Interim Results

Braime (T.F.& J.H.) (Hldgs) PLC
27 August 2004








                               HALF-YEARLY REPORT



Although sales for the first six months of the year were down by only 2% at
£4.7m from £4.8m in 2003, the group made a loss, after taxation, of £165,000
compared to a profit of £25,000 in the same period of last year.



Very difficult trading conditions continue to affect all parts of the group.
Margins in Braime Pressings Limited and Braime Elevator Components Limited have
come under severe pressure due to the near 50% rise in the cost of steel since
January.  Sales at Setem in France have dropped substantially as investment in
the French agricultural sector has come almost to a standstill due to the high
value of the euro against the dollar.  Meanwhile the weak dollar has also
continued to depress margins at our US subsidiary 4B Elevator Components
Limited.



In view of the negative half-year result, the directors have decided that it
would not be prudent to pay an interim dividend.



The company has continued to invest both in new products and new equipment which
the directors believe will enable the company to return to profit. It is not
possible to predict if this will be achieved in 2004 in view of the very
disappointing half-year result.





   Consolidated Profit & Loss Account for the six months ended 30th June 2004


                                                                        Unaudited results for the          Year to
                                                                       six months ended 30th June    31st December
                                                                           2004              2003             2003
                                                                              £                 £                £


Group turnover                                                        4,703,180         4,798,353        9,418,422
Trading (loss)/profit                                                  (179,877)           23,715          (57,393)
Investment income                                                        25,487            26,625           50,953
(Loss)/profit before                                                   (154,390)           50,340           (6,440)
interest
Interest payable                                                         10,329            14,980           26,589
(Loss)/profit before                                                   (164,719)           35,360          (33,029)
taxation
Taxation at 30% for interim figures                                           -            10,608           15,009
(Loss)/profit after                                                    (164,719)           24,752          (48,038)
taxation
Dividends                                                                 4,500            30,420           92,520
Retained loss                                                          (169,219)           (5,668)        (140,558)
Earnings per share                                                      (11.75p)            1.41p           (3.96p)



     Notes to the Half-Year Report for the six months ended 30th June 2004



The financial information for the six months ended 30th June 2004 has not been
audited, nor has the financial information for the six months ended 30th June
2003.  However, the half-year report includes a review signed by the auditors.
The comparative figures for the year ended 31st December 2003 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 2003 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
half-year report and considered whether it contains any apparent mis-statements
or material inconsistencies with the financial information.



Directors' responsibilities

The half-year 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 half-year report in accordance with the
Listing Rules of the Financial Services Authority which require that the
accounting policies and presentation applied to the half-year 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 group 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 2004.



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



27th August 2004





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

                  Consolidated Balance Sheet at 30th June 2004




                                                                       Unaudited        Unaudited
                                                                       30th June        30th June    31st December
                                                                            2004             2003             2003
                                                                               £                £                £


Fixed assets           Intangible assets                                  10,806           11,925           11,644
                       Tangible assets                                   582,916          563,685          554,479
                                                                         593,722          575,610          566,123


Current assets         Stocks                                          1,916,092        2,066,339        1,890,199
                       Debtors                                         2,287,893        2,261,972        1,899,444
                       Cash at bank and in hand                        1,420,186        1,569,501        1,614,131
                                                                       5,624,171        5,897,812        5,403,774


Creditors              Amounts falling due within one year            (2,258,159)      (2,182,227)      (1,832,366)


Net current assets                                                     3,366,012        3,715,585        3,571,408


Total assets less current liabilities                                  3,959,734        4,291,195        4,137,531


Deferred income                                                          (25,612)         (27,268)         (26,440)


Net assets                                                             3,934,122        4,263,927        4,111,091


Capital and reserves   Called up share capital                           540,000          540,000          540,000
                       Reserves                                        3,394,122        3,723,927        3,571,091


Shareholders' funds                                                    3,934,122        4,263,927        4,111,091
                       Comprising:
                       Non-equity shareholders' funds                    180,000          180,000          180,000
                       Equity shareholders' funds                      3,754,122        4,083,927        3,931,091





    Consolidated Cash Flow Statement for the six months ended 30th June 2004


                                                                           Unaudited         Unaudited         Year to
                                                                           30th June         30th June   31st December
                                                                Notes           2004              2003            2003
                                                                                   £                 £               £
Net cash outflow from
operating activities                                                1       (458,298)         (381,686)        (17,501)


Returns on investments and servicing of finance
Interest received                                                             25,487            26,625          50,953
Interest paid                                                                (10,329)          (14,980)        (26,589)
Non-equity dividends paid                                                     (4,500)           (4,500)         (9,000)
                                                                              10,658             7,145          15,364


Taxation
UK corporation tax received/(paid)                                            10,399                 -         (20,701)
Overseas tax paid                                                            (31,906)          (17,900)        (26,653)
                                                                             (21,507)          (17,900)        (47,354)


Capital expenditure
Purchase of tangible fixed assets                                            (91,830)           (5,547)        (35,410)
Disposal of tangible fixed assets                                                600             6,027          17,286
                                                                             (91,230)              480         (18,124)


Equity dividends paid                                                        (57,600)         (115,200)       (141,120)


Management of liquid resources
Decrease in treasury                                                2        102,019           246,787         245,354
deposits


(Decrease)/increase                                                 3       (515,958)         (260,374)         36,619
in cash





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

                   Notes to Consolidated Cash Flow Statement






1. Reconciliation of operating (loss)/profit                                                               Year to
   to net cash outflow from                                            Six months ended 30th June    31st December
   operating activities                                                      2004            2003             2003
                                                                                £               £                £

   Operating (loss)/profit                                               (179,877)         23,715          (57,393)
   Depreciation of tangible and intangible assets                          60,089          77,040           96,046
   Profit on disposal of fixed assets                                           -               -           (2,148)
   Government grants amortised                                               (828)           (828)          (1,656)
   (Increase)/decrease in stocks                                          (25,893)       (152,906)          23,234
   Increase in debtors                                                   (366,942)       (436,277)         (53,350)
   Increase/(decrease) in creditors                                        51,611         125,556          (15,481)
   Movement in value of assets caused by foreign exchange                   3,542         (17,986)          (6,753)
   movements
                                                                         (458,298)       (381,686)         (17,501)



2. Analysis of changes in net funds                                 31st December                        30th June
                                                                             2003       Cash flow             2004
                                                                                £               £                £


   Cash at bank and in hand                                               447,112         (91,926)         355,186
   Bank loans and overdrafts                                             (786,426)       (431,782)      (1,218,208)
                                                                         (339,314)       (523,708)        (863,022)
   Treasury deposits                                                    1,167,019        (102,019)       1,065,000
                                                                          827,705        (625,727)         201,978



                                                                    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



3. Reconciliation of net cash flow to movement in net funds                             30th June        30th June
                                                                                             2004             2003
                                                                                                £                £


   Decrease in cash                                                                      (515,958)        (260,374)
   Effect of foreign exchange rate changes                                                 (7,750)         (10,172)
                                                                                         (523,708)        (270,546)
   Decrease in treasury deposits                                                         (102,019)        (246,787)
   Movement in net funds in the period                                                   (625,727)        (517,333)
   Net funds at 31st December 2003/2002                                                   827,705        1,064,558
   Net funds at 30th June 2004/2003                                                       201,978          547,225




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