Interim Results

Braime (T.F.& J.H.) (Hldgs) PLC
29 August 2003


                               HALF-YEARLY REPORT



Group sales for the first six months of the year fell by 9% from £5.25m in 2002
to £4.80m for 2003 and the trading profit fell from £175,000 to £24,000.

Investment income reduced by £3,000 to £27,000.  However this was more than
offset by a drop of £6,000 in the interest payable.

Group profit after tax reduced from £129,000 in 2002 to £25,000 for 2003.

After a positive start to the year our principal trading subsidiaries have all
simultaneously been affected by adverse market conditions.

Sales of subcontract presswork by Braime Pressings Limited remain depressed due
to the continuing closure of UK engineering businesses and the drive from
international groups to resource components outside the UK and/or Europe.

The deep recession in continental Europe, particularly in the agricultural
sector, has hit both the sales volume and margins of Braime Elevator Components
Limited and our French subsidiary, Sarl S.E.T.E.M.

Sales at 4B Elevator Components Limited in the USA remain unchanged from last
year but their gross margin has been reduced significantly by the steep fall in
the value of the US$ which has increased the cost of their products, sourced
predominantly in the UK.

Currently 4B Elevator Components Limited are seeing a strong revival in business
but it is too soon to know if this will lead to a sustained recovery.

In very difficult trading conditions, all subsidiaries are concentrating their
efforts on achieving tight control of costs and on trying to increase margins.
However, the trading profit for the full year is likely to be substantially less
than in 2002.

The directors have decided to pay a reduced dividend of 1.80p (2002 - 2.20p) per
Ordinary and 'A' Ordinary share.  The dividend will be paid on 6th October 2003
to shareholders whose names appear on the register on 12th September 2003.



   Consolidated Profit & Loss Account for the six months ended 30th June 2003


                                                                        Unaudited results for the          Year to
                                                                       six months ended 30th June    31st December
                                                                           2003              2002             2002
                                                                              £                 £                £


Group turnover                                                        4,798,353         5,245,633        9,981,579
Trading profit                                                           23,715           175,332          400,521
Investment income                                                        26,625            29,848           63,873
Profit before interest                                                   50,340           205,180          464,394
Interest payable                                                         14,980            20,995           42,136
Profit before taxation                                                   35,360           184,185          422,258
Taxation at 30% for interim figures                                      10,608            55,256           72,582
Profit after taxation                                                    24,752           128,929          349,676
Dividends                                                                30,420            36,180          155,880
Retained (loss)/profit                                                   (5,668)           92,749          193,796
Earnings per share                                                        1.41p             8.64p           23.65p





      Notes to the Interim Report for the six months ended 30th June 2003





The financial information for the six months ended 30th June 2003 has not been
audited, nor has the financial information for the six months ended 30th June
2002.  However, the interim report includes a review signed by the auditors.
The comparative figures for the year ended 31st December 2002 do not constitute
the group's statutory accounts for that year, but have been extracted from the
statutory accounts filed with the registrar of companies, and which carried an
unqualified audit report.  The report has been prepared in accordance with
applicable accounting standards on a consistent basis using the accounting
policies set out in the 2002 annual report.





       Independent review report to T.F. & J.H. Braime (Holdings) P.L.C.



Introduction

We have been instructed by the company to review the financial information set
out on pages 1 to 4 and we have read the other information contained in the
interim report and considered whether it contains any apparent mis-statements or
material inconsistencies with the financial information.



Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors.  The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.



Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board.  A review consists principally of making
enquiries of management and applying analytical procedures to the financial
information and underlying financial data and, based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed.  A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions.  It is
substantially less in scope than an audit performed in accordance with Auditing
Standards and therefore provides a lower level of assurance than an audit.
Accordingly we do not express an audit opinion on the financial information.



Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30th June 2003.



John Gordon Walton & Co.
Chartered Accountants
Yorkshire House
Greek Street
Leeds
LS1 5ST


29th August 2003




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

                  Consolidated Balance Sheet at 30th June 2003




                                                                       Unaudited        Unaudited
                                                                       30th June        30th June    31st December
                                                                            2003             2002             2002
                                                                               £                £                £


Fixed assets           Intangible assets                                  11,925           12,064           11,565
                       Tangible assets                                   563,685          617,479          623,579
                                                                         575,610          629,543          635,144


Current assets         Stocks                                          2,066,339        2,044,433        1,913,433
                       Debtors                                         2,261,972        2,591,735        1,836,492
                       Cash at bank and in hand                        1,569,501        1,611,328        1,956,323
                                                                       5,897,812        6,247,496        5,706,248


