REG - Braime Group PLC - Interim Results for the six months ended 30 Jun 19

BraimeAnnouncement

19/09/2019 12:15

RNS Number : 9889M
Braime Group PLC
19 September 2019
 


Braime Group PLC
("Braime" or the "Company" and together with its subsidiaries the "Group")
 
Interim Results for the six months ended 30th June 2019
 
 
The Company presents its unaudited interims results for the six months ended 30 June 2019:
 
Performance
Group sales revenue for the first six months of 2019 is down 5.5% to £17.1m compared to £18.1m for the same period in 2018, while profit before tax fell to £1.1m compared to £1.2m for the same period in 2018.  Performance for the first half of the year is less than we had hoped for based on our growth in previous years, but it is better than we feared, given the current uncertainties in the global and local economic and political environment.  In particular, the USA operation, which is a very significant contributor to Group profitability, has seen a significant softening in the agricultural market, from customers, end users and equipment manufacturers, unprecedented in recent times, caused by the deterioration in US-Sino trade relations. 
 
Dividends
It is 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 to 3.60p per share.  This dividend will be paid on 18th October 2019 to the Ordinary and 'A' Ordinary shareholders on the register on the 4th October 2019.  The associated ex-dividend date is 3rd October 2019.
 
Braime Pressings Limited
External sales revenue fell to £1.9m in the first 6 months of 2019, as compared to £2.6m for the same period last year, which had been boosted by an exceptional order, albeit with a low margin. We have continued to improve operating efficiencies and productivity and this has led to a rise in profit for the period to £116,000 from £62,000 for the equivalent period last year. We are continuing to look for further ways to improve efficiencies and we are pleased to report we have recently installed a 190KW solar PV on our property on Hunslet Road, Leeds. This will generate around 25% of our current electricity requirements, and is of course, good for the environment.
 
4B Division
Our distribution division's external sales revenue fell slightly to £15.2m compared to £15.3m for the same period last year.   Intercompany trading rose by 26.8% to £2.9m (£2.3m for the same period in 2018) buoyed up by Brexit preparations.  We are pleased to see strong growth in 4B Africa which is 28% above the same period last year. However, the African market is a relatively small proportion of our total market and cannot compensate for the lack of growth experienced elsewhere. Our new subsidiary in China has also been adversely affected by the US-Sino trade wars and will require time before it makes a positive contribution to the Group financially, but we believe it is strategically placed to provide significant long-term growth.  Profit for the division for the six-month period was £883,000 as compared to £1.0m for the same period last year.  This stems from new costs arising from additional depreciation due to our recent investment our new moulding facilities and the strengthening of some sectors of our management structure, necessary to maintain future growth.
 
Balance Sheet
Total net assets as at 30th June 2019 amount to £13.9m (30th June 2018 - £11.8m).  Inventory has increased by £2.0m when compared to 30th June 2018 and by £1.1m when compared to 31st December 2018, partly due to the Group's contingency planning for Brexit and the slower than expected sales, mentioned above.  Trade receivables are in line with the 2018 year end, and reduced compared to 30th June 2018.  The increase in long-term borrowings since June 2018 relates primarily to new loans taken up to fund our moulding plant in the USA in the second half of 2018.    
 
Included for the first time in the accounts are a new category of non-current assets called Right of Use (RoU) assets.   These arise from the new accounting standard for Leases, IFRS 16, which came into force on 1st January 2019.  The standard requires that certain leases, such as property rentals, which were previously accounted for as operating expenses in the profit and loss account, are now capitalised in the balance sheet as RoU assets and then depreciated.   However, the changes in the IFRS standard does not have any material impact on the reported operating profit of the Group, because the total cost of operating lease rentals of £103,000 is materially the same as the total depreciation charge on the RoU assets.
 
Cash flow
Net profit generated after tax was £756,000 compared to £822,000 for the same period last year.  However, our Brexit preparations have seen our inventories increase by £1.1m over the six-month period from 31st December 2018, and a corresponding decrease in our trade payables of £381,000.  We continue to invest in capital projects, this year adding three new presses in the UK, as well as items of new equipment in our overseas operations.  The Group is committed to making further substantial investments and cash flow is expected to remain tight in the second half of the year.  The Group continues to operate within its bank facility agreed with HSBC.
 
As the business continues to expand, the directors remain 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 the 30th June 2019 are shown in the table below, along with comparatives.
 



 
Currency


 
Symbol


Avg rate
HY 2019


Avg rate
HY 2018


Avg rate
FY 2018


Closing rate
30th Jun 2019


Closing rate
30th Jun 2018


Closing rate
31st Dec 2018




Australian Dollar


AUD


1.832


       1.788


       1.787


       1.814


       1.788


       1.809




Chinese Renminbi (Yuan)


CNY


8.770


8.743


8.700


8.711


8.731


8.676




Euro


EUR


1.148


     1.137


       1.130


       1.118


       1.131


       1.115




South African Rand


ZAR


18.319


   16.989


     17.627


     17.950


     18.105


     18.364




Thai Baht


THB


40.808


   43.604


     42.962


     39.069


     43.649


     41.301




United States Dollar


USD


1.297


     1.372


1.332


       1.273


       1.320


       1.277



 
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
2019 


 
Half year
2018 


 
Full year
2018 




Turnover growth


1


(5.5%)


16.3% 


13.6% 




Gross margin


2


45.4% 


45.9% 


48.4% 




Operating profit


3


£1.29m 


£1.18m 


£3.24m 




Stock days


4


165 days 


125 days 


141 days 




Debtor days


5


60 days 


62 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 down due to the current global economic climate.
 
