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REG - Braime Group PLC - Interim Results for six months ended 30 June 2025

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RNS Number : 6980X  Braime Group PLC  02 September 2025

Braime Group PLC

("Braime" or the "Company" and together with its subsidiaries the "Group")

 

Interim Results for the six months ended 30th June 2025

 

 

The Company presents its unaudited interims results for the six months ended
30th June 2025:

 

Performance

At the time of the Group's announcement of the 2024 results in April 2025,
significant uncertainty faced the global economy, in particular, the
implications and ramifications of the US tariff announcement that were made on
2nd April ("Liberation Day") were yet unknown.  The directors are therefore
pleased to report that despite these ongoing uncertainties, Group sales
revenue for the first six months of 2025 was £26.4m, up 7% on the same period
last year and all subsidiaries saw an increase in revenue relative to the
first six months of 2024.  Profit from operations for the first six months in
2025 was £2.2m compared to £1.8m for the same period in 2024, an increase of
24%, and profit before tax was £2.0m compared to £1.5m for the same
six-month period last year.  These results, which were particularly strong in
the first quarter of the year, were also an improvement when compared to the
second half of 2024.

 

Dividends

The Group's policy is to balance dividend growth alongside the Group's
requirement for investment in capital, in order to support long-term growth of
the business. Taking careful consideration of this, the directors have decided
to increase the interim dividend from 5.25p to 6.0p.  This dividend will be
paid on 17th October 2025 to the Ordinary and 'A' Ordinary shareholders on the
register on the 3rd October 2025.  The associated ex-dividend date is 2nd
October 2025.

 

Braime Pressings Limited

External sales revenue of £3.1m in the first 6 months of 2025 was £387,000
up on the same period last year due to increased demand from new customers.
Intercompany sales were down by £310,000 to £2.1m. The manufacturing
division made a profit after tax of £233,000 in the six-month period to June
2025, down slightly by £3,000 compared to the same period last year.  The
business is pleased to report that it recently concluded negotiations for a
key new order for the division, thereby cementing its long-term relationship
with its key customer as well as improving the utilisation of overheads within
the manufacturing division.

 

4B Division

Our distribution division's external sales revenue of £23.3m increased by
£1.3m or 6% when compared to the same period last year and up £1.7m when
compared to the second half of 2024. Intercompany trading was £5.0m, up 30%
from the corresponding period last year.  Profit for the period was
£933,000, down 35% when compared to the first half of 2024 and up by £40,000
compared to the second half of 2024.  Our UK, French, African and Australian
operations saw strong growth in sales. Despite the increase in revenues the
results were adversely affected by movements in exchange rates with sterling
strengthening against all the major currencies in which the division operates.
Due to judicious stock purchases made at the end of 2024 in anticipation of
the US tariffs, the division's results have not been as adversely impacted
during the first half of 2025 but the extent to which margins can be sheltered
from the impact of tariffs in the second half of the year remains an
uncertainty for the business.

 

Balance Sheet

Net assets of the Group as at 30th June 2025 amounted to £23.3m (30th June
2024 - £21.9m).  Tangible fixed asset additions during the period amounted
to £1.5m, primarily in respect of the major refurbishment of the oil can roof
at the UK headquarters of £1.1m, announced earlier in the year.  In addition
there were investments in equipment and machinery for our new Indonesian
subsidiary, a deep drawing hydraulic press for the UK and other purchases of
IT equipment and plant and machinery.

 

Inventories increased by £388,000 from the start of the year, debtors
increased by £841,000 and trade creditors decreased by £552,000 giving rise
to a decrease in working capital of £677,000.  This reflects the increase in
activity relative to the second half of last year.

 

Cash flow

The net cash position of the Group at the end of June 2025 was £562,000
compared to £450,000 as at 30th June 2024.  Cash generated from operations
before working capital movements was £1.5m compared to £2.2m for the
corresponding period in 2024.  Investment in capital projects (primarily the
oil can roof) gave rise to outflows of £1.5m.  During the period the group
repaid £321,000 of borrowings and lease liabilities, without taking on
additional loans in the period.  Draw-down on the oil can roof loan facility
was not made until after the half-year, in July 2025.  Overall, net cash
decreased by £1.4m during the first six months of the year, primarily as a
result of the capital investments.  Net cash increased by £112,000 in the
twelve months between the two half-years. The business continues to have good
headroom within its £3.5m bank overdraft facility.  Management remain
focused on ensuring that working capital requirements, particularly for stock
and debtors, are carefully monitored and controlled.