Creditors              Amounts falling due within one year            (2,182,227)      (2,668,897)      (2,033,529)

Net current assets                                                     3,715,585        3,578,599        3,672,719

Total assets less current liabilities                                  4,291,195        4,208,142        4,307,863

Deferred income                                                          (27,268)         (28,922)         (28,096)

Net assets                                                             4,263,927        4,179,220        4,279,767

Capital and reserves   Called up share capital                           540,000          540,000          540,000
                       Reserves                                        3,723,927        3,639,220        3,739,767

Shareholders' funds                                                    4,263,927        4,179,220        4,279,767
                       Comprising:
                       Non-equity shareholders' funds                    180,000          180,000          180,000
                       Equity shareholders' funds                      4,083,927        3,999,220        4,099,767





    Consolidated Cash Flow Statement for the six months ended 30th June 2003


                                                                          Unaudited         Unaudited          Year to
                                                                          30th June         30th June    31st December
                                                             Notes             2003              2002             2002
                                                                                  £                 £                £
Net cash (outflow)/inflow from
operating activities                                             1         (381,686)         (179,204)         409,416


Returns on investments and servicing of finance
Interest received                                                            26,625            29,848           63,873
Interest paid                                                               (14,980)          (20,995)         (42,136)
Non-equity dividends paid                                                    (4,500)           (4,500)          (9,000)
                                                                              7,145             4,353           12,737


Taxation
UK corporation tax received/(paid)                                                -             9,718          (36,004)
Overseas tax paid                                                           (17,900)          (41,162)         (61,839)
                                                                            (17,900)          (31,444)         (97,843)


Capital expenditure
Purchase of tangible fixed assets                                            (5,547)          (85,767)        (103,795)
Disposal of tangible fixed assets                                             6,027            22,990           26,946
                                                                                480           (62,777)         (76,849)


Equity dividends paid                                                      (115,200)         (109,440)        (141,120)


Management of liquid resources
Decrease/(increase) in                                           2          246,787          (104,883)        (108,816)
treasury deposits


Decrease in cash                                                 3         (260,374)         (483,395)          (2,475)








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

                   Notes to Consolidated Cash Flow Statement





1. Reconciliation of operating profit                                                                      Year to
   to net cash (outflow)/inflow from                                   Six months ended 30th June    31st December
   operating activities                                                      2003            2002             2002
                                                                                £               £                £

   Operating profit                                                        23,715         175,332          400,521
   Depreciation of tangible and intangible assets                          77,040          83,235          113,558
   Profit on disposal of fixed assets                                           -               -          (16,372)
   Government grants amortised                                               (828)           (828)          (1,654)
   Increase in stocks                                                    (152,906)       (317,716)        (186,716)
   (Increase)/decrease in debtors                                        (436,277)       (739,684)          26,356
   Increase in creditors                                                  125,556         621,434           80,180
   Movement in value of assets caused by foreign exchange                 (17,986)           (977)          (6,457)
   movements
                                                                         (381,686)       (179,204)         409,416







2. Analysis of changes in net funds                                 31st December                        30th June
                                                                             2002       Cash flow             2003
                                                                                £               £                £


   Cash at bank and in hand                                               543,950        (140,035)         403,915
   Bank loans and overdrafts                                             (891,765)       (130,511)      (1,022,276)
                                                                         (347,815)       (270,546)        (618,361)
   Treasury deposits                                                    1,412,373        (246,787)       1,165,586
                                                                        1,064,558        (517,333)         547,225



                                                                    31st December                        30th June
                                                                             2001       Cash flow             2002
                                                                                £               £                £


   Cash at bank and in hand                                               722,123        (519,235)        202,888
   Bank loans and overdrafts                                           (1,048,619)         17,496       (1,031,123)
                                                                         (326,496)       (501,739)        (828,235)
   Treasury deposits                                                    1,303,557         104,883        1,408,440
                                                                          977,061        (396,856)         580,205







3. Reconciliation of net cash flow to movement in net funds                             30th June        30th June
                                                                                             2003             2002
                                                                                                £                £


   Decrease in cash                                                                      (260,374)        (483,395)
   Effect of foreign exchange rate changes                                                (10,172)         (18,344)
                                                                                         (270,546)        (501,739)
   (Decrease)/increase in treasury deposits                                              (246,787)         104,883
   Movement in net funds in the period                                                   (517,333)        (396,856)
   Net funds at 31st December 2002/2001                                                 1,064,558          977,061
   Net funds at 30th June 2003/2002                                                       547,225          580,205




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