REG - Braime Group PLC - Interim Results for six months ended 30 June 2021

BraimeAnnouncement

08/09/2021 16:05

RNS Number : 1662L
  
Braime Group PLC
  
08 September 2021
  
 

Braime Group PLC
("Braime" or the "Company" and together with its subsidiaries the "Group")
 
Interim Results for the six months ended 30th June 2021
 
 
The Company presents its unaudited interims results for the six months ended 30 June 2021:
 
Performance
Group sales revenue for the first six months of 2021 increased by 13% to £18.2m when compared to £16.1m for the same period in 2020, while profit before tax increased to £885,000 compared to £372,000 for the same period in 2020.  The retained profit for the six-month period includes a £250,000 provision for repairs commitments to our chain cell operations which has become necessary while the new warehouse is being built.  The directors are pleased to report that following the upheaval of the previous year brought about by the global pandemic, the Group has seen a surge in customer demand which began in the spring of 2021, with all sectors performing strongly, particularly the automotive sector.  The underlying trading performance of the Group should also be viewed from the context of Sterling strengthening during 2021.  A significant proportion of the Group's income is earned in the USA, and consequently, Sterling strengthening against the US dollar (a closing rate of 1:1.389 as at June 2021 compared to 1:1.236 in June 2020) results in a reduction in profit for the Group when reported in Sterling.  
 
Dividends
In line with the Group's policy to maintain dividend growth, balanced alongside the Group's requirement for investment in capital to support long term growth, the directors have decided to increase the interim dividend from 4.00p to 4.25p per share.  This dividend will be paid on 14th October 2021 to the Ordinary and 'A' Ordinary shareholders on the register on the 1st October 2021.  The associated ex-dividend date is 30th September 2021.
 
Braime Pressings Limited
External sales revenue of £2.6m in the first 6 months of 2021 was 35% up on the same period last year driven by strong demand from the automotive sector.  Intercompany sales also increased by £238,000.  The manufacturing division made a profit before tax of £481,000 as a result of the higher demand for its products.  As reported last year, the Company recruited a new sales manager at the beginning of 2020 and after a challenging year the Company is now developing new sectors. 
 
4B Division
Our distribution division's external sales revenue of £15.6m increased by 10% when compared to £14.2m for the same period last year.  Intercompany trading increased by 9.8% to £2.6m (£2.4m for the same period in 2020). The division has benefitted from an exceptional order of chain products from the Middle East early in the year.  The £1.4m increase in external sales has had a positive direct impact on profitability, with profit after tax for the 4B division for the six-month period increasing to £494,000 as compared to £307,000 for the same period last year.
 
Balance Sheet
Total net assets as at 30th June 2021 amounted to £15.4m (30th June 2020 - £14.9m).  Capital asset additions of £991,000 during the period relate to a large extent to the remainder of the €2.2m construction costs of the warehouse being £433,000 for 4B France which was fully completed in May 2021 as announced earlier in the year.   As announced last month, the Company has also commenced construction of a new climate-controlled warehouse and additional parking facilities at our head office facility in Leeds, UK which is anticipated to cost £1m and is being funded primarily from a £850,000 development loan from the Company's bankers.  At the half-year, the Group had spent £185,000 on improvements to its head office facilities.  Other investments relate to various items of manufacturing equipment and other IT capital expenditure.   
 
Inventory has decreased by £44,000 when compared to 30th June 2020 and increased by £219,000 when compared to 31st December 2020.  Trade receivables of £7.5m have increased by £918,000 when compared to 30th June 2020 and increased by £1,518,000 when compared to 31st December 2020.  The increase in trade debtors are a direct result of the increase in revenue in the first six months of 2021 and is in line with seasonal trend.  Overall debtor days are similar to prior periods. The increase in long-term borrowings during the year are in line with expectations, being the take up of new loans of £532,000 in relation to the final draw-down of the €1.7m loan facility in 4B France with Credit du Nord and BPI-France which, as mentioned in the 2019 annual report, was obtained to fund the warehouse construction (the balance having been funded out of profit). 
 
