.H. Braime (Holdings) P.L.C.

Consolidated balance sheet

At 30th June 2016

 


Unaudited  

6 months to  

30th June  

2016  

Unaudited  

6 months to  

30th June  

2015  

Audited 

year to 31st  

December  

2015  


£  

£  

£  





Non-current assets




Property, plant and equipment

5,285,297  

4,414,976  

4,677,456  

Goodwill

12,270  

12,270  

12,270  

Financial assets

26,180  

77,096  

51,877  





Total non-current assets

5,323,747  

4,504,342  

4,741,603  





Current assets




Inventories

5,887,955  

5,218,773  

5,719,654  

Trade and other receivables

5,712,176  

5,028,829  

5,005,099  

Financial assets

50,918  

49,056  

57,777  

Cash and cash equivalents

1,243,172  

801,577  

931,018  





Total current assets

12,894,221  

11,098,235  

11,713,548  





Total assets

18,217,968  

15,602,577  

16,455,151  





Current liabilities




Bank overdraft

(1,517,675) 

(1,094,170) 

(615,038) 

Trade and other payables

(4,173,632) 

(4,178,533) 

(4,053,220) 

Other financial liabilities

(1,981,539) 

(1,278,021) 

(1,498,171) 

Corporation tax liability

(177,586) 

(37,867) 

(66,854) 





Total current liabilities

(7,850,432) 

(6,588,591) 

(6,233,283) 





Non-current liabilities




Financial liabilities

(1,425,702) 

(1,442,491) 

(1,363,524) 

Deferred income tax liability

(230,235) 

(191,623) 

(230,235) 





Total non-current liabilities

(1,655,937) 

(1,634,114) 

(1,593,759) 





Total liabilities

(9,506,369) 

(8,222,705) 

(7,827,042) 





Total net assets

8,711,599 

7,379,872 

8,628,109 





Capital and reserves




Share capital

360,000 

360,000 

360,000 

Capital reserve

257,319 

257,319 

257,319 

Foreign exchange reserve

(210,098)

(79,386)

(58,581)

Retained earnings

8,489,708 

6,947,125 

8,194,467 

Total equity attributable to the shareholders

of the parent

 

8,896,929 

 

7,485,058 

 

8,753,205 

Non-controlling interests

(185,330)

(105,186)

(125,096)

Total equity

8,711,599 

7,379,872 

8,628,109 

 



T.F. & J.H. Braime (Holdings) P.L.C.

Consolidated cash flow statement

For the six months ended 30th June 2016

 

 

 

 

Note

Unaudited 

6 months to 

30th June 

2016 

Unaudited 

6 months to 

30th June 

2015 

Audited 

year to 31st  December 

2015 



£ 

£ 

£ 

 





 

Net profit


324,287  

282,342 

1,541,534 

 






 





 


390,290  

342,441 

758,589 

 


(6,568) 

(828)

(1,656)

 

Foreign exchange losses


(151,517) 

(163,125)

(146,677)

 


(580) 

(5,870)

(11,726)

 


64,523  

53,505 

116,830 

 


 

-   

 

(14,750)

 

(1,158,140)

 

Adjustment in respect of defined benefit scheme

-   

13,000 

 


139,289  

123,833 

408,937 

 

Income taxes paid


(28,557) 

(273,020)

(490,525)

 

Operating activities before changes in working capital and provisions


 

731,167 

 

344,528 

 

1,030,166 

 






 

Increase in trade and other receivables

(707,077)

(117,721)

(93,991)

 


(168,301)

(330,590)

(831,471)

 


444,450 

276,825 

329,488 

 






 



(430,928)

(171,486)

(595,974)

 






 

Cash generated from operations


300,239 

173,042

434,192 

 






 





 

Purchases of property, plant, machinery and motor vehicles

 

(657,387) 

 

(536,905)

 

(1,010,401)

 


-   

14,750 

1,190,561 

 

Interest received


580  

5,870 

8,726 

 



(656,807)

(516,285)

188,886 

 






 





 


425,000 

300,000 

 


32,556 

73,848 

90,346 

 


(35,464)

(99,351)

(171,020)

 


(77,204)

(57,843)

(130,335)

 


(64,523)

(53,505)

(116,830)

 

Dividend paid


(89,280)

(89,280)

(131,040)

 






 



(233,915)

198,869 

(158,879)

 


(590,483)

(144,374)

464,199 

 

Cash and cash equivalents, beginning of period


315,980 

 (148,219)

(148,219)

 

Cash and cash equivalents (including overdrafts), end of period

 

3

 

(274,503)

 

(292,593)

 

315,980 

 


T.F. & J.H. Braime (Holdings) P.L.C.