 

Principal exchange rates

The Group reports its results in Sterling, its presentational currency.  The
Group operates in eight other currencies and the average of the principal
exchange rates in use during the half year and the closing rates as at 30th
June 2025 are shown in the table below, along with comparatives.  A
significant proportion of the Group revenues are derived in the USA and as
sterling strengthened against the US dollar from the start of 2025, our
interim results are reduced accordingly.  The total negative impact of
foreign currency translations on cashflow was £947,000 although the holding
Company saw an improvement in its reported profit as liabilities denominated
in US dollars were retranslated to sterling.

 

The total loss on translation of overseas assets amounted to £930,000 for the
six-month period as compared to the gain of £42,000 for the 2024 interim
period.  This is shown in the consolidated statement of comprehensive income
table on page 5.

 

                                       Avg rate    Avg rate    Avg rate            Closing rate    Closing rate    Closing rate

 Currency                     Symbol   HY 2025     HY 2024     FY 2024             30th Jun 2025   30th Jun 2024   31st Dec 2024
 Australian Dollar            AUD      2.061       1.923              1.943        2.091           1.893                  2.023
 Chinese Renminbi (Yuan)      CNY      9.430       9.026       9.128               9.830           9.043           9.077
 Euro                         EUR      1.189       1.172              1.184        1.167           1.180                  1.210
 Indonesian Rupiah            IDR      21,548.565  20,281.031  20,343.158          22,298.475      20,745.500      20,332.610
 South African Rand           ZAR      23.978      23.744           23.466         24.356          23.075               23.644
 Thai Baht                    THB      43.652      46.009           44.976         44.501          46.430               42.898
 United Arab Emirates Dirham  AED      4.799       4.646       4.695               5.026           4.639           4.601
 United States Dollar         USD      1.308       1.265       1.278               1.370           1.264                  1.253

 

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:

 

                                    Half year    Half year    Full year

 Key performance indicator   Note   2025         2024         2024
 Turnover growth             1      6.8%         0.2%         1.6%
 Gross margin                2      47.2%        48.1%        47.7%
 Operating profit            3      £2.23m       £1.80m       £3.65m
 Stock days                  4      194 days     183 days     206 days
 Debtor days                 5      50 days      58 days      52 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.  We are pleased that there has been an upturn in
performance when compared to the same period in 2024, and this improvement has
been seen across all of our operating companies.

 

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 of 47.2% is
lower than both the same period last year and the average in 2024, partly as a
result of exchange rate fluctuations and to some extent, the impact of US
tariffs on the purchase price of goods for resale.  The directors continue to
monitor the margins carefully for further movement particularly in the light
of continuing uncertainty over US tariff agreements.

 

3.             Operating profit

Sustainable growth in operating profit is a strategic priority to enable
ongoing investment and increase shareholder value.  Operating profits
increased compared to the same period last year due to increased revenues,
offset partly by higher costs of goods for resale and increased overheads.

 

4.             Stock days

The value of period-end 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
increased from the level as at June 2024 but decreased compared to stock days
as at December 2024, at which point there had been an inventory build up to
mitigate the impact of potential tariffs following the change in government in
the USA.  Management are focused on reducing the level of stock days.

 

5.             Debtor days

The value of period-end trade receivables divided by revenue expressed as a
number of days.  This is an important indicator of working capital
requirements.  Debtor days at 50 days are lower than the equivalent figure of
58 days as at June 2024 and lower than the figure of 52 days at December
2024.  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.

 

Outlook for the second half of 2025

Most economies globally, including all of the principal markets we supply with
components for the material handling of granular materials, remain very
subdued, with little sign that this situation is likely to change in the
foreseeable future.  Given this scenario, the Group interim result is very
positive as nevertheless we have maintained some growth in sales and
profitability. One reason for this that we have recently increased the focus
of our engineering staff in supporting major end users in maintaining their
existing facilities and improving their protection against the risk of
potential hazards. We intend to continue to develop this part of our business.

 

Historically, the Group's growth has come as a result of global investment in
building new facilities - which obviously has always been the principal
generator of sales volume. While there continues to be new investments in some
markets, such as in South America, there is little sign of the confidence
necessary for major new investments in our most important markets such as
North America and Western Europe, so in the short-term growth is likely to
continue to be limited.

 

This situation has not been helped by the uncertainty created by the frequent
and largely unpredictable changes in tariffs by the Trump administration and
by the uncertainty regarding the strength of the US dollar.  The fall in the
dollar has reduced our reported earnings when consolidated into Sterling in
our Group accounts.