Cash flow
Cash at the end of the period was £764,000.  Cash generated from operations before working capital movements was £1.3m during the period.  An increase in trade receivables of £1,518,000, an increase in inventories of £219,000 offset by an increase in trade payables of £1,138,000 saw working capital reduce by £599,000 since the year end.  These are a consequence of the increased level of trading activity during the period.  Investment in capital projects mentioned above gave rise to capital outflows of £991,000 and the Group repaid £234,000 of loans whilst the take up of new loans of £532,000 in France mentioned above, provided proceeds from borrowings.  Overall, net cash reduced by £433,000 during the six months to 30th June 2021.   The business has sufficient headroom within its £3.5m bank overdraft facility and management remains focused in ensuring that working capital requirements, particularly for stock, are carefully monitored and controlled.  
 
Principal exchange rates
The Group reports its results in Sterling, its presentational currency.  The Group operates in six other currencies and the average of the principal exchange rates in use during the half year and as at 30th June 2021 are shown in the table below, along with comparatives.  Since a significant proportion of the Group revenues are in the USA, the Group has incurred foreign exchange losses from the strengthening of Sterling against the US dollar since 31st December 2020.   
 



 
Currency


 
Symbol


Avg rate
HY 2021


Avg rate
HY 2020


Avg rate
FY 2020


Closing rate
30th Jun 2021


Closing rate
30th Jun 2020


Closing rate
31st Dec 2020




Australian Dollar


AUD


1.813


       1.922


       1.867


1.840


1.795


       1.763




Chinese Renminbi (Yuan)


CNY


8.993


8.857


8.880


8.941


8.714


8.890




Euro


EUR


1.156


1.140


       1.126


1.165


1.100


       1.112




South African Rand


ZAR


20.257


21.334


     21.309


19.711


21.468


     20.030




Thai Baht


THB


43.064


39.993


     40.404


44.290


38.152


     40.838




United States Dollar


USD


1.389


1.259


1.290


1.382


1.236


       1.365



 
Key performance indicators
The Group uses the following key performance indicators to assess the performance of the Group as a whole and of the individual businesses:
 



 
Key performance indicator


 
Note


 
Half year 
2021 


 
Half year 
2020 


 
Full year 
2020 




Turnover growth


1


13.0% 


(5.6%)


(1.9%) 




Gross margin


2


47.2% 


47.4% 


46.7%  




Operating profit


3


£0.98m 


£0.45m 


£1.38m  




Stock days


4


170 days 


191 days 


182 days  




Debtor days


5


59 days 


63 days 


56 days  



 
Notes to KPI's
1.             Turnover growth
The Group aims to increase shareholder value by measuring the year on year growth in Group revenue.  Revenues are up due to the strong demand in the manufacturing sector and improvements in the global economic climate as the impact of the COVID pandemic recedes. 
 
2.             Gross margin
Gross profit (revenue less change in inventories and raw materials used) as a percentage of revenue is monitored to maximise profits available for reinvestment and distribution to shareholders.  Gross margin has decreased slightly over the same period last year but has improved when compared to the full year results in 2020.  The directors continue to monitor the margins carefully for further movement. 
 
3.             Operating profit
Sustainable growth in operating profit is a strategic priority to enable ongoing investment and increase shareholder value.  Operating profits have improved as a direct result of the increase in sales in both the manufacturing and the 4B division.
 
4.             Stock days
The average value of inventories divided by raw materials and consumables used and changes in inventories of finished goods and work in progress expressed as a number of days is monitored to ensure the right level of stocks are held in order to meet customer demands whilst not carrying excessive amounts which impacts upon working capital requirements.  Stock days have reduced with sales increasing but inventories remaining largely unchanged. 
 
