TIDMBMTO
RNS Number : 3667Z
Braime Group PLC
18 September 2020
Braime Group PLC
("Braime" or the "Company" and together with its subsidiaries
the "Group")
Interim Results for the six months ended 30th June 2020
The Company presents its unaudited interims results for the six
months ended 30 June 2020:
Performance
Group sales revenue for the first six months of 2020 fell 5.6%
to GBP16.1m when compared to GBP17.1m for the same period in 2019,
while profit before tax decreased to GBP372,000 compared to GBP1.1m
for the same period in 2019. In view of the havoc that the Covid-19
pandemic has wreaked on the global economy, the directors are
pleased to report that sales volumes have held up better than
expected. In the first quarter of the year, as country after
country went into lockdown, our subsidiaries resolutely found ways
to maintain operations, where necessary at times operating remotely
from home. We have thus as a Group remained open throughout the
pandemic and continued to serve and supply our customers. However,
there is not much scope for reducing our base costs without cutting
into our core business, and therefore the reduction in sales has
had a direct consequence on our profitability. During this
difficult time, we have carefully sought to avoid short-term
cost-stripping which we consider would harm future strategic
growth, whilst tactically managing our cashflow which has remained
positive.
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 to 4.00p per share. This dividend
will be paid on 16th October 2020 to the Ordinary and 'A' Ordinary
shareholders on the register on the 2nd October 2020. The
associated ex-dividend date is 1st October 2020.
Braime Pressings Limited
External sales revenue of GBP2.0m in the first 6 months of 2020
was slightly up on the same period last year as customers increased
orders for replacement parts. Intercompany sales also increased by
GBP268,000. The manufacturing division made a small loss of
GBP34,000 for the period as price competition remains high in the
automotive sector. At the beginning of the year the business
recruited a new sales manager to develop new markets however his
activities were severely curtailed as a result of the lockdown
restrictions and prospecting has only just recommenced.
4B Division
Our distribution division's external sales revenue of GBP14.2m
fell by 6.6% when compared to GBP15.2m for the same period last
year. Nonetheless, management consider this to be very positive
results, given the economic upheaval of the Covid-19 pandemic.
Intercompany trading reduced by 17.2% to GBP2.4m (GBP2.9m for the
same period in 2019). This downturn is partly a result of the
impact of Covid-19 but also due to the fact that the prior year
sales were boosted by additional trading in the light of Brexit
preparations. We are pleased to see strong growth in 4B Australia
which is 10% above the same period last year. The freeze in US-Sino
relations has continued to affect our subsidiary in China but we
believe in its strategic location for future growth. The GBP1.0m
reduction in external sales has directly impacted profit, with
profit after tax for the 4B division for the six-month period
reduced to GBP307,000 as compared to GBP883,000 for the same period
last year.
Balance Sheet
Total net assets as at 30th June 2020 amount to GBP14.9m (30th
June 2019 - GBP13.9m). Capital asset additions of GBP855,000 during
the period relate primarily to the land purchased in Villers
Bretonneux together with the warehouse under construction of
GBP548,000 for 4B France, as announced earlier in the year. Other
additions relate to the purchase of a 400-ton capacity press in the
UK, various quality monitoring systems and tooling. Inventory has
increased by GBP159,000 when compared to 30th June 2019 and by
GBP554,000 when compared to 31st December 2019. Trade receivables
of GBP6.6m is in line with 30th June 2019 but increased by
GBP915,000 when compared to 31st December 2019. The increase in
long-term borrowings during the year relates primarily to the take
up of new loans; firstly GBP455,000 in the USA where our subsidiary
has successfully applied for funding from the government Paycheck
Protection Program (PPP) for Covid-19. The PPP aid, granted in the
form of a loan on 16th April 2020, carries an interest rate of 1%
and matures two years from the date of receipt, however the loan
may be forgiven if employees are retained. Secondly GBP300,000
relates to the partial draw-down of the EUR1.7m loan facility in 4B
France with Credit du Nord and BPI-France which as mentioned in
2019 annual report was obtained to fund the warehouse
construction.
