TIDMBMTO
RNS Number : 9889M
Braime Group PLC
19 September 2019
Braime Group PLC
("Braime" or the "Company" and together with its subsidiaries
the "Group")
Interim Results for the six months ended 30th June 2019
The Company presents its unaudited interims results for the six
months ended 30 June 2019:
Performance
Group sales revenue for the first six months of 2019 is down
5.5% to GBP17.1m compared to GBP18.1m for the same period in 2018,
while profit before tax fell to GBP1.1m compared to GBP1.2m for the
same period in 2018. Performance for the first half of the year is
less than we had hoped for based on our growth in previous years,
but it is better than we feared, given the current uncertainties in
the global and local economic and political environment. In
particular, the USA operation, which is a very significant
contributor to Group profitability, has seen a significant
softening in the agricultural market, from customers, end users and
equipment manufacturers, unprecedented in recent times, caused by
the deterioration in US-Sino trade relations.
Dividends
It is 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 to 3.60p per share. This dividend will be paid
on 18th October 2019 to the Ordinary and 'A' Ordinary shareholders
on the register on the 4th October 2019. The associated ex-dividend
date is 3rd October 2019.
Braime Pressings Limited
External sales revenue fell to GBP1.9m in the first 6 months of
2019, as compared to GBP2.6m for the same period last year, which
had been boosted by an exceptional order, albeit with a low margin.
We have continued to improve operating efficiencies and
productivity and this has led to a rise in profit for the period to
GBP116,000 from GBP62,000 for the equivalent period last year. We
are continuing to look for further ways to improve efficiencies and
we are pleased to report we have recently installed a 190KW solar
PV on our property on Hunslet Road, Leeds. This will generate
around 25% of our current electricity requirements, and is of
course, good for the environment.
4B Division
Our distribution division's external sales revenue fell slightly
to GBP15.2m compared to GBP15.3m for the same period last year.
Intercompany trading rose by 26.8% to GBP2.9m (GBP2.3m for the same
period in 2018) buoyed up by Brexit preparations. We are pleased to
see strong growth in 4B Africa which is 28% above the same period
last year. However, the African market is a relatively small
proportion of our total market and cannot compensate for the lack
of growth experienced elsewhere. Our new subsidiary in China has
also been adversely affected by the US-Sino trade wars and will
require time before it makes a positive contribution to the Group
financially, but we believe it is strategically placed to provide
significant long-term growth. Profit for the division for the
six-month period was GBP883,000 as compared to GBP1.0m for the same
period last year. This stems from new costs arising from additional
depreciation due to our recent investment our new moulding
facilities and the strengthening of some sectors of our management
structure, necessary to maintain future growth.
Balance Sheet
Total net assets as at 30th June 2019 amount to GBP13.9m (30th
June 2018 - GBP11.8m). Inventory has increased by GBP2.0m when
compared to 30th June 2018 and by GBP1.1m when compared to 31st
December 2018, partly due to the Group's contingency planning for
Brexit and the slower than expected sales, mentioned above. Trade
receivables are in line with the 2018 year end, and reduced
compared to 30th June 2018. The increase in long-term borrowings
since June 2018 relates primarily to new loans taken up to fund our
moulding plant in the USA in the second half of 2018.
Included for the first time in the accounts are a new category
of non-current assets called Right of Use (RoU) assets. These arise
from the new accounting standard for Leases, IFRS 16, which came
into force on 1st January 2019. The standard requires that certain
leases, such as property rentals, which were previously accounted
for as operating expenses in the profit and loss account, are now
capitalised in the balance sheet as RoU assets and then
depreciated. However, the changes in the IFRS standard does not
have any material impact on the reported operating profit of the
Group, because the total cost of operating lease rentals of
GBP103,000 is materially the same as the total depreciation charge
on the RoU assets.