Consolidated statement of changes in equity

For the six months ended 30th June 2016

 

 


 

Share

Capital

 

Capital  Reserve

Foreign Exchange Reserve

 

Retained  Earnings 

 

 

Total 

 

Minority 

Interests 

 

Total

Equity


£ 

£ 

£ 

£ 

£ 

£ 

£ 









Balance at 1st January 2016

 

360,000 

 

257,319 

 

(58,581)

 

8,194,467 

 

8,753,205 

 

(125,096)

 

8,628,109 









Comprehensive income
















Profit

384,521 

384,521 

(60,234)

324,287 









Other comprehensive income
















Foreign exchange losses on re-translation of overseas operations

 

 

 

 

 

 

 

 

 

 

 

 

(151,517)

 

 

 

 

 

 

 

 

(151,517)

 

 

 

 

 

 

 

 

(151,517)

Total other comprehensive income

 

 

 

 

 

 

(151,517)

 

 

 

 

(151,517)

 

 

 

 

(151,517)

Total comprehensive income

 

 

 

 

 

 

(151,517)

 

 

384,521 

 

 

233,004 

 

 

(60,234)

 

 

172,770 

Transactions with owners








Dividends

(89,280)

(89,280)

(89,280)

Total transactions with owners

 

 

 

 

(89,280)

 

(89,280)

 

 

(89,280)

Balance at 30th June 2016

 

360,000 

 

257,319 

 

(210,098)

 

8,489,708 

 

8,896,929 

 

(185,330)

 

8,711,599 

 

 

 

 

T.F. & J.H. Braime (Holdings) P.L.C.

Consolidated statement of changes in equity

For the six months ended 30th June 2016

 


 

Share

Capital

 

Capital  Reserve 

Foreign  Exchange  Reserve 

 

Retained  Earnings 

 

 

Total 

Non- Controlling 

Interests 

 

Total

Equity


£ 

£ 

£ 

£ 

£ 

£ 

£









Balance at 1st January 2015

 

360,000 

 

257,319 

 

88,241 

 

6,730,759 

 

7,436,319 

 

(81,882)

 

7,354,437 









Comprehensive income
















Profit

305,646 

305,646 

(23,304)

282,342 









Other comprehensive income
















Foreign exchange losses on re-translation of overseas operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(167,627)

 

 

 

 

 

 

 

 

 

 

(167,627)

 

 

 

 

 

 

 

 

 

 

(167,627)

Total other comprehensive income

 

 

 

 

 

 

(167,627)

 

 

 

 

(167,627)

 

 

 

 

(167,627)

Total comprehensive income

 

 

 

 

 

 

(167,627)

 

 

305,646 

 

 

138,019  

 

 

(23,304)

 

 

114,715 

Transactions with owners








Dividends

(89,280)

(89,280)

(89,280)

Total transactions with owners

 

 

 

 

 

 

 

 

(89,280)

 

 

(89,280)

 

 

 

 

(89,280)

Balance at 30th June 2015

 

360,000

 

257,319 

 

(79,386)

 

6,947,125 

 

7,485,058 

 

(105,186)

 

7,379,872 

 

 

 

 

T.F. & J.H. Braime (Holdings) P.L.C.

Consolidated statement of changes in equity - continued

For the six months ended 30th June 2016

 


 

Share

Capital

 

Capital Reserve

Foreign Exchange Reserve

 

Retained Earnings

 

 

Total

Non-Controlling

Interests

 

Total

Equity


£ 

£

£

£

£

£

£









Balance at 1st January 2015

 

360,000 

 

257,319 

 

88,241 

 

6,730,759 

 

7,436,319 

 

(81,882)

 

7,354,437 









Comprehensive income
















Profit

1,584,748 

1,584,748 

(43,214)

1,541,534 









Other comprehensive income
















Net pension remeasurement gain recognised directly in equity

 

 

 

 

 

 

 

 

 

 

 

 

10,000 

 

 

 

10,000 

 

 

 

 

 

 

10,000 

Foreign exchange losses on re-translation of overseas operations

 

 

 

 

 

 

 

 

 

 

 

 

(146,822)

 

 

 

 

 

 

 

 

(146,822)

 

 

 

 

 

 

 

 

(146,822)

Total other comprehensive income

 

 

 

 

 

 

(146,822)

 

 

10,000 

 

 

(136,822)

 

 

 

 

(136,822)

Total comprehensive income

 

 

 

 

 

 

(146,822)

 

 

1,594,748 

 

 

1,447,916 

 

 

(43,214)

 

 

1,404,712 

Transactions with owners








Dividends

(131,040)

(131,040)

(131,040)

Total transactions with owners

 

 

 

 

(131,040)

 

(131,040)

 

 

(131,040)

Balance at 31st December 2015

 

360,000 

 

257,319 

 

(58,581) 

 

8,194,467 

 

8,753,205 

 

(125,096)

 

8,628,109

 


T.F. & J.H. Braime (Holdings) P.L.C.

Notes to the interim financial report

 

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 2015 and those which management expects to apply in the group's full financial statements to 31st December 2016.