Cash flow
Cash at the end of the period was GBP822,000. Cash generated
from operations before working capital movements was GBP1.4m during
the period. An increase in trade receivables of GBP915,000 and an
increase in inventories of GBP554,000 saw working capital reduce by
GBP682,000 since the year end. These are a consequence of the
reduced sales volume during the period. Investment in capital
projects mentioned above gave rise to capital outflows of
GBP855,000 and new loans of GBP755,000 in the USA and France
mentioned above provided proceeds from borrowings. Overall, net
cash increased by GBP159,000 during the six months to 30th June
2020. Management remains 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 2020 are shown in the table below, along
with comparatives. Since a significant proportion of the Group
revenues are in the USA, the Group has benefitted from the
weakening of sterling against the US dollar since 31st December
2019. However, at the time of writing, the sterling has rallied
strongly, and we expect to see the gains in the first half of the
year reversing in the second half.
Avg rate Avg rate Avg rate Closing Closing Closing
Currency Symbol HY 2020 HY 2019 FY 2019 rate rate rate
30th Jun 30th Jun 31st Dec
2020 2019 2019
------------------- ---------- --------- ------------ ------------ ---------- ------------ ------------
Australian Dollar AUD 1.922 1.832 1.840 1.795 1.814 1.883
Chinese Renminbi
(Yuan) CNY 8.857 8.770 8.810 8.714 8.711 9.150
Euro EUR 1.140 1.148 1.144 1.100 1.118 1.177
South African
Rand ZAR 21.334 18.319 18.453 21.468 17.950 18.548
Thai Baht THB 39.993 40.808 39.578 38.152 39.069 39.346
United States
Dollar USD 1.259 1.297 1.281 1.236 1.273 1.321
------------------- ---------- --------- ------------ ------------ ---------- ------------ ------------
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
2020 2019 2019
----------------------------- ------- ------------ ------------ ------------
Turnover growth 1 (5.6%) (5.5%) (6.4%)
Gross margin 2 47.4% 48.9% 49.1%
Operating profit 3 GBP0.45m GBP1.29m GBP2.21m
Stock days 4 191 days 165 days 176 days
Debtor days 5 63 days 60 days 57 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. The directors consider the results
positive in the light of the current global crisis.
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 has decreased slightly over the same
period last year. 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 reduced as a direct result of the reduction
in sales which is primarily due to the economic uncertainty
following the Covid 19 pandemic.
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 a slow-down of sales compared to prior period.
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 at 63 days are slightly
above the standard payment terms of 60 days. 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.
Impact of Covid-19 pandemic
At our year end announcement, we noted the need to prepare for
the likelihood of lower demand while the world economy struggles to
recover from the pandemic. Our businesses have not been as harshly
affected, in the way that certain sectors such as travel, retail,
the hospitality and entertainment sectors, have been. We are
therefore heartened that sales revenues are only 5.6% down compared
to the same period last year but we are very mindful that small
changes in volume have a more significant impact on our
profits.
The pandemic has required all our businesses to adapt to new
ways of working; we are very alert to the health risks posed by the
virus and we have therefore taken all necessary steps to protect
our employees including providing equipment for homeworking,
implementing and observing stringent social distancing and
extensive disinfecting and sanitizing measures on-site. Many of
these provisions have the unintended consequence of reducing
operational efficiencies particularly in the factory and warehouse.
Staying close to our customers is at the heart of our policy and
this is made more challenging when site visits have been restricted
or banned. The costs of these new distancing, hygiene and risk
reduction measures may not in isolation appear significant when
quantified directly but without doubt they indirectly contribute to
the overall reduction in profitability. We have received some
government aid but the benefit to our profit for the period is
minimal, being GBP35,000 in respect of furloughed employees in the
UK who were shielding, and GBP13,000 in France. The government
assistance received in the USA mentioned above has been booked as a
loan and thus has not improved or impacted our reported profit.