Cash flow
Net profit generated after tax was GBP756,000 compared to
GBP822,000 for the same period last year. However, our Brexit
preparations have seen our inventories increase by GBP1.1m over the
six-month period from 31st December 2018, and a corresponding
decrease in our trade payables of GBP381,000. We continue to invest
in capital projects, this year adding three new presses in the UK,
as well as items of new equipment in our overseas operations. The
Group is committed to making further substantial investments and
cash flow is expected to remain tight in the second half of the
year. The Group continues to operate within its bank facility
agreed with HSBC.
As the business continues to expand, the directors remain
focused in ensuring that working capital requirements, particularly
for stock, 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 as at the 30th June 2019 are shown in the table below, along
with comparatives.
Avg rate Avg rate Avg rate Closing Closing Closing
Currency Symbol HY 2019 HY 2018 FY 2018 rate rate rate
30th Jun 30th Jun 31st Dec
2019 2018 2018
------------------- ---------- --------- ---------- ------------ ------------ ------------ ------------
Australian Dollar AUD 1.832 1.788 1.787 1.814 1.788 1.809
Chinese Renminbi
(Yuan) CNY 8.770 8.743 8.700 8.711 8.731 8.676
Euro EUR 1.148 1.137 1.130 1.118 1.131 1.115
South African
Rand ZAR 18.319 16.989 17.627 17.950 18.105 18.364
Thai Baht THB 40.808 43.604 42.962 39.069 43.649 41.301
United States
Dollar USD 1.297 1.372 1.332 1.273 1.320 1.277
------------------- ---------- --------- ---------- ------------ ------------ ------------ ------------
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
2019 2018 2018
----------------------------- ------- ------------ ------------ ------------
Turnover growth 1 (5.5%) 16.3% 13.6%
Gross margin 2 45.4% 45.9% 48.4%
Operating profit 3 GBP1.29m GBP1.18m GBP3.24m
Stock days 4 165 days 125 days 141 days
Debtor days 5 60 days 62 days 56 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 down due to the
current global economic climate.
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 in line with the same period last
year.
3. Operating profit
Sustainable growth in operating profit is a strategic priority
to enable ongoing investment and increase shareholder value.
Despite the fall in revenues, operating profits have improved as a
result of the efficient cost control over operating expenses.
4. Stock days
The average value of 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 in part due
to contingency planning for Brexit and slower sales take up.
5. Debtor days
The average value of trade receivables divided by revenue
expressed as a number of days. This is an important indicator of
working capital requirements. Debtor days still average within the
standard payment terms of 60 days, and better than the same period
last year. 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 2019
Last year's very positive economic environment boosted our
growth, however this year, indications are that the second half of
the year will remain very challenging. This is due to uncertainties
surrounding the ongoing trade conflict between the US and China,
and the escalating tariff war, which is not only affecting America
and China but also reverberating around the global markets, so we
do not currently anticipate repeating the strong results seen in
the second half of last year.
Closer to home, Brexit remains frustratingly, an unknown
quantity. We have prepared as well as any business can under the
circumstances, but the actual impact is difficult to ascertain, not
just with regards to trading but also to foreign currency
fluctuations. As much of our income derives from overseas earnings,
a weak sterling will boost reported earnings when retranslated.
However, should sterling strengthen significantly, the converse
would apply. Depending on the form Brexit finally takes, as a major
exporter, the actual event is likely to cause some degree of
short-term disruption. However, we consider that as the majority of
our sales presence and projected growth is already outside the EU,
the long-term effects are unlikely to be significant for the
Group.
