Interim Results for the period to 30 June 2020

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 £16.1m when compared to £17.1m for the same period in 2019, while profit before tax decreased to £372,000 compared to £1.1m 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 £2.0m 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 £268,000.  The manufacturing division made a small loss of £34,000 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 £14.2m fell by 6.6% when compared to £15.2m 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 £2.4m (£2.9m 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 £1.0m reduction in external sales has directly impacted profit, with profit after tax for the 4B division for the six-month period reduced to £307,000 as compared to £883,000 for the same period last year.

 

Balance Sheet

Total net assets as at 30th June 2020 amount to £14.9m (30th June 2019 - £13.9m).  Capital asset additions of £855,000 during the period relate primarily to the land purchased in Villers Bretonneux together with the warehouse under construction of £548,000 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 £159,000 when compared to 30th June 2019 and by £554,000 when compared to 31st December 2019.  Trade receivables of £6.6m is in line with 30th June 2019 but increased by £915,000 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 £455,000 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 £300,000 relates to the partial draw-down of the €1.7m 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 £822,000.  Cash generated from operations before working capital movements was £1.4m during the period.  An increase in trade receivables of £915,000 and an increase in inventories of £554,000 saw working capital reduce by £682,000 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 £855,000 and new loans of £755,000 in the USA and France mentioned above provided proceeds from borrowings.  Overall, net cash increased by £159,000 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.

 

 

Currency

 

Symbol

Avg rate

HY 2020

Avg rate

HY 2019

Avg rate

FY 2019

Closing rate

30th Jun 2020

Closing rate

30th Jun 2019

Closing rate

31st Dec 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

2020 

 

Half year

2019 

 

Full year

2019 

Turnover growth

1

(5.6%)

(5.5%)

(6.4%) 

Gross margin

2

47.4% 

48.9% 

49.1% 

Operating profit

3

£0.45m 

£1.29m 

£2.21m 

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 £35,000 in respect of furloughed employees in the UK who were shielding, and £13,000 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

 

 

Braime Group PLC

Consolidated income statement for the six months

ended 30th June 2020

 

 

 

Note

Unaudited 
6 months to 

30th June 
2020 

Unaudited 
6 months to 

30th June 
2019 

Audited 

year to 

31st December 

2019 

 

 

£'000 

£'000 

£'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

 

  - 

 

 

 

 

 

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 

(11)

 

 

258 

754 

1,349 

 

 

 

 

 

Basic and diluted earnings per share

2

16.81p 

52.00p 

94.44p 

 

 

Braime Group PLC

Consolidated statement of comprehensive income for the six months

ended 30th June 2020

Unaudited 

6 months to 

 30th June 

2020 

Unaudited 

6 months to 

 30th June 

2019 

Audited 

year to 

31st December 

2019 

 

£'000 

£'000 

£'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

(13)

(27)

 

662 

741 

1,204 

 

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

 

Braime Group PLC

Consolidated balance sheet at 30th June 2020

Unaudited 

6 months to 

30th June 

2020 

Unaudited 

6 months to 

30th June 

2019 

Audited 

year to 31st 

December 

2019 

 

£'000 

£'000 

£'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 

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 

 

 

 

Braime Group PLC

Consolidated cash flow statement for the six months

ended 30th June 2020

 

 

 

Note

Unaudited 

6 months to 

30th June 

2020 

Unaudited 

6 months to 

30th June 

2019 

Audited 

year to 

31st December 

2019 

 

 

£'000 

£'000 

£'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

 

27 

Interest received

 

 

 

(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

changes in equity for the

six months ended

30th June 2020

 

 

 

Share 

Capital 

 

 

 

Capital 

Reserve 

 

 

Foreign 

Exchange 

Reserve 

 

 

 

Retained 

Earnings 

 

 

 

 

Total 

 

 

 

Minority 

Interests 

 

 

 

Total 

Equity 

 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

£'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 

 

 

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

changes in equity for the

six months ended

30th June 2019

 

 

 

Share 

Capital 

 

 

 

Capital 

Reserve 

 

 

Foreign 

Exchange 

Reserve 

 

 

 

Retained 

Earnings 

 

 

 

 

Total 

 

 

 

Minority 

Interests 

 

 

 

Total 

Equity 

 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

£'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 

754 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gain/(loss) on re-translation of overseas

operations

 

 

 

 

 

 

 

 

 

 

 

 

(18)

 

 

(13)

Total other comprehensive

income

 

 

 

 

 

 

(18)

 

(13)

Total comprehensive

income

 

 

 

 

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

changes in equity for the

year ended 31st December

2019

 

 

 

Share 

Capital 

 

 

 

Capital 

Reserve 

 

 

Foreign 

Exchange 

Reserve 

 

 

 

Retained 

Earnings 

 

 

 

 

Total 

 

 

 

Minority 

Interests 

 

 

 

Total 

Equity 

 

£'000 

£'000

£'000 

£'000 

£'000 

£'000 

£'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 

 

£'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 

 

£'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 

6 months to 

30th June 

2020 

  Unaudited 

6 months to 

30th June 

2019 

Audited 

year to 

  31st December 

2019 

 

£'000 

£'000 

£'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 

 

£'000 

£'000 

£'000 

£'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 

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 

 

£'000 

£'000 

£'000 

£'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

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 

 

£'000 

£'000 

£'000 

£'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

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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