5.             Debtor days
The average value of trade receivables divided by revenue expressed as a number of days.  This is an important indicator of working capital requirements.  Debtor days at 59 days are slightly below the standard payment terms of 60 days.  Management remain focused on reducing this to improve cash.
 
Other metrics monitored weekly or monthly include quality measures (such as customer complaints), raw materials buying prices, capital expenditure, line utilisation, reportable accidents and near-misses.
 
Ongoing impact of the COVID pandemic
Due to the support of our staff, the business succeeded in operating throughout the pandemic, with only limited numbers working from home, where possible.  With the exception of our staff at 4B Asia Pacific, "normal work" patterns have returned across the group, while we continue to act cautiously to try to minimise the effects of the ongoing epidemic. Nevertheless, our sales activities continue to be negatively affected by the remaining travel restrictions and the lack of trade exhibitions, both of which greatly limit our ability to engage with our customers.
 
While we have adopted new means of marketing during the pandemic, these do not replace the benefits of direct contact with our customers. This direct contact has always been central to our process of continuously developing new product and of bringing these products to market. We hope that our ability to visit our customers and display our products at trade exhibitions will gradually become possible in the coming months.
 
Short term Impact of Brexit
The group is heavily dependent on the import of raw materials to manufacture our products, and on the import of finished product, both of which are then exported globally, and a large proportion of group sales are made in sales to overseas markets.  Our trained and experienced staff were able to make and automate the relatively simple changes to our existing documentation required to continue our exports to the EU. Where we were able to deliver in full truck loads, our exports to the EU continued almost seamlessly. 
 
However, where we had to ship part loads on trucks, shared with UK exporters who were less familiar with export documentation, our own deliveries were significantly delayed by incorrect or incomplete documentation provided by other exporters. We were also taken by surprise by the lack of knowledge within many European freight companies. No doubt this lack of preparedness was caused by the months, and indeed years, of uncertainty and political brinkmanship and by the last-minute nature of the Trade Agreement.  We have now largely adapted to this situation by re-scheduling our exports and delivering on dedicated trucks wherever possible, and by switching to more competent international freight companies.  
 
Outlook for the second half of 2021
We are benefitting from a large increase in the volume of sales, due in part to the Brexit Bounce, and, in part, due to the ongoing introduction of new products.  The benefits of this increase in the volume of sales are tempered by the quite unprecedented rise in the cost of many key raw materials, including steel and plastic resin, which have both increased by around 35% and also by an equally unprecedented jump in the cost of freight, particularly sea freight, which affects both import and export. In some case, the cost of freight is 700% higher than 12 months ago.
 
Both inflationary problems will reduce our margins in the short term. We are trying to pass on increases to our customers, but there is an inevitable delay in this process. Meanwhile these price increases will almost certainly lead eventually to a drop in the volume of sales.  The huge increase in the cost of delivering goods over long distances, creates major challenges for our export focused group - but also creates potential new opportunities, for our manufacturing business. 
 
 
For further information please contact: 
 
Nicholas Braime/Cielo Cartwright
0113 245 7491 
 
W. H. Ireland Limited 
Katy Mitchell 
0113 394 6628 
 
 



Braime Group PLC
Consolidated income statement for the six months
ended 30th June 2021


 
 
 
Note


Unaudited 

6 months to 
30th June 

2021 


Unaudited 

6 months to 
30th June 

2020 


Audited 
year to 
31st December 
2020 












£'000 


£'000 


£'000 


























Revenue






 18,212 


16,114 


32,803 


























Changes in inventories of finished goods and work in progress






 
 51 


 
492 


 
(63)




Raw materials and consumables used






(9,661)


(8,954)


(17,428)




Employee benefits costs






(4,366)


(4,406)


(8,408)




Depreciation expense






(655)


(646)


(1,280)




Other expenses






(2,597)


(2,146)


(4,277)




Other operating income






5 


                          - 


30 


























Profit from operations






989 


454 


1,377 


























Finance costs






(106)