 

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 2015 but is derived from the accounts.  Statutory accounts for the period ended 31st December 2015 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 2015, which have been applied consistently throughout the current and preceding periods.

 

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 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 (2015 - 1,440,000).  There are no potentially dilutive shares in issue.

 


6 months to  30th June  2016 


£ 

Dividends paid


Equity shares


Ordinary shares


Interim of 6.20p per share paid on 12th May 2016

29,760 



'A' Ordinary shares


Interim of 6.20p per share paid on 12th May 2016

59,520 

Total dividends paid

89,280 




Year to 31st 

December 

2015 


£ 

Dividends paid


Equity shares


Ordinary shares


Interim of 6.20p per share paid on 2nd April 2015

29,760 

Interim of 2.90p per share paid on 18th October 2015

13,920 


43,680 



'A' Ordinary shares


Interim of 6.20p per share paid on 2nd April 2015

59,520 

Interim of 2.90p per share paid on 18th October 2015

27,840 


87,360 

Total dividends paid

131,040 

T.F. & J.H. Braime (Holdings) P.L.C.

Notes to the interim financial report - continued

 

3.      Cash and cash equivalents


 Unaudited 

6 months to 

30th June 

2016 

 Unaudited 

6 months to 

30th June 

2015 

Audited 

year to 31st 

  December 

2015 


£ 

£ 

£ 

Cash at bank and in hand

1,243,172 

801,577  

931,018  

Bank overdrafts

(1,517,675)

(1,094,170) 

(615,038) 


(274,503)

(292,593) 

315,980  

 

 

4.      Segmental information


Unaudited 6 months to 30th June 2016 


Central 

Manufacturing

Distribution 

Total 


£ 

£ 

£ 

£ 






Revenue





External

1,793,834 

11,825,174 

13,619,008 

Inter company

111,138 

1,036,547 

1,785,464 

2,933,149 






Total

111,138 

2,830,381 

13,610,638 

16,552,157 






Profit





EBITDA

42,855 

(219,819)

1,094,773 

917,809 

Finance costs

(27,760)

(17,133)

(19,630)

(64,523)

Finance income

267  

313 

580 

Depreciation

(35,765)

(176,568)

(177,957)

(390,290)

Tax expense

(13,072)

-

(126,217)

(139,289)






(Loss)/profit for the period

(33,742)

(413,253)

771,282 

324,287 






Assets





Total assets

4,489,887 

2,163,769 

11,564,312 

18,217,968 

Additions to non current assets

754,777 

243,354 

998,131 

Liabilities





Total liabilities

1,352,359 

2,906,318 

5,247,692

9,506,369

 

 

 

 

 

 

T.F. & J.H. Braime (Holdings) P.L.C.

Notes to the interim financial report - continued

 

4.      Segmental information - continued


Unaudited 6 months to 30th June 2015 


Central 

Manufacturing

Distribution 

Total 


£ 

£ 

£ 

£ 






Revenue





External

2,023,371 

11,463,804 

13,487,175 

Inter company

60,816 

1,361,871 

1,636,148 

3,058,835 






Total

60,816 

3,385,242 

13,099,952 

16,546,010 






Profit





EBITDA

(947)

(203,828)

1,001,026 

796,251 

Finance costs

(19,246)

(15,102)

(19,157)

(53,505)

Finance income

355 

5,515 

5,870 

Depreciation

(3,150)

(186,192)

(153,099)

(342,441)

Tax expense

(21,290)

(102,543)

(123,833)






(Loss)/profit for the period

(44,633)

(404,767)

731,742 

282,342 






Assets





Total assets

1,328,215 

4,210,758 

10,063,604 

15,602,577 

Additions to non current assets

643,810 

68,095 

711,905 

Liabilities





Total liabilities

902,879 

3,015,903 

4,303,922 

8,222,704 

 


Audited year to 31st December 2015 


Central 

Manufacturing

Distribution 

Total 


£ 

£ 

£ 

£ 






Revenue





External

3,955,447 

22,514,637 

26,470,084 

Inter company

122,593 

3,267,777 

4,411,488 

7,801,858 






Total

122,593 

7,223,224 

26,926,125 

34,271,942 






Profit





EBITDA

(102,140)

35,632 

1,722,532 

1,656,024 

Gain on sale of tangible fixed assets

1,149,629 

8,511 

1,158,140 

Finance costs

(48,347)

(30,566)

(37,917)

(116,830)

Finance income

3,666 

8,060 

11,726 

Depreciation

(432,370)

(326,219)

(758,589)

Tax expense

(44,540)

(364,397)

(408,937)






(Loss)/profit for the period

(195,027)

725,991 

1,010,570 

1,541,534 






Assets





Total assets

1,314,918 

4,588,122 

10,552,111 

16,455,151 

Additions to non current assets

1,146,385 

265,722 

1,412,107 

Liabilities





Total liabilities

701,606 

2,839,750 

4,285,686 

7,827,042 

 

 

 


This information is provided by RNS
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