 

In this landscape, we are hopeful of maintaining some growth and will continue
to try to adapt our strategy to maximise this, but growth is likely to be
limited in the short term by the lack of major new investment projects and the
increased competition for what remains.

 

For further information please contact:

 

Nicholas Braime - Chairman

Cielo Cartwright - Chief Financial Officer

0113 245 7491

 

Zeus Capital Limited

Katy Mitchell

0113 394 6628

 

 

 Braime Group PLC                                                                                           Unaudited       Unaudited       Audited

6 months to
6 months to

 Consolidated income statement for the six months

               year to

                                           30th June       30th June

 ended 30th June 2025
2025
2024           31st December

                                                                Note                                                                        2024
                                                                                                            £'000           £'000           £'000

 Revenue                                                                                                    26,424          24,750          48,947

 Changes in inventories of finished goods and work in progress

                                                                                                            (38)            215             1,718
 Raw materials and consumables used                                                                         (13,910)        (13,073)        (27,292)
 Employee benefits costs                                                                                    (6,346)         (5,967)         (11,956)
 Depreciation expense                                                                                       (707)           (760)           (1,474)
 Other expenses                                                                                             (3,228)         (3,339)         (6,388)
 Other operating income                                                                                     36              (24)            97

 Profit from operations                                                                                     2,231           1,802           3,652

 Finance costs                                                                                              (221)           (259)           (513)
 Finance income                                                                                             4               3               59

 Profit before tax                                                                                          2,014           1,546           3,198

 Tax expense                                                                                                (609)           (451)           (865)

 Profit for the period                                                                                      1,405           1,095           2,333

 Profit attributable to:
 Owners of the parent                                                                                       1,404           1,097           2,280
 Non-controlling interests                                                                                  1               (2)             53
                                                                                                            1,405           1,095           2,333

 Basic and diluted earnings per share                                                                       97.53p          76.04p          158.37p

 

 

 Braime Group PLC                                                          Unaudited       Unaudited       Audited

 Consolidated statement of comprehensive income for the six months         6 months to     6 months to     year to

 ended 30th June 2025                                                       30th June       30th June      31st December

                                                                           2025            2024            2024
                                                                           £'000           £'000           £'000

 Profit for the period                                                     1,405           1,095           2,333

 Items that will not be reclassified subsequently to profit or loss
 Net pension remeasurement gain on post-employment benefits                -               -               6

 Items that may be reclassified subsequently to profit or loss
 Share capital introduced by minority interest                             -               22              -
 Foreign exchange (losses)/gains on re-translation of overseas operations  (930)                           12

                                                                                           42

 Other comprehensive income for the period                                 (930)           64              18

 Total comprehensive income for the period                                 475             1,159           2,351

 Total comprehensive income attributable to:
 Owners of the parent                                                      470             1,128           2,297
 Non-controlling interests                                                 5               31              54
                                                                           475             1,159           2,351

 

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

 

 Braime Group PLC                                                     Unaudited         Unaudited         Audited

 Consolidated balance sheet at 30th June 2025                         6 months to       6 months to       year to 31st

                                                                      30th June         30th June         December

                                                                      2025              2024              2024
                                                                      £'000             £'000             £'000

 Non-current assets
 Property, plant and equipment                                        11,463            10,000            10,377
 Intangible assets                                                    269               415               342
 Right of use assets                                                  453               595               522

 Total non-current assets                                             12,185            11,010            11,241

 Current assets
 Inventories                                                          14,842            12,875            14,454
 Trade and other receivables                                          8,721             9,479             7,950
 Cash and cash equivalents                                            2,968             2,201             2,381

 Total current assets                                                 26,531            24,555            24,785

 Total assets                                                         38,716            35,565            36,026

 Current liabilities
 Bank overdraft                                                       2,406             1,751             454
 Trade and other payables                                             7,406             6,215             7,080
 Other financial liabilities                                          2,854             2,742             2,693
 Corporation tax liability                                            182               18                90

 Total current liabilities                                            12,848            10,726            10,317

 Non-current liabilities
 Financial liabilities                                                2,441             2,934             2,610
 Deferred income tax liability                                        96                44                99

 Total non-current liabilities                                        2,537             2,978             2,709

 Total liabilities                                                    15,385            13,704            13,026

 Total net assets                                                     23,331            21,861            23,000