For further information please contact:
Nicholas Braime/Cielo Cartwright
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 2019 2019 2018 2018
GBP'000 GBP'000 GBP'000
--------------------------------------- ------- ----------- ----------- ---------------
Revenue 17,077 18,069 35,718
Changes in inventories of finished
goods and work in progress 1,174 558 1,229
Raw materials and consumables used (10,501) (10,332) (19,677)
Employee benefits costs (3,719) (3,287) (8,300)
Depreciation expense (see Note below) (536) (305) (788)
Other expenses (2,209) (3,522) (4,940)
--------------------------------------- ------- ----------- ----------- ---------------
Profit from operations 1,286 1,181 3,242
Finance costs (216) (19) (227)
Finance income 1 - 2
--------------------------------------- ------- ----------- ----------- ---------------
Profit before tax 1,071 1,162 3,017
Tax expense (315) (340) (788)
--------------------------------------- ------- ----------- ----------- ---------------
Profit for the period 756 822 2,229
--------------------------------------- ------- ----------- ----------- ---------------
Profit attributable to:
Owners of the parent 751 830 2,178
Non-controlling interests 5 (8) 51
--------------------------------------- ------- ----------- ----------- ---------------
756 822 2,229
--------------------------------------- ------- ----------- ----------- ---------------
Basic and diluted earnings per share 2 52.49p 57.08p 154.79p
Note: The Group has initially applied IFRS 16 at 1st January
2019 using the modified retrospective approach. Under this
approach, comparative information is not restated and the
cumulative effect of initially applying IFRS 16 is recognised in
retained earnings at the date of initial application. The IFRS does
not have any material impact on the reported operating profit of
the Group, because the total cost of operating lease rentals of
GBP103,000 is materially the same as the total depreciation charge
on the Right of use (RoU) assets.
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 2019 2019 2018 2018
GBP'000 GBP'000 GBP'000
--------------------------------------------------- ----------- ----------- ---------------
Profit for the period 756 822 2,229
--------------------------------------------------- ----------- ----------- ---------------
Items that will not be reclassified subsequently
to profit or loss
Net pension remeasurement gain on post-employment
benefits - - 76
Items that may be reclassified subsequently
to profit or loss
Foreign exchange (losses)/gains on re-translation
of overseas operations (13) 85 206
Other comprehensive income for the period (13) 85 282
--------------------------------------------------- ----------- ----------- ---------------
Total comprehensive income for the period 743 907 2,511
--------------------------------------------------- ----------- ----------- ---------------
Total comprehensive income attributable
to:
Owners of the parent 756 918 2,481
Non-controlling interests (13) (11) 30
--------------------------------------------------- ----------- ----------- ---------------
743 907 2,511
--------------------------------------------------- ----------- ----------- ---------------
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
2019 2019 2018 2018
GBP'000 GBP'000 GBP'000
----------------------------------------------- ----------- ----------- ----------
Non-current assets
Property, plant and equipment 6,485 5,921 6,232
Intangible assets 56 71 61
Right of use assets (see Note below) 213 - -
Total non-current assets 6,754 5,992 6,293
----------------------------------------------- ----------- ----------- ----------
Current assets
Inventories 8,968 6,989 7,872
Trade and other receivables 6,605 7,512 6,820
Cash and cash equivalents 935 938 2,313
----------------------------------------------- ----------- ----------- ----------
Total current assets 16,508 15,439 17,005
----------------------------------------------- ----------- ----------- ----------
Total assets 23,262 21,431 23,298
----------------------------------------------- ----------- ----------- ----------
Current liabilities
Bank overdraft 508 - 832
Trade and other payables 4,881 5,847 5,493
Other financial liabilities 2,219 3,363 1,870
Corporation tax liability 1 331 249
----------------------------------------------- ----------- ----------- ----------
Total current liabilities 7,609 9,541 8,444
----------------------------------------------- ----------- ----------- ----------
Non-current liabilities
Financial liabilities 1,449 39 1,256
Deferred income tax liability 266 71 265
----------------------------------------------- ----------- ----------- ----------
Total non-current liabilities 1,715 110 1,521
----------------------------------------------- ----------- ----------- ----------
Total liabilities 9,324 9,651 9,965
----------------------------------------------- ----------- ----------- ----------
Total net assets 13,938 11,780 13,333
----------------------------------------------- ----------- ----------- ----------
Capital and reserves
Share capital 360 360 360
Capital reserve 257 257 257
Foreign exchange reserve 306 162 301
Retained earnings 13,347 11,361 12,734
----------------------------------------------- ----------- ----------- ----------
Total equity attributable to the shareholders
of the parent
company 14,270 12,140 13,652
Non-controlling interests (332) (360) (319)
----------------------------------------------- ----------- ----------- ----------
Total equity 13,938 11,780 13,333
----------------------------------------------- ----------- ----------- ----------
Note: The Group has initially applied IFRS 16 at 1st January
2019 using the modified retrospective approach. Under this
approach, comparative information is not restated and the
cumulative effect of initially applying IFRS 16 is recognised in
retained earnings at the date of initial application. The impact of
IFRS 16 on these accounts is to recognise GBP311,000 of opening net
book value of Right of use (RoU) assets and GBP334,000 of lease
liabilities.