(82)


(191)




Finance income






2 


                          - 


9 


























Profit before tax






885 


372 


1,195 


























Tax expense






(220)


(114)


(341)


























Profit for the period






665 


258 


854 


























Profit attributable to:




















Owners of the parent






608 


242 


823 




Non-controlling interests






57 


16 


31 












665 


258 


854 


























Basic and diluted earnings per share


2


46.18p 


16.81p 


59.31p 



 
 



Braime Group PLC
Consolidated statement of comprehensive income for the six months
ended 30th June 2021


Unaudited 
6 months to 
 30th June 
2021 


Unaudited 
6 months to 
 30th June 
2020 


Audited 
year to 
31st December 
2020 








£'000 


£'000 


£'000 






















Profit for the period


665  


258 


854 






















Items that will not be reclassified subsequently to profit or loss
















Net pension remeasurement gain on post-employment benefits


- 


- 


66 






















Items that may be reclassified subsequently to profit or loss
















Foreign exchange (losses)/gains on re-translation of overseas operations


(97)


404 


(133)






















Other comprehensive income for the period


(97)


404 


(67)






















Total comprehensive income for the period


568 


662 


787 






















Total comprehensive income attributable to:
















Owners of the parent


489 


656 


744 




Non-controlling interests


79 


6 


43 








568 


662 


787 



 
The foreign currency movements arise on the re-translation of overseas subsidiaries' opening balance sheets at closing rates.
 



Braime Group PLC
Consolidated balance sheet at 30th June 2021


Unaudited   
6 months to  
30th June  
2021  


Unaudited   
6 months to  
30th June  
2020  


Audited  
year to 31st 
December 
2020 








£'000  


£'000  


£'000 






















Non-current assets
















Property, plant and equipment


8,216 


7,246 


7,830 




Intangible assets


31 


44 


37 




Right of use assets


683 


190 


487 






















Total non-current assets


8,930 


7,480 


8,354 






















Current assets
















Inventories


9,083 


9,127 


8,864 




Trade and other receivables


7,472 


6,554 


5,855 




Cash and cash equivalents


1,673 


1,558 


1,533 






















Total current assets


18,228 


17,239 


16,252 






















Total assets


27,158 


24,719 


24,606 






















Current liabilities
















Bank overdraft


909 


736 


335 




Trade and other payables


5,344 


4,586 


4,744 




Other financial liabilities


2,661 


2,042 


2,133 




Corporation tax liability


70 


47 


78 






















Total current liabilities


8,984 


7,411 


7,290 






















Non-current liabilities
















Financial liabilities


2,479 


2,031 


2,075 




Deferred income tax liability


276 


382 


278 






















Total non-current liabilities


2,755 


2,413 


2,353 






















Total liabilities


11,739 


9,824 


9,643 






















Total net assets


15,419 


14,895 


14,963 






















Capital and reserves
















Share capital


360 


360 


360 




Capital reserve


257 


257 


257 




Foreign exchange reserve


(270)


408 


(151)




Retained earnings


15,296 


14,211 


14,800 




Total equity attributable to the shareholders of the parent company


15,643 


 15,236 


15,266 




Non-controlling interests


(224)


                  (341)


(303)




Total equity


15,419 


14,895 


14,963 



 
 



 
Braime Group PLC
Consolidated cash flow statement for the six months
ended 30th June 2021


 
 
 
Note


Unaudited 
6 months to 
30th June 
2021 


Unaudited 
6 months to 
30th June 
2020 


Audited 
year to 
31st December 
2020 












£'000 


£'000 


£'000  




Operating activities




















Net profit






665 


258 


854 


























Adjustments for:




















Depreciation






655 


646 


1,280 




Foreign exchange (losses)/gains






(4)


  299 


(170)




Finance income






(2)


                            - 


(9)




Finance expense






106 


82 


191 




(Gain)/loss on sale of plant, machinery and motor vehicles






(5)