 Capital and reserves
 Share capital                                                        360               360               360
 Capital reserve                                                      257               257               257
 Foreign exchange reserve                                             (730)             253               238
 Retained earnings                                                    23,544            21,141            22,250
 Total equity attributable to the shareholders of the parent Company  23,431            22,011            23,105
 Non-controlling interests                                            (100)             (150)             (105)
 Total equity                                                         23,331            21,861            23,000

 

 

                                                                           Unaudited       Unaudited       Audited

 Braime Group PLC                                                          6 months to     6 months to     year to

 Consolidated cash flow statement for the six months                       30th June       30th June       31st December

 ended 30th June 2025                                               Note   2025            2024            2024
                                                                           £'000           £'000           £'000
 Operating activities
 Net profit                                                                1,405           1,095           2,333

 Adjustments for:
 Depreciation                                                              707             760             1,474
 Foreign exchange (losses)/gains                                           (947)           105             118
 Finance income                                                            (4)             (3)             (59)
 Finance expense                                                           221             259             513
 Gain/(loss) on sale of plant, machinery and motor vehicles                1               (9)             (29)
 Adjustment in respect of defined benefit scheme                           -               -               58
 Income tax expense                                                        609             451             865
 Income taxes paid                                                         (450)           (440)           (769)
 Operating profit before changes in working capital and provisions

                                                                           1,542           2,218           4,504

 (Increase)/decrease in trade and other receivables                        (841)           (1,552)         20
 Increase in inventories                                                   (388)           (288)           (1,867)
 Increase/(decrease) in trade and other payables                           552             (817)           (20)

                                                                           (677)           (2,657)         (1,867)

 Cash generated from operations                                            865             (439)           2,637

 Investing activities
 Purchases of property, plant, machinery and motor vehicles                (1,548)         (500)           (1,426)
 Sale of plant, machinery and motor vehicles                               -               14              36
 Interest received                                                         4               3               7
                                                                           (1,544)         (483)           (1,383)

 Financing activities
 Repayment of borrowings                                                   (132)           (197)           (391)
 Repayment of lease liabilities                                            (189)           (208)           (383)
 Bank interest paid                                                        (189)           (218)           (433)
 Lease interest paid                                                       (32)            (40)            (80)
 Dividends paid                                                            (144)           (137)           (212)
                                                                           (686)           (800)           (1,499)

 Decrease in cash and cash equivalents                                     (1,365)         (1,722)         (245)

 Cash and cash equivalents, beginning of period                            1,927           2,172           2,172

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

                                                                           562             450             1,927

 

 

 Braime Group PLC

 Consolidated statement of

 changes in equity for the                                               Foreign

 six months ended                                Share       Capital     Exchange     Retained               Minority      Total

 30th June 2025                                  Capital     Reserve     Reserve      Earnings     Total     Interests     Equity
                                                 £'000       £'000       £'000        £'000        £'000     £'000         £'000
 Balance at 1st January 2025                     360         257         238          22,250       23,105    (105)         23,000

 Comprehensive income

 Profit                                          -           -           -            1,404        1,404     1             1,405

 Other comprehensive income

 Shared capital introduced by minority interest

 Foreign exchange (loss)/gain

 on re-translation of overseas operations

                                                 -           -           (968)        34           (934)     4             (930)
 Total other comprehensive

 income                                          -           -           (968)        34           (934)     4             (930)
 Total comprehensive

 income                                          -           -           (968)        1,438        470       5             475
 Transactions with owners
 Dividends                                       -           -           -            (144)        (144)     -             (144)
 Total transactions with owners                  -           -           -            (144)        (144)     -             (144)
 Balance at 30th June 2025                       360         257         (730)        23,544       23,431    (100)         23,331

 

 

 Braime Group PLC

 Consolidated statement of

 changes in equity for the                                               Foreign

 six months ended                                Share       Capital     Exchange     Retained               Minority      Total

 30th June 2024                                  Capital     Reserve     Reserve      Earnings     Total     Interests     Equity
                                                 £'000       £'000       £'000        £'000        £'000     £'000         £'000
 Balance at 1st January 2024                     360         257         221          20,182       21,020    (181)         20,839

 Comprehensive income

 Profit                                          -           -           -            1,097        1,097     (2)           1,095