Outlook for the second half of 2020
Given the current exceptional situation, it is even more
difficult than usual to comment on the outlook for the Group. Our
forward order books and the current level of enquiries in all parts
of the Group are at unusually low levels. Nevertheless, each month
our actual sales have exceeded our expectations and, in some parts
of the Group, have exceeded last year's figures for the same
period, and offset shortfalls elsewhere in the Group. On average we
continue to achieve over 85% of our original budget set last year,
but as in most businesses, our profits come from the top slice of
our revenue, so our net earnings are likely to remain weak in the
short term.
The Group is fortunate that a large part of our sales is made to
the supply chain involved in handling and processing food related
product and the demand for spares still remains strong. However, we
expect that investment in new facilities and in new processing
machinery in this sector, which have both driven our recent growth,
is likely to be subdued until confidence returns to the general
economy. If and when business confidence returns, we expect the
sector to return rapidly to previous levels of investment because
the food sector remains a growth area of the global economy
although there will inevitably be a delay while new orders for the
components that we supply start to flow through to us. Despite the
current climate, our finances remain strong and we continue to
invest resource to find new ways of marketing, and in developing
new product, so we remain optimistic about the long-term prospect
for the Group.
Our employees at all levels and in all parts of the group have
coped admirably with the considerable additional challenges and
stress created by the epidemic. Thanks to the fortitude and
flexibility shown by our staff, our manufacturing and distribution
businesses have been able to find new ways of working and enabled
us to continue to supply our customers almost without interruption.
In some important respects, this experience has bought our local
teams and our group as a whole, closer together and revealed new
and better ways of working. We plan to maintain and build on the
changes we have made which will benefit the group in the long
term.
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 2020 2020 2019 2019
GBP'000 GBP'000 GBP'000
-------------------------------------- ------- --------------------------- ----------- ---------------
Revenue 16,114 17,077 33,433
Changes in inventories of finished
goods and work in progress 492 1,174 959
Raw materials and consumables used (8,954) (9,901) (17,986)
Employee benefits costs (4,406) (4,090) (8,530)
Depreciation expense (646) (536) (1,236)
Other expenses (2,146) (2,438) (4,737)
Other operating income - - 318
-------------------------------------- ------- --------------------------- ----------- ---------------
Profit from operations 454 1,286 2,221
Finance costs (82) (218) (477)
Finance income - 1 2
-------------------------------------- ------- --------------------------- ----------- ---------------
Profit before tax 372 1,069 1,746
Tax expense (114) (315) (397)
-------------------------------------- ------- --------------------------- ----------- ---------------
Profit for the period 258 754 1,349
-------------------------------------- ------- --------------------------- ----------- ---------------
Profit attributable to:
Owners of the parent 242 749 1,360
Non-controlling interests 16 5 (11)
-------------------------------------- ------- --------------------------- ----------- ---------------
258 754 1,349
-------------------------------------- ------- --------------------------- ----------- ---------------
Basic and diluted earnings per share 2 16.81p 52.00p 94.44p
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 2020 2020 2019 2019
GBP'000 GBP'000 GBP'000
--------------------------------------------------- ----------- ----------- ---------------
Profit for the period 258 754 1,349
--------------------------------------------------- ----------- ----------- ---------------
Items that will not be reclassified subsequently
to profit or loss
Net pension remeasurement gain on post-employment
benefits - - 178
Items that may be reclassified subsequently
to profit or loss
Foreign exchange gains/(losses) on re-translation
of overseas operations 404 (13) (323)
Other comprehensive income for the period 404 (13) (145)
--------------------------------------------------- ----------- ----------- ---------------
Total comprehensive income for the period 662 741 1,204
--------------------------------------------------- ----------- ----------- ---------------
Total comprehensive income attributable
to:
Owners of the parent 656 754 1,231
