Final Results

Braime (T.F.& J.H.) (Hldgs) PLC
28 February 2003


At a meeting of the directors held here today, the accounts for the year ended
31st December 2002 were submitted and approved by the directors.  The
preliminary profits statement is as follows:

   Consolidated Profit and Loss Account for the year ended 31st December 2002

                                                                                     2002                          2001
                                                                                        £                             £

Group turnover                                                                  9,981,579                     9,172,928

Trading profit                                                                    400,521                       297,249
Interest receivable                                                                63,873                        80,962

                                                                                  464,394                       378,211
Interest payable                                                                   42,136                        64,411

Profit before taxation                                                            422,258                       313,800
Taxation                                                                           72,582                        79,415

Profit attributable to shareholders                                               349,676                       234,385

The directors recommend the following appropriations:

Preference shares
Dividend already paid of 5.00p per share (2001 5.00p)                 9,000                         9,000

Ordinary shares
Interim dividend already paid of 2.20p per share
(2001 1.80p)                                                         10,560                         8,640

Proposed final dividend of 8.00p per share (2001 7.60p)              38,400                        36,480

'A' Ordinary shares
Interim dividend already paid of 2.20p per share
(2001 1.80p)                                                         21,120                        17,280

Proposed final dividend of 8.00p per share (2001 7.60p)              76,800                        72,960
                                                                                  155,880                       144,360

Retained profit                                                                   193,796                        90,025

Earnings per share                                                                 23.65p                        15.65p




              Consolidated Balance Sheet as at 31st December 2002

                                                                                                 2002           2001
                                                                                                    £              £


Fixed assets                                Intangible assets                                  11,565         11,926
                                            Tangible assets                                   623,579        637,098
                                                                                              635,144        649,024

Current assets                              Stocks                                          1,913,433      1,726,717
                                            Debtors                                         1,836,492      1,862,051
                                            Cash at bank and in hand                        1,956,323      2,025,680
                                                                                            5,706,248      5,614,448

Creditors                                   Amounts falling due within one year             2,033,529      2,128,907

Net current assets                                                                          3,672,719      3,485,541

Total assets less current liabilities                                                       4,307,863      4,134,565

Deferred income                                                                                28,096         29,750

Net assets                                                                                  4,279,767      4,104,815

Capital and reserves                        Called up share capital                           540,000        540,000
                                            Reserves                                        3,739,767      3,564,815

Shareholders' funds                                                                         4,279,767      4,104,815
                                            Comprising:
                                            Non-equity shareholders' funds                    180,000        180,000
                                            Equity shareholders' funds                      4,099,767      3,924,815




     Consolidated Cash Flow Statement for the year ended 31st December 2002

                                                                                                   2002           2001
                                                                     Notes                            £              £


Net cash inflow from operating activities                            1                          409,416        283,234

Returns on investments and servicing of finance
Interest received                                                                                63,873         80,962
Interest paid                                                                                   (42,136)       (64,411)
Non-equity dividends paid                                                                        (9,000)        (9,000)
                                                                                                 12,737          7,551

Taxation
UK Corporation tax (paid)/received                                                              (36,004)        20,995
Overseas tax paid                                                                               (61,839)        (9,515)
                                                                                                (97,843)        11,480

Capital expenditure
Purchase of tangible fixed assets                                                              (103,795)       (98,080)
Disposal of tangible fixed assets                                                                26,946          3,600
                                                                                                (76,849)       (94,480)

Equity dividends paid                                                                          (141,120)      (120,960)

Management of liquid resources
Increase in treasury deposits                                        2                         (108,816)       (10,894)

(Decrease)/increase in cash                                          3                           (2,475)        75,931




                   Notes to Consolidated Cash Flow Statement


1.  Reconciliation of operating profit to net cash inflow
    from operating activities                                                                       2002           2001
                                                                                                       £              £

    Operating profit                                                                             400,521        297,249
    Depreciation of tangible and intangible assets                                               113,558        111,345
    Profit on disposal of fixed assets                                                           (16,372)        (3,599)
    Government grants amortised                                                                   (1,654)        (1,656)
    Increase in stocks                                                                          (186,716)      (166,453)
    Decrease/(increase) in debtors                                                                26,356         (9,628)
    Increase in creditors                                                                         80,180         54,394
    Movement in value of assets caused by foreign
    exchange movements                                                                            (6,457)         1,582

                                                                                                 409,416        283,234


                                                                                               Effect of
                                                                                                 Foreign
                                                                                                Exchange
                                                                                                    Rate
2.  Analysis of changes in net funds                                   2001     Cash flow        Changes           2002
                                                                          £             £              £              £

    Cash at bank and in hand                                        722,123      (178,173)             -        543,950
    Bank loans and overdrafts                                    (1,048,619)      175,698        (18,844)      (891,765)
                                                                   (326,496)       (2,475)       (18,844)      (347,815)
    Treasury deposits                                             1,303,557       108,816              -      1,412,373

                                                                    977,061       106,341        (18,844)     1,064,558

3.  Reconciliation of net cash flow to movement
    in net funds                                                                                                      £

    Decrease in cash                                                                                             (2,475)
    Effect of foreign exchange rate changes                                                                     (18,844)
                                                                                                                (21,319)
    Increase in treasury deposits                                                                               108,816
    Movement in net funds in the year                                                                            87,497
    Net funds at 31st December 2001                                                                             977,061

    Net funds at 31st December 2002                                                                           1,064,558


The annual general meeting will be held on Friday 25th April 2003 and it is
proposed to pay the final dividend on Monday 28th April 2003 to shareholders
registered with the company on 14th March 2003.

This statement has been agreed with the company's auditors.

D. H. Brown
Company Secretary
T.F. & J.H. Braime (Holdings) P.L.C.



28th February 2003


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