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 2018
ended 30th June 2019 2019 2018
GBP'000 GBP'000 GBP'000
-------------------------------------------- ------- ----------- ----------- ---------------
Operating activities
Net profit 756 822 2,229
-------------------------------------------- ------- ----------- ----------- ---------------
Adjustments for:
Depreciation 536 305 788
Foreign exchange (losses)/gains (17) 61 158
Finance income (1) - (2)
Finance expense 216 19 227
Gain on sale of plant, machinery
and motor vehicles - - 15
Adjustment in respect of defined
benefit scheme - - 158
Income tax expense 315 340 788
Income taxes paid (243) (216) (871)
-------------------------------------------- ------- ----------- ----------- ---------------
Operating activities before changes
in working capital and provisions 1,562 1,331 3,490
-------------------------------------------- ------- ----------- ----------- ---------------
Increase in trade and other receivables (107) (1,602) (580)
Increase in inventories (1,096) (558) (1,441)
(Decrease)/increase in trade and
other payables (381) 1,817 977
(1,584) (343) (1,044)
-------------------------------------------- ------- ----------- ----------- ---------------
Cash generated from operations (22) 988 2,446
-------------------------------------------- ------- ----------- ----------- ---------------
Investing activities
Purchases of property, plant, machinery
and motor vehicles (679) (990) (1,767)
Sale of plant, machinery and motor
vehicles - 10 32
Interest received 1 - 2
-------------------------------------------- ------- ----------- ----------- ---------------
(678) (980) (1,733)
-------------------------------------------- ------- ----------- ----------- ---------------
Financing activities
Proceeds from long term borrowings - - 792
Proceeds from new hire purchase borrowings 421 - -
Repayment of Right of use liability (103) - -
(see Note below)
Repayment of borrowings (199) 254 (349)
Repayment of hire purchase creditors (142) (184) (276)
Interest paid (216) (19) (227)
Dividends paid (115) (102) (153)
-------------------------------------------- ------- ----------- ----------- ---------------
(354) (51) (213)
-------------------------------------------- ------- ----------- ----------- ---------------
Decrease in cash and cash equivalents (1,054) (43) 500
Cash and cash equivalents, beginning
of period 1,481 981 981
-------------------------------------------- ------- ----------- ----------- ---------------
Cash and cash equivalents (including
overdrafts), end of period 3 427 938 1,481
-------------------------------------------- ------- ----------- ----------- ---------------
Note: Prior to the adoption of IFRS 16, repayment of lease
liabilities were deemed operating as opposed to financing
activities.