                            - 


 1 




Adjustment in respect of defined benefit scheme






- 


                            - 


71 




Income tax expense






220 


114 


341 




Income taxes paid






(329)


(8)


(168)




Operating profit before changes in working capital and provisions






 
1,306 


 
1,391 


 
2,391 


























Increase in trade and other receivables






(1,518)


(915)


(356)




Increase in inventories






(219)


(554)


(291)




Increase in trade and other payables






1,138 


787 


942 


































(599)


(682)


295 


























Cash generated from operations






707 


709 


2,686 


























Investing activities




















Purchases of property, plant, machinery and motor vehicles






(991)


(855)


 (2,057)




Sale of plant, machinery and motor vehicles






5 


8 


13 




Interest received






2 


- 


4 












(984)


(847)


(2,040)


























Financing activities




















Proceeds from long term borrowings






532 


900 


1,117 




Repayment of borrowings






(234)


(116)


(419)




Repayment of hire purchase creditors






(109)


(118)


(217)




Repayment of lease liabilities






(127)


(172)


(228)




Bank interest paid






(55)


(63)


(124)




Lease interest paid






(37)


(12)


(38)




Hire purchase interest paid






(15)


(7)


(29)




Dividends paid






(112)


(115)


(173)












(157)


297 


(111)




(Decrease)/increase in cash and cash equivalents






(434)


159 


535 




Cash and cash equivalents, beginning of period






1,198 


663 


663 




Cash and cash equivalents (including overdrafts), end of period


 
3


 
764 


 
822 


 
1,198 



 
 



Braime Group PLC
Consolidated statement of
changes in equity for the
six months ended
30th June 2021


 
 
 
Share 
Capital 


 
 
 
Capital 
Reserve 


 
 
Foreign 
Exchange 
Reserve 


 
 
 
Retained 
Earnings 


 
 
 
 
Total 


 
 
 
Minority 
Interests 


 
 
 
Total 
Equity 








£'000 


£'000 


£'000 


£'000 


£'000 


£'000 


£'000 




Balance at 31st December
2020


 
360 


 
257 


 
(151)


 
14,800 


 
15,266 


 
(303)


 
14,963 






































Comprehensive income


































































Profit


- 


- 


- 


608 


608 


57 


665 






































Other comprehensive income


































































Foreign exchange (loss)/gain
on re-translation of overseas operations


 
 
- 


 
 
- 


 
 
(119)


 
 
- 


 
 
(119)


 
 
22 


 
 
(97)




Total other comprehensive
income


 
- 


 
- 


 
(119)


 
- 


 
(119)


 
22 


 
(97)




Total comprehensive
income


 
- 


 
- 


 
(119)


 
608  


 
489 


 
79 


 
568 




Transactions with owners
































Dividends


- 


- 


- 


(112)


(112)


- 


(112)




Total transactions with owners


- 


- 


- 


(112)


(112)


- 


(112)




Balance at 30th June 2021


360 


257 


(270)


15,296 


15,643 


(224)


15,419 





































 
 



Braime Group PLC
Consolidated statement of
changes in equity for the
six months ended
30th June 2020


 
 
 
Share 
Capital 


 
 
 
Capital 
Reserve 


 
 
Foreign 
Exchange 
Reserve 


 
 
 
Retained 
Earnings 


 
 
 
 
Total 


 
 
 
Minority 
Interests 


 
 
 
Total 
Equity 








£'000 


£'000 


£'000 


£'000 


£'000 


£'000 


£'000 




Balance at 31st December 2019


 
360 


 
257 


 
(6)


 
14,084 


 
14,695 


 
(346)


 
14,349 






































Comprehensive income


































































Profit


- 


- 


- 


242 


242 


16 


258 






































Other comprehensive income


































































Foreign exchange gain/(loss) on re-translation of overseas 
operations


 
 
- 


 
 
- 


 
 
414 


 
 
- 


 
 