 Other comprehensive income

 Shared capital introduced by minority interest

                                                 -           -           -            -            -         22            22
 Foreign exchange gain/(loss)

 on re-translation of overseas operations

                                                 -           -           32           (1)          31        11            42
 Total other comprehensive

 income                                          -           -           32           (1)          31        33            64
 Total comprehensive

 income                                          -           -           32           1,096        1,128     31            1,159
 Transactions with owners
 Dividends                                       -           -           -            (137)        (137)     -             (137)
 Total transactions with owners                  -           -           -            (137)        (137)     -             (137)
 Balance at 30th June 2024                       360         257         253          21,141       22,011    (150)         21,861

 

 

 Braime Group PLC

 Consolidated statement of

 changes in equity for the                                                           Foreign

 year ended 31st December                                    Share       Capital     Exchange     Retained                Minority      Total

 2024                                                        Capital     Reserve     Reserve      Earnings     Total      Interests     Equity
                                                             £'000       £'000       £'000        £'000        £'000      £'000         £'000
 Balance at 1st January 2024                                 360         257         221          20,182       21,020     (181)         20,839

 Comprehensive income

 Profit                                                      -           -           -            2,280        2,280      53            2,333

 Other comprehensive income

 Net pension remeasurement

 gain recognised directly in

 equity                                                      -           -           -            6            6          -             6
 Foreign exchange gain/(loss) on re-translation of overseas

 operations

                                                             -           -           17           (6)          11         1             12
 Total other comprehensive

 income                                                      -           -           17           -            17         1             18
 Total comprehensive

 income                                                      -           -           17           2,280        2,297      54            2,351
 Transactions with owners
 Share capital introduced by minority

                                                             -           -           -            -            -          22            22
 Dividends                                                   -           -           -            (212)        (212)      -             (212)
 Total transactions with owners                              -           -           -            (212)        (212)      22            (190)
 Balance at 31st December

 2024                                                        360         257         238          22,250       23,105     (105)         23,000

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 2024 and those which management expects to apply
in the Group's full financial statements to 31st December 2025.

 

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 2024 but is
derived from the accounts.  Statutory accounts for the period ended 31st
December 2024 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 2024, 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
2025 and beyond:

 

(a)   New and amended standards adopted by the Group:

 

·           Amendments to IAS 21 - Lack of Exchangeability -
Requires a consistent approach to assessing whether a currency is exchangeable
and, when it is not, to determining the exchange rate to use and the
disclosures to provide - effective accounting periods beginning on or after
1st January 2025.

 

(b)   New standards, amendments and interpretations issued but not effective
for the financial year beginning 1st January 2025 and not early adopted:

 

·            Amendments to IFRS 9 and IFRS 7 - Amendments to the
Classification and Measurement of Financial Instruments - Clarifies how
contractual cash flows on financial assets with environmental, social and
governance (ESG) and similar features should be assessed when determining if
they are consistent with a basic lending arrangement and, hence, whether they
are measured at amortised cost or fair value. Clarifies the date on which a
financial asset or financial liability can be derecognised when settlement is
via an electronic cash transfer.  Requires additional disclosures for certain
equity investments and financial investments with contingent features -
effective accounting periods beginning on or after 1st January 2026.

·            Annual Improvements to IFRS Accounting Standards -
Volume 11 - Minor amendments to IFRS 1 First-time Adoption of International
Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures, IFRS
9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS
7.  Statement of Cash Flows - effective accounting periods beginning on or
after 1st January 2026.

·            IFRS 18 Presentation and Disclosure in Financial
Statements - Introduces new requirements for classification of income and
expenses in specified categories and presentation of defined subtotals in the
statement of profit or loss, enhanced guidance and requirements for more
useful aggregation and disaggregation of information in the primary financial
statements and in the notes; and additional disclosures about
management-defined performance measures related to the statement of profit or
loss. Supersedes IAS 1 Presentation of Financial Statements - effective
accounting periods beginning on or after 1st January 2027.

·            IFRS 19 Subsidiaries without Public Accountability:
Disclosures - Permits eligible subsidiaries to use IFRS Accounting Standards
with reduced disclosure requirements in their consolidated, separate or
individual financial statements - effective accounting periods beginning on or
after 1 January 2027.

 

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 (2024 - 1,440,000).  There are
no potentially dilutive shares in issue.

