FINANCIAL HIGHLIGHTS

2022 Full year announcement

Nicholas Braime, Chairman said:

"Our strategy remains largely unchanged; continuing to invest and constantly improving our production processes; and exploring new potential global markets for our niche products and developing new innovative solutions for our customers' common engineering problems"

Year ended 31st December 2022 2022 £'000 2021 £'000
Revenue 44,879 36,406
Changes in inventories of finished goods and work in progress 2,925 869
Raw materials and consumables used (26,456) (19,656)
Employee benefits costs (10,260) (8,930)
Depreciation and amortisation expense (1,535) (1,334)
Other (expenses)/operating income (5,104) (4,866)
Exceptional item (350) (1,217)
Profit from operations 4,099 1,272
Finance expense (282) (205)
Finance income 5 3
Profit before tax 3,822 1,070
Tax expense (1,101) (320)
Profit for the year 2,721 750
Profit attributable to:
Owners of the parent 2,768 665
Non-controlling interests (47) 85
2,721 750
Basic and diluted earnings per share 188.96p 52.08p

Group Financial Highlights

Total dividend 13.75p (2021: 12.45p)

  • Group revenue of £44.9 million (2021: £36.4 million)
  • Pre-tax profits at £3.82 million (2021: £1.07 million)
  • Earnings before interest, tax, depreciation, amortisation and exceptional costs (EBITDA) at £6.0 million (2021: £3.8 million)
  • Exceptional costs of £0.4 million relate to further extensive repairs to the chain cell area of our Hunslet Road property, originally announced in the 2021 full year results
  • Basic and diluted earnings per share at 188.96p (2021: 52.08p)
  • Cash balances decreased to £0.8 million (2021: £1.0 million)
  • Bank borrowings of £2.3 million (2021: £2.4 million)
  • The board is recommending a second interim dividend of 9.00p per share (2021: 8.20p) to the holders of Ordinary and 'A' Ordinary shares

Operating Highlights
 

Braime Pressings Limited
  • Revenue of £11.8 million (2021: £9.5 million)
  • External revenue up £1.5 million to £6.7 million
  • Intercompany revenue has risen to £5.1 million (2021: £4.3 million) reflecting increased 4B division activity
  • Profit of £1.0 million has increased from prior year's profit of £0.8 million
Materials handling division (4B group)
  • Revenue of £46.3 million up 22% (2021: £37.9 million)
  • External revenue up £7.0 million to £38.2 million
  • Intercompany activity £8.1 million (2021: £6.7 million)
Central costs have reduced to £1.1 million (2021: £1.3 million) due to lower property maintenance expenses in the year.
Outlook

The major challenges facing us in 2023 include high and unpredictable cost inflation and unreliability of supplies. These threaten the competitiveness of the business and create an urgency in finding new, more stable sources of supply and divert time away from our primary focus, the search for new sales. Repeating in 2023 the exceptional result in 2022 may be an overambitious target but this does not stop us trying to overcome these challenges.

2022 Interim announcement

Nicholas Braime, Chairman said:

"All sectors of the Group have performed strongly following a sustained surge in customer demand."

For the six months ended 30th June 2022 Unaudited 6 months to 30th June 2022 £'000 Unaudited 6 months to 30th June 2021 £'000
Revenue 21,308 18,212
Changes in inventories of finished goods and work in progress 841 51
Raw materials and consumables used (12,099) (9,661)
Employee benefits costs (4,859) (4,366)
Depreciation expense (738) (655)
Other (expenses)/operating income (2,368) (2,592)
Exceptional item (350) -
Profit from operations 1,735 989
Finance costs (127) (106)
Finance income - 2
Profit before tax 1,608 885
Tax expense (477) (220)
Profit for the period 1,131 665
Profit attributable to:
Owners of the parent 1,123 608
Non-controlling interests 8 57
1,131 665
Basic and diluted earnings per share 78.54p 46.18p

Group Financial Highlights

  • Dividend is increased from 4.25p to 4.75p per share for both Ordinary and 'A' Ordinary Shares
  • Group revenue at £21.3 million (2021: £18.2 million)
  • Earnings before interest, tax, depreciation and amortisation (EBITDA including exceptional item) at £2.5 million (2021: £1.6 million)
  • Basic and diluted earnings per share at 78.54p (2021: 46.18p)
  • Net cash at 30th June 2022 £201,000 overdrawn (2021: £764,000 positive)
Braime Pressings Limited - external revenue has increased by 13% driven by strong customer demand as well as an increase in steel commodity prices
  • Total revenue of £5.6 million up 22% (2021: £4.6 million)
  • Intercompany revenue has increased by 34% to £2.6 million (2021: 1.9 million)
  • The business is now developing new sectors including equipment manufacturing
The materials handling division (4B group) external revenues have seen improvement across all geographical regions and product groups
  • Revenue of £21.4 million up 18% (2021: £18.2 million)
  • Intercompany revenue has increased to £3.1 million (2021: £2.6 million)
  • The demand for electronics has increased significantly
Central costs - half year costs excluding the chain cell provision has increased by £82,000 (2021: £45,000)
The business has been undertaking significant repairs to its HQ during the year