414 


 
 
(11)


 
 
403 




Total other comprehensive
income


 
- 


 
- 


 
414 


 
- 


 
414 


 
(11)


 
403 




Total comprehensive
income


 
- 


 
- 


 
414 


 
242 


 
656 


 
5 


 
661 




Transactions with owners
































Dividends


- 


- 


- 


(115)


(115)


- 


(115)




Total transactions with owners


 
- 


 
- 


 
- 


 
(115)


 
(115)


 
- 


 
(115)




Balance at 30th June 2020


360 


257 


408 


14,211 


15,236 


(341)


14,895 





































 



Braime Group PLC
Consolidated statement of
changes in equity for the
year ended 31st December
2020


 
 
 
Share 
Capital 


 
 
 
Capital 
Reserve 


 
 
Foreign 
Exchange 
Reserve 


 
 
 
Retained 
Earnings 


 
 
 
 
Total 


 
 
 
Minority 
Interests 


 
 
 
Total 
Equity 








£'000 


£'000


£'000 


£'000 


£'000 


£'000 


£'000 




Balance at 1st January 2020


360 


257 


(6)


14,084 


14,695 


(346)


14,349 






































Comprehensive income


































































Profit


- 


- 


- 


823 


823 


31 


854 






































Other comprehensive income


































































Net pension remeasurement
gain recognised directly in 
equity


 
 
- 


 
 
- 


 
 
- 


 
 
66 


 
 
66 


 
 
- 


 
 
66 




Foreign exchange losses on 
re-translation of overseas 
operations


 
 
- 


 
 
- 


 
 
(145)


 
 
- 


 
 
(145)


 
 
12 


 
 
(133)




Total other comprehensive
income


 
- 


 
- 


 
(145)


 
66 


 
(79)


 
12 


 
(67)




Total comprehensive
income


 
- 


 
- 


 
(145)


 
889 


 
744 


 
43 


 
787 




Transactions with owners
































Dividends


- 


- 


- 


(173)


(173)


- 


(173)




Total transactions with owners


- 


- 


- 


 (173)


 (173)


- 


 (173)




Balance at 31st December 
2020


 
360 


 
257 


 
(151)


 
14,800 


 
15,266 


 
(303)


 
14,963 





































1.      Accounting policies
Basis of preparation
The interim financial report has been prepared using accounting policies that are consistent with those used in the preparation of the full financial statements to 31st December 2020 and those which management expects to apply in the Group's full financial statements to 31st December 2021.
 
This interim financial report is unaudited.  The comparative financial information set out in this interim financial report does not constitute the Group's statutory accounts for the period ended 31st December 2020 but is derived from the accounts.  Statutory accounts for the period ended 31st December 2020 have been delivered to the Registrar of Companies.  The auditors have reported on those accounts.  Their audit report was unqualified and did not contain any statements under Section 498 of the Companies Act 2006.
 
The Group's condensed interim financial information has been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted for the use in the European Union and in accordance with IAS 34 'Interim Financial Reporting' and the accounting policies included in the Annual Report for the year ended 31st December 2020, which have been applied consistently throughout the current and preceding periods.  The Group has adopted the following new or amended standards as of 1st January 2021 -
 
·           Amendments to IFRS9, IAS39, IFRS7, IFRS4 and IFRS16 - Interest rate benchmarks - introduces practical expedient and exemptions from hedge accounting requirements - effective accounting periods beginning on or after 1 January 2021
 
The application and interpretations surrounding the new or amended standards is not expected to have a material impact on the Group's reported financial performance or position.  However, they may give rise to additional disclosures being made in the financial statements.
 
2.      Earnings per share and dividends
        Both the basic and diluted earnings per share have been calculated using the net results attributable to shareholders of Braime Group PLC as the numerator.
 
        The weighted average number of outstanding shares used for basic earnings per share amounted to 1,440,000 (2020 - 1,440,000).  There are no potentially dilutive shares in issue.
 