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 2019
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 31st
December
2018 360 257 301 12,734 13,652 (319) 13,333
Impact of change
in accounting standard
- IFRS 16 - - - (23) (23) - (23)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Restated total equity
at
1st January 2019 360 257 301 12,711 13,629 (319) 13,310
Comprehensive income
Profit - - - 751 751 5 756
Other comprehensive
income
Foreign exchange
gain/(loss)
on re-translation
of overseas operations - - 5 - 5 (18) (13)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total other comprehensive
income
Total comprehensive
income - - 5 751 756 (13) 743
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Transactions with
owners
Dividends - - - (115) (115) - (115)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total transactions
with owners - - - (115) (115) - (115)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 30th
June 2019 360 257 306 13,347 14,270 (332) 13,938
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
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 2018
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ---------- ---------- ----------- ----------- -------- ------------ ---------
Balance at 1st January
2018 360 257 74 10,633 11,324 (349) 10,975
Comprehensive income
Profit - - - 830 830 (8) 822
Other comprehensive
income
Foreign exchange
losses on
re-translation of
overseas
operations - - 88 - 88 (3) 85
--------------------------- ---------- ---------- ----------- ----------- -------- ------------ ---------
Total other comprehensive
income - - 88 - 88 (3) 85
Total comprehensive
income - - 88 830 918 (11) 907
--------------------------- ---------- ---------- ----------- ----------- -------- ------------ ---------
Transactions with
owners
Dividends - - - (102) (102) - (102)
--------------------------- ---------- ---------- ----------- ----------- -------- ------------ ---------
Total transactions
with owners - - - (102) (102) - (102)
--------------------------- ---------- ---------- ----------- ----------- -------- ------------ ---------
Balance at 30th
June 2018 360 257 162 11,361 12,140 (360) 11,780
--------------------------- ---------- ---------- ----------- ----------- -------- ------------ ---------
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
2018
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 1st January
2018 360 257 74 10,633 11,324 (349) 10,975
Comprehensive income
Profit - - - 2,178 2,178 51 2,229
Other comprehensive
income
Net pension remeasurement
gain recognised
directly in
equity - - - 76 76 - 76
Foreign exchange
gains on
re-translation of
overseas
operations - - 227 - 227 (21) 206
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total other comprehensive
income - - 227 76 303 (21) 282
Total comprehensive
income - - 227 2,254 2,481 30 2,511
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Transactions with
owners
Dividends - - - (153) (153) - (153)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total transactions
with owners - - - (153) (153) - (153)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 31st
December
2018 360 257 301 12,734 13,652 (319) 13,333
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
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 2018 and those which
management expects to apply in the Group's full financial
statements to 31st December 2019.
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 2018 but is derived from the accounts. Statutory
accounts for the period ended 31st December 2018 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 2018, which have been applied consistently
throughout the current and preceding periods. The Group has adopted
the following new and amended standards as of 1st January 2019.
-- IFRS 16, 'Leases'; effective on or after 1st January 2019.
-- IFRIC Interpretation 23, 'Uncertainty over income tax
treatments'; effective on or after 1st January 2019.
-- Amendments to IAS 28, 'Long-term interest in associates and
joint ventures'; effective on or after 1st January 2019.
-- IFRS 17, 'Insurance contracts'; effective on or after 1st January 2019.
-- Amendments to IFRS 9, 'Prepayment features with negative
compensation'; effective on or after 1st January 2019.
Other than in respect of the application of IFRS 16, the
application and interpretations surrounding the other standards has
not had a material impact on the Group's reported financial
performance or position.
IFRS 16, 'Leases'. This accounting standard became mandatory for
financial years commencing on or after 1st January 2019. Under the
new standard, an asset (the right to use the leased item, known as
Right of use (RoU) asset) and a financial liability to pay rentals
are recognised in the balance sheet. The Group currently leases
properties, vehicles and software under a series of operating lease
contracts which are impacted by the new standard. These types of
lease can no longer be recognised as operating leases and have been
brought onto the Group's balance sheet from 1st January 2019. The
Group has elected to apply permitted 'practical expedients' with
respect to the following types of leases: Short-term leases (leases
of less than 12 months) and leases with less than 12 months
remaining as at 1st January 2019 and leases for which the asset is
of low value, have not been included within the scope of the new
standard.
The adoption of IFRS 16 affects the reported balance sheet
assets and liabilities only. There is no material impact on the
reported profit of the Group, as a result of the new standard.
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 (2018 - 1,440,000). There
are no potentially dilutive shares in issue.