Non-controlling interests 6 (13) (27)
--------------------------------------------------- ----------- ----------- ---------------
662 741 1,204
--------------------------------------------------- ----------- ----------- ---------------
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
2020 2020 2019 2019
GBP'000 GBP'000 GBP'000
----------------------------------------------- ----------- ----------- ----------
Non-current assets
Property, plant and equipment 7,246 6,485 6,824
Intangible assets 44 56 48
Right of use assets 190 213 278
Total non-current assets 7,480 6,754 7,150
----------------------------------------------- ----------- ----------- ----------
Current assets
Inventories 9,127 8,968 8,573
Trade and other receivables 6,554 6,605 5,697
Cash and cash equivalents 1,558 935 1,679
----------------------------------------------- ----------- ----------- ----------
Total current assets 17,239 16,508 15,949
----------------------------------------------- ----------- ----------- ----------
Total assets 24,719 23,262 23,099
----------------------------------------------- ----------- ----------- ----------
Current liabilities
Bank overdraft 736 508 1,016
Trade and other payables 4,586 4,881 3,808
Other financial liabilities 2,042 2,219 2,163
Corporation tax liability 47 1 19
----------------------------------------------- ----------- ----------- ----------
Total current liabilities 7,411 7,609 7,006
----------------------------------------------- ----------- ----------- ----------
Non-current liabilities
Financial liabilities 2,031 1,449 1,384
Deferred income tax liability 382 266 360
----------------------------------------------- ----------- ----------- ----------
Total non-current liabilities 2,413 1,715 1,744
----------------------------------------------- ----------- ----------- ----------
Total liabilities 9,824 9,324 8,750
----------------------------------------------- ----------- ----------- ----------
Total net assets 14,895 13,938 14,349
----------------------------------------------- ----------- ----------- ----------
Capital and reserves
Share capital 360 360 360
Capital reserve 257 257 257
Foreign exchange reserve 408 306 (6)
Retained earnings 14,211 13,347 14,084
----------------------------------------------- ----------- ----------- ----------
Total equity attributable to the shareholders
of the parent
company 15,236 14,270 14,695
Non-controlling interests (341) (332) (346)
----------------------------------------------- ----------- ----------- ----------
Total equity 14,895 13,938 14,349
----------------------------------------------- ----------- ----------- ----------
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 2019
ended 30th June 2020 2020 2019
GBP'000 GBP'000 GBP'000
-------------------------------------------- ------- ----------------------------- ----------- ---------------
Operating activities
Net profit 258 754 1,349
-------------------------------------------- ------- ----------------------------- ----------- ---------------
Adjustments for:
Depreciation 646 536 1,236
Foreign exchange gains/(losses) 299 (17) (255)
Finance income - (1) (2)
Finance expense 82 218 477
Gain on sale of plant, machinery
and motor vehicles - - (12)
Adjustment in respect of defined
benefit scheme - - 93
Income tax expense 114 315 397
Income taxes paid (8) (243) (451)
-------------------------------------------- ------- ----------------------------- ----------- ---------------
Operating profit before changes in
working capital and provisions 1,391 1,562 2,832
-------------------------------------------- ------- ----------------------------- ----------- ---------------
(Increase)/decrease in trade and
other receivables (915) (107) 1,044
Increase in inventories (554) (1,096) (701)
Increase/(decrease) in trade and
other payables 787 (381) (1,499)
(682) (1,584) (1,156)
-------------------------------------------- ------- ----------------------------- ----------- ---------------
Cash generated from operations 709 (22) 1,676
-------------------------------------------- ------- ----------------------------- ----------- ---------------
Investing activities
Purchases of property, plant, machinery
and motor vehicles (855) (679) (1,660)
Sale of plant, machinery and motor
vehicles 8 - 27
Interest received - 1 2
-------------------------------------------- ------- ----------------------------- ----------- ---------------
(847) (678) (1,631)
-------------------------------------------- ------- ----------------------------- ----------- ---------------
Financing activities
Proceeds from long term borrowings 900 - 728
Proceeds from new hire purchase borrowings - 421 -
Repayment of lease liabilities (172) (101) (210)
Repayment of borrowings (116) (199) (459)
Repayment of hire purchase creditors (118) (142) (281)
