FINANCIAL HIGHLIGHTS

2023 Full year announcement

Nicholas Braime, Chairman said:

"We are delighted that the Group has had another excellent year given the economic climate"

Year ended 31st December 2023 2023 £'000 2022 £'000
Revenue 48,155 44,879
Changes in inventories of finished goods and work in progress (426) 2,925
Raw materials and consumables used (25,188) (26,456)
Employee benefits costs (11,009) (10,260)
Depreciation and amortisation expense (1,678) (1,535)
Other (expenses)/operating income (6,106) (5,104)
Exceptional item - (350)
Profit from operations 3,748 4,099
Finance expense (485) (282)
Finance income 72 5
Profit before tax 3,335 3,822
Tax expense (999) (1,101)
Profit for the year 2,336 2,721
Profit attributable to:
Owners of the parent 2,274 2,768
Non-controlling interests 62 (47)
2,336 2,721
Basic and diluted earnings per share 162.22p 188.96p

Group Financial Highlights

Total dividend 14.75p (2022: 13.75p)

  • Group revenue of £48.2 million (2022: £44.9 million)
  • Pre-tax profits at £3.33 million (2022: £3.82 million)
  • Earnings before interest, tax, depreciation, amortisation and exceptional costs (EBITDA) at £5.4 million (2022: £6.0 million)
  • Basic and diluted earnings per share at 162.22p (2022: 188.96p)
  • Cash balances increased to £2.2 million (2022: £0.8 million)
  • Bank borrowings of £2.9 million (2022: £2.3 million)
  • The board is recommending a second interim dividend of 9.50p per share (2022: 9.00p) to the holders of Ordinary and 'A' Ordinary shares

Operating Highlights
 

Braime Pressings Limited
  • Revenue of £10.5 million (2022: £11.8 million)
  • External revenue down £1.0 million to £5.7 million
  • Intercompany revenue has decreased to £4.7 million (2022: £5.1 million) 
  • Profit of £0.6 million has decreased from prior year's profit of £1.0 million
Materials handling division (4B group)
  • Revenue of £50.3 million up 9% (2022: £46.3 million)
  • External revenue up £4.3 million to £42.4 million
  • Intercompany activity £7.8 million (2022: £8.1 million)
Central costs have reduced to £0.5 million (2022: £1.1 million) due to higher intercompany management recharges in the year.
Outlook

End Users provide a significant spares market for our traditional mechanical products and also for the Group's new electronic products, which improve safety and reduce maintenance.  This is a business sector that remained buoyant through Covid and continues to be so, even in the current downturn.  This helps provide the Group with stability at a time when we consider the market for new machinery to be running at a low ebb.

2023 Interim announcement

Nicholas Braime, Chairman said:

"The different parts of the Group have performed quite differently, with the Asian regions relatively subdued, but with the USA, our key market, remaining particularly buoyant."

For the six months ended 30th June 2023 Unaudited 6 months to 30th June 2023 £'000 Unaudited 6 months to 30th June 2022 £'000
Revenue 24,706 21,308
Changes in inventories of finished goods and work in progress (49) 841
Raw materials and consumables used (12,650) (12,099)
Employee benefits costs (5,398) (4,859)
Depreciation expense (828) (738)
Other (expenses)/operating income (3,467) (2,368)
Exceptional item - (350)
Profit from operations 2,314 1,735
Finance costs (199) (127)
Finance income - -
Profit before tax 2,115 1,608
Tax expense (605) (477)
Profit for the period 1,510 1,131
Profit attributable to:
Owners of the parent 1,478 1,123
Non-controlling interests 32 8
1,510 1,131
Basic and diluted earnings per share 104.86p 78.54p

Group Financial Highlights

  • Dividend is increased from 4.75p to 5.25p per share for both Ordinary and 'A' Ordinary Shares
  • Group revenue at £24.7 million (2022: £21.3 million)
  • Earnings before interest, tax, depreciation and amortisation (EBITDA including exceptional item) at £3.1 million (2022: £2.5 million)
  • Basic and diluted earnings per share at 104.86p (2022: 78.54p)
  • Net cash at 30th June 2023 £886,000 positive (2022: £201,000 overdrawn)
Braime Pressings Limited - external revenue has increased by 9%, largely due to an increase in steel commodity prices which has driven up sales revenues.
  • Total revenue of £5.9 million up 6% (2022: £5.6 million)
  • Intercompany revenue has increased by 4% to £2.7 million (2022: 2.6 million)
  • The business is continuing to develop new sectors including equipment manufacturing
The materials handling division (4B group) external revenues have seen growth of 17% as a result of a strong levels of demand in the USA.
  • Revenue of £24.6 million up 15% (2022: £21.4 million)
  • Intercompany revenue has remained stable at £3.1 million (2022: £3.1 million)
  • The demand for electronics has been strong, particularly in the USA.
Central costs - half year costs excluding the chain cell provision are higher than last year by £107,000 due to higher interest and depreciation costs.