6 months
to
30th June
2019
GBP'000
------------------------------------------------------ ---------------
Dividends paid on equity shares
Ordinary shares
Interim of 8.00p per share paid on 17th May 2019 38
'A' Ordinary shares
Interim of 8.00p per share paid on 17th May 2019 77
------------------------------------------------------ ---------------
Total dividends paid 115
------------------------------------------------------ ---------------
Year to
31st December
2018
GBP'000
------------------------------------------------------ ---------------
Dividends paid on equity shares
Ordinary shares
Interim of 7.10p per share paid on 18th May 2018 34
Interim of 3.50p per share paid on 19th October 2018 17
------------------------------------------------------ ---------------
51
------------------------------------------------------ ---------------
'A' Ordinary shares
Interim of 7.10p per share paid on 18th May 2018 68
Interim of 3.50p per share paid on 19th October 2018 34
------------------------------------------------------ ---------------
102
------------------------------------------------------ ---------------
Total dividends paid 153
------------------------------------------------------ ---------------
3. Cash and cash equivalents
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st December
30th June 30th June 2018
2019 2018
GBP'000 GBP'000 GBP'000
-------------------------- ------------ ------------ ---------------
Cash at bank and in hand 935 938 2,313
Bank overdrafts (508) - (832)
-------------------------- ------------ ------------ ---------------
427 938 1,481
-------------------------- ------------ ------------ ---------------
4. Segmental information
Unaudited 6 months to
30th June 2019
Central Manufacturing Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------------- ------------- --------
Revenue
External - 1,913 15,164 17,077
Inter company 997 1,427 2,877 5,301
--------------------------------- -------- -------------- ------------- --------
Total 997 3,340 18,041 22,378
--------------------------------- -------- -------------- ------------- --------
Profit
EBITDA 115 133 1,574 1,822
Finance costs (110) (9) (97) (216)
Finance income - - 1 1
Depreciation (248) (8) (280) (536)
Tax expense - - (315) (315)
--------------------------------- -------- -------------- ------------- --------
(Loss)/profit for the period (243) 116 883 756
--------------------------------- -------- -------------- ------------- --------
Assets
Total assets 5,668 1,994 15,600 23,262
Additions to non-current assets 560 - 119 679
Liabilities
Total liabilities 1,332 2,916 5,076 9,324
In 2019, we revised PLC intercompany charges across the Group to
align recharges with the business activity resulting in a larger
recharge to 4B division.
Unaudited 6 months to
30th June 2018
Central Manufacturing Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------------- ------------- --------
Revenue
External - 2,641 15,428 18,069
Inter company 347 1,589 2,269 4,205
--------------------------------- -------- -------------- ------------- --------
Total 347 4,230 17,697 22,274
--------------------------------- -------- -------------- ------------- --------
Profit
EBITDA (1) 76 1,411 1,486
Finance costs (38) (14) 33 (19)
Finance income - - - -
Depreciation (228) - (77) (305)
Tax expense - - (340) (340)
--------------------------------- -------- -------------- ------------- --------
(Loss)/profit for the period (267) 62 1,027 822
--------------------------------- -------- -------------- ------------- --------
Assets
Total assets 4,789 2,331 14,311 21,431
Additions to non-current assets 211 - 769 980
Liabilities
Total liabilities 2,826 3,653 3,172 9,651
Audited year to
31st December 2018
Central Manufacturing Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------------- ------------- --------
Revenue
External - 4,291 31,427 35,718
Inter company 695 3,891 6,452 11,038
--------------------------------- -------- -------------- ------------- --------
Total 695 8,182 37,879 46,756
--------------------------------- -------- -------------- ------------- --------
Profit
EBITDA 387 187 3,456 4,030
Finance costs (116) (36) (75) (227)
Finance income - - 2 2
Depreciation (464) - (324) (788)
Tax expense (19) (55) (714) (788)
--------------------------------- -------- -------------- ------------- --------
(Loss)/profit for the period (212) 96 2,345 2,229
--------------------------------- -------- -------------- ------------- --------
Assets
Total assets 5,009 3,202 15,087 23,298
Additions to non-current assets 650 - 1,149 1,799
Liabilities
Total liabilities 3,713 2,127 4,125 9,965
For further information please contact:
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR BBGDCLGBBGCC
(END) Dow Jones Newswires
September 19, 2019 07:10 ET (11:10 GMT)
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