Interest paid (63) (204) (426)
Lease interest paid (19) (14) (48)
Dividends paid (115) (115) (167)
-------------------------------------------- ------- ----------------------------- ----------- ---------------
297 (354) (863)
-------------------------------------------- ------- ----------------------------- ----------- ---------------
Increase/(decrease) in cash and cash
equivalents 159 (1,054) (818)
Cash and cash equivalents, beginning
of period 663 1,481 1,481
-------------------------------------------- ------- ----------------------------- ----------- ---------------
Cash and cash equivalents (including
overdrafts), end of period 3 822 427 663
-------------------------------------------- ------- ----------------------------- ----------- ---------------
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 2020
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 31st
December
2019 360 257 (6) 14,084 14,695 (346) 14,349
Comprehensive income
Profit - - - 242 242 16 258
Other comprehensive
income
Foreign exchange
gain/(loss)
on re-translation
of overseas operations - - 414 - 414 (11) 403
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total other comprehensive
income - - 414 - 414 (11) 403
Total comprehensive
income - - 414 242 656 5 661
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Transactions with
owners
Dividends - - - (115) (115) - (115)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total transactions
with owners - - - (115) (115) - (115)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 30th
June 2020 360 257 408 14,211 15,236 (341) 14,895
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
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 - - - (21) (21) - (21)
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Restated total equity
at 1st January 2019 360 257 301 12,713 13,631 (319) 13,312
Comprehensive income
Profit - - - 749 749 5 754
Other comprehensive
income
Foreign exchange
gain/(loss) on re-translation
of overseas
operations - - 5 - 5 (18) (13)
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total other comprehensive
income - - 5 - 5 (18) (13)
Total comprehensive
income - - 5 749 754 (13) 741
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
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
year ended 31st
December
2019
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 1st January
2019 360 257 301 12,734 13,652 (319) 13,333
Impact of change
in accounting standard
- IFRS16 - - - (21) (21) - (21)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Restated total equity
at 1st January 2019 360 257 301 12,713 13,631 (319) 13,312
Comprehensive income
Profit - - - 1,360 1,360 (11) 1,349
Other comprehensive
income
Net pension remeasurement
gain recognised
directly in
equity - - - 178 178 - 178
Foreign exchange
gains on
re-translation of
overseas
operations - - (307) - (307) (16) (323)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total other comprehensive
income - - (307) 178 (129) (16) (145)
Total comprehensive
income - - (307) 1,538 1,231 (27) 1,204
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Transactions with
owners
Dividends - - - (167) (167) - (167)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total transactions
with owners - - - (167) (167) - (167)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 31st
December
2019 360 257 (6) 14,084 14,695 (346) 14,349
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
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 2019 and those which
management expects to apply in the Group's full financial
statements to 31st December 2020.
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 2019 but is derived from the accounts. Statutory
accounts for the period ended 31st December 2019 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 2019, 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 2020
-
-- Amendments to IFRS3 - Definition of a Business - clarifies
whether a transaction should be accounted for as a business
combination or an asset acquisition - effective on or after 1st
January 2020
-- Amendments to IAS1 and IAS8 - Definition of Material - aligns
definitions across IFRS and other IASB publications - effective on
or after 1st January 2020
-- Conceptual Frameworks for Financial reporting - provides
concepts to help preparers develop consistent accounting policies
when no standard applies or there is a choice of policies -
effective on or after 1st January 2020
-- Amendments to Conceptual frameworks - minor amendments to
various standards to reflect the revised issue - effective from 1
January 2020
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 (2019 - 1,440,000). There
are no potentially dilutive shares in issue.