6 months to 
30th June 
2021 








£'000 




Dividends paid on equity shares








Ordinary shares








Interim of 7.80p per share paid on 25th May 2021


37 














'A' Ordinary shares








Interim of 7.80p per share paid on 25th May 2021


75 




Total dividends paid


112 


















Year to  
31st December 
2020 








£'000 




Dividends paid on equity shares








Ordinary shares








Interim of 8.00p per share paid on 5th June 2020


38 




Interim of 4.00p per share paid on 16th October 2020


19 








57 














'A' Ordinary shares








Interim of 8.00p per share paid on 5th June 2020


77 




Interim of 4.00p per share paid on 16th October 2020


39 








116 




Total dividends paid


173 



 
3.      Cash and cash equivalents







 Unaudited 
6 months to 
30th June 
2021 


 Unaudited 
6 months to 
30th June 
2020 


Audited 
year to 
  31st December 
2020 








£'000 


£'000 


£'000 




Cash at bank and in hand


1,673 


1,558 


1,533 




Bank overdrafts


(909)


(736)


(335)








764 


822 


1,198 



 
4.      Segmental information







Unaudited 6 months to 
30th June 2021 








Central 


Manufacturing


Distribution 


Total 








£'000 


£'000 


£'000 


£'000 


























Revenue




















External


- 


2,642 


15,570 


18,212 




Inter company


1,006 


1,933 


2,615 


5,554 


























Total


1,006 


4,575 


18,185


23,766 


























Profit




















EBITDA


36  


517 


1,091 


1,644 




Finance costs


(34)


(17)


(55)


(106)




Finance income


- 


- 


2 


2 




Depreciation


(296)


(19)


(340)


(655)




Tax expense


(16)


- 


(204)


(220)


























(Loss)/profit for the period


(310)


481 


494 


665 


























Assets




















Total assets


5,512 


5,895 


15,751 


27,158 




Additions to non-current assets


379 


11 


942 


1,332 




Liabilities




















Total liabilities


888 


3,141 


7,710 


11,739 



 







Unaudited 6 months to 
 30th June 2020 








Central 


Manufacturing


Distribution 


Total 








£'000 


£'000 


£'000 


£'000 


























Revenue




















External


- 


1,953 


14,161 


16,114 




Inter company


1,016 


1,695 


2,381 


5,092 


























Total


1,016 


3,648 


16,542 


21,206 


























Profit




















EBITDA


352 


(18)


767  


1,101 




Finance costs


(53)


(15)


(14) 


(82)




Finance income


- 


- 


- 


- 




Depreciation


(300)


(11)


(335) 


(646)




Tax expense


(14)


10 


(111) 


(115)


























(Loss)/profit for the period


(15)


(34)


307 


258 


























Assets




















Total assets


5,449 


4,551 


14,719 


24,719 




Additions to non-current assets


242 


2 


634 


878 




Liabilities




















Total liabilities


926 


2,384 


6,514 


9,824 



 







Audited year to 
31st December 2020 








Central 


Manufacturing


Distribution 


Total 








£'000 


£'000 


£'000 


£'000 


























Revenue




















External


- 


3,762 


29,041 


32,803 




Inter company


1,772 


3,068 


5,159 


9,999 


























Total


1,772 


6,830 


34,200 


42,802 


























Profit




















EBITDA


309 


(163)


2,511 


2,657 




Finance costs


(105)


(31)


(55)


(191)




Finance income


- 


7 


2 


9 




Depreciation


(592)


(28)


(660)


(1,280)




Tax expense


32 


- 


(373)


(341)


























(Loss)/profit for the period


(356)


(215)


1,425 


854 


























Assets




















Total assets


5,178 


4,200 


15,228 


24,606 




Additions to non-current assets


415 


54 


2,020 


2,489 




Liabilities




















Total liabilities


801 


2,025 


6,817 


9,643 



 
 
 

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