 

                                                       6 months to

                                                       30th June

                                                       2025
                                                       £'000
 Dividends paid on equity shares
 Ordinary shares
 Interim of 10.00p per share paid on 23rd May 2025     48

 'A' Ordinary shares
 Interim of 10.00p per share paid on 23rd May 2025     96
 Total dividends paid                                  144

                                                       Year to

                                                       31st December

                                                       2024
                                                       £'000
 Dividends paid on equity shares
 Ordinary shares
 Interim of 9.50p per share paid on 24th May 2024      46
 Interim of 5.25p per share paid on 11th October 2024  25
                                                       71

 'A' Ordinary shares
 Interim of 9.50p per share paid on 24th May 2024      91
 Interim of 5.25p per share paid on 11th October 2024  50
                                                       141
 Total dividends paid                                  212

 

3.      Cash and cash equivalents

                            Unaudited       Unaudited      Audited

                           6 months to     6 months to     year to

                           30th June       30th June         31st December

                           2025            2024            2024
                           £'000           £'000           £'000
 Cash at bank and in hand  2,968           2,201           2,381
 Bank overdrafts           (2,406)         (1,751)         (454)
                           562             450             1,927

 

 

                                                                                  Other

                                     At 1st           New        Exchange        non-cash                    At 30th

                                     January 2025     leases     differences     changes      Cashflow       June 2025
                                     £'000            £'000      £'000           £'000        £'000          £'000
 Cash at bank and in hand            2,381            -          -               -            587            2,968
 Bank overdraft                      (454)            -          -               -            (1,952)        (2,406)
                                     1,927            -          -               -            (1,365)        562
 Leases                              (731)            (98)       11              (32)         221            (629)
 Net cash                            1,196            (98)       11              (32)         (1,144)        (67)

 Decrease in cash in the period

                                                                                                             (1,365)
 New leases                                                                                                  (98)
 Lease interest                                                                                              (32)
 Exchange differences                                                                                        11
 Lease payments                                                                                              221
 Movement in net cash in the period

                                                                                                             (1,263)
 Net cash at 1st January 2025

                                                                                                             1,196
 Net cash at 30th June 2025                                                                                  (67)

 

4.      Segmental information

                                  Unaudited 6 months to

                                  30th June 2025
                                  Central    Manufacturing  Distribution    Total
                                  £'000      £'000          £'000           £'000

 Revenue
 External                         -          3,084          23,340          26,424
 Inter company                    1,205      2,122          5,003           8,330

 Total                            1,205      5,206          28,343          34,754

 Profit
 EBITDA                           685        292            1,961           2,938
 Finance costs                    (117)      (47)           (57)            (221)
 Finance income                   -          1              3               4
 Depreciation                     (307)      (13)           (387)           (707)
 Tax expense                      (22)       -              (587)           (609)

 Profit for the period            239        233            933             1,405

 Assets
 Total assets                     9,363      11,800         17,553          38,716
 Additions to non-current assets  1,320      -              327             1,647
 Liabilities
 Total liabilities                2,201      3,120          10,064          15,385

 

 

                                  Unaudited 6 months to

                                   30th June 2024
                                  Central    Manufacturing  Distribution    Total
                                  £'000      £'000          £'000           £'000

 Revenue
 External                         -          2,697          22,053          24,750
 Inter company                    1,274      2,432          3,485           7,191

 Total                            1,274      5,129          25,538          31,941

 Profit
 EBITDA                           (51)       300            2,313           2,562
 Finance costs                    (150)      (46)           (63)            (259)
 Finance income                   -          -              3               3
 Depreciation                     (349)      (18)           (393)           (760)
 Tax expense                      (16)       -              (435)           (451)

 (Loss)/profit for the period     (566)      236            1,425           1,095

 Assets
 Total assets                     7,847      11,557         16,161          35,565
 Additions to non-current assets  203        23             311             537
 Liabilities
 Total liabilities                2,103      2,984          8,617           13,704

 

 

                                  Audited year to

                                  31st December 2024
                                  Central    Manufacturing  Distribution    Total
                                  £'000      £'000          £'000           £'000

 Revenue
 External                         -          5,227          43,720          48,947
 Inter company                    2,681      4,640          8,489           15,810

 Total                            2,681      9,867          52,209          64,757

 Profit
 EBITDA                           346        702            4,078           5,126
 Finance costs                    (291)      (92)           (130)           (513)
 Finance income                   -          52             7               59
 Depreciation                     (670)      (31)           (773)           (1,474)
 Tax expense                      (1)        -              (864)           (865)

 (Loss)/profit for the period     (616)      631            2,318           2,333

 Assets
 Total assets                     8,035      10,993         16,998          36,026
 Additions to non-current assets  1,018      43             478             1,539
 Liabilities
 Total liabilities                1,860      2,729          8,437           13,026

 

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