6 months
to
30th June
2020
GBP'000
------------------------------------------------------ ---------------
Dividends paid on equity shares
Ordinary shares
Interim of 8.00p per share paid on 5th June 2020 38
'A' Ordinary shares
Interim of 8.00p per share paid on 5th June 2020 77
------------------------------------------------------ ---------------
Total dividends paid 115
------------------------------------------------------ ---------------
Year to
31st December
2019
GBP'000
------------------------------------------------------ ---------------
Dividends paid on equity shares
Ordinary shares
Interim of 8.00p per share paid on 17th May 2019 38
Interim of 3.60p per share paid on 18th October 2019 17
------------------------------------------------------ ---------------
55
------------------------------------------------------ ---------------
'A' Ordinary shares
Interim of 8.00p per share paid on 17th May 2019 77
Interim of 3.60p per share paid on 18th October 2019 35
------------------------------------------------------ ---------------
112
------------------------------------------------------ ---------------
Total dividends paid 167
------------------------------------------------------ ---------------
3. Cash and cash equivalents
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st December
30th June 30th June 2019
2020 2019
GBP'000 GBP'000 GBP'000
-------------------------- ------------ ------------ ---------------
Cash at bank and in hand 1,558 935 1,679
Bank overdrafts (736) (508) (1,016)
-------------------------- ------------ ------------ ---------------
822 427 663
-------------------------- ------------ ------------ ---------------
4. Segmental information
Unaudited 6 months to
30th June 2020
Central Manufacturing Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------------- ------------- --------
Revenue
External - 1,953 14,161 16,114
Inter company 1,016 1,695 2,381 5,092
--------------------------------- -------- -------------- ------------- --------
Total 1,016 3,648 16,542 21,206
--------------------------------- -------- -------------- ------------- --------
Profit
EBITDA 352 (18) 767 1,101
Finance costs (53) (15) (14) (82)
Finance income - - - -
Depreciation (300) (11) (335) (646)
Tax expense (14) 10 (111) (115)
--------------------------------- -------- -------------- ------------- --------
(Loss)/profit for the period (15) (34) 307 258
--------------------------------- -------- -------------- ------------- --------
Assets
Total assets 5,449 4,551 14,719 24,719
Additions to non-current assets 242 2 634 878
Liabilities
Total liabilities 926 2,384 6,514 9,824
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 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) (11) (97) (218)
Finance income - - 1 1
Depreciation (248) (8) (280) (536)
Tax expense - - (315) (315)
--------------------------------- -------- -------------- ------------- --------
(Loss)/profit for the period (243) 114 883 754
--------------------------------- -------- -------------- ------------- --------
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
Audited year to
31st December 2019
Central Manufacturing Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------------- ------------- --------
Revenue
External - 3,416 30,017 33,433
Inter company 2,104 3,440 6,224 11,768
--------------------------------- -------- -------------- ------------- --------
Total 2,104 6,856 36,241 45,201
--------------------------------- -------- -------------- ------------- --------
Profit
EBITDA 851 (244) 2,850 3,457
Finance costs (305) (27) (145) (477)
Finance income - - 2 2
Depreciation (607) (18) (611) (1,236)
Tax expense (114) 39 (322) (397)
--------------------------------- -------- -------------- ------------- --------
(Loss)/profit for the period (175) (250) 1,774 1,349
--------------------------------- -------- -------------- ------------- --------
Assets
Total assets 5,529 3,657 13,913 23,099
Additions to non-current assets 1,138 76 607 1,821
Liabilities
Total liabilities 852 1,768 6,130 8,750
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END
IR SFWEFWESSEDU
(END) Dow Jones Newswires
September 18, 2020 02:00 ET (06:00 GMT)
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