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 is in line with the same period last year.
 
3.             Operating profit
Sustainable growth in operating profit is a strategic priority to enable ongoing investment and increase shareholder value.  Despite the fall in revenues, operating profits have improved as a result of the efficient cost control over operating expenses.
 
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 increased in part due to contingency planning for Brexit and slower sales take up.
 
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 still average within the standard payment terms of 60 days, and better than the same period last year.  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 2019
Last year's very positive economic environment boosted our growth, however this year, indications are that the second half of the year will remain very challenging. This is due to uncertainties surrounding the ongoing trade conflict between the US and China, and the escalating tariff war, which is not only affecting America and China but also reverberating around the global markets, so we do not currently anticipate repeating the strong results seen in the second half of last year.
 
Closer to home, Brexit remains frustratingly, an unknown quantity. We have prepared as well as any business can under the circumstances, but the actual impact is difficult to ascertain, not just with regards to trading but also to foreign currency fluctuations.  As much of our income derives from overseas earnings, a weak sterling will boost reported earnings when retranslated.  However, should sterling strengthen significantly, the converse would apply.  Depending on the form Brexit finally takes, as a major exporter, the actual event is likely to cause some degree of short-term disruption.  However, we consider that as the majority of our sales presence and projected growth is already outside the EU, the long-term effects are unlikely to be significant for the Group.
 
 
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 2019


 
 
 
Note


Unaudited 

6 months to 
30th June 

2019 


Unaudited 

6 months to 
30th June 

2018 


Audited 
year to 
31st December 
2018 












£'000 


£'000 


£'000 


























Revenue






17,077 


18,069 


35,718 


























Changes in inventories of finished goods and work in progress






 
1,174 


 
558 


 
1,229 




Raw materials and consumables used






(10,501)


(10,332)


(19,677)




Employee benefits costs






(3,719)


(3,287)


(8,300)




Depreciation expense (see Note below)






(536)


(305)


(788)




Other expenses






(2,209)


(3,522)


(4,940)


























Profit from operations






1,286 


1,181


3,242 


























Finance costs






(216)


(19)


(227)




Finance income






1 


- 


2 


























Profit before tax






1,071 


1,162 


3,017 


























Tax expense






(315)


(340)


(788)


























Profit for the period






756 


822 


2,229 


























Profit attributable to:




















Owners of the parent






751 


830 


2,178 




Non-controlling interests






5 


(8)


51 












756 


822 


2,229 


























Basic and diluted earnings per share


2


52.49p 


57.08p 


154.79p 



 
Note: The Group has initially applied IFRS 16 at 1st January 2019 using the modified retrospective approach.  Under this approach, comparative information is not restated and the cumulative effect of initially applying IFRS 16 is recognised in retained earnings at the date of initial application.  The IFRS does not have any material impact on the reported operating profit of the Group, because the total cost of operating lease rentals of £103,000 is materially the same as the total depreciation charge on the Right of use (RoU) assets.
 
 
 
 



Braime Group PLC
Consolidated statement of comprehensive income for the six months
ended 30th June 2019


Unaudited 
6 months to 
 30th June 
2019 


Unaudited 
6 months to 
 30th June 
2018 


Audited 
year to 
31st December 
2018 








£'000 


£'000 


£'000 






















Profit for the period


756 


822 


2,229 






















Items that will not be reclassified subsequently to profit or loss
















Net pension remeasurement gain on post-employment benefits


- 


- 


76 






















Items that may be reclassified subsequently to profit or loss
















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


(13)


85 


206 






















Other comprehensive income for the period


(13)


85 


282 






















Total comprehensive income for the period


743 


907 


2,511 






















Total comprehensive income attributable to:
















Owners of the parent


756 


918 


2,481 




Non-controlling interests


(13)


(11)


30 








743 


907 


2,511 



 
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 2019


Unaudited  
6 months to  
30th June  
2019  


Unaudited  
6 months to  
30th June  
2018  


Audited 
year to 31st 
December 
2018 








£'000  


£'000  


£'000  






















Non-current assets
















Property, plant and equipment


6,485 


5,921 


6,232 




Intangible assets


56 


71 


61  




Right of use assets (see Note below)


213 


-


-






















Total non-current assets


6,754 


5,992 


6,293 






















Current assets
















Inventories


8,968 


6,989 


7,872 




Trade and other receivables


6,605 


7,512 


6,820 




Cash and cash equivalents


935 


938 


2,313 






















Total current assets


16,508 


15,439 


17,005 






















Total assets


23,262 


21,431 


23,298 






















Current liabilities
















Bank overdraft


508 


- 


832 




Trade and other payables


4,881 


5,847 


5,493 




Other financial liabilities


2,219 


3,363 


1,870 




Corporation tax liability


1 


331 


249 






















Total current liabilities


7,609 


9,541 


8,444 






















Non-current liabilities
















Financial liabilities


1,449 


39 


1,256 




Deferred income tax liability


266 


71 


265 






















Total non-current liabilities


1,715 


110 


1,521 






















Total liabilities


9,324 


9,651 


9,965 






















Total net assets


13,938 


11,780 


13,333 






















Capital and reserves
















Share capital


360 


360 


360 




Capital reserve


257 


257 


257 




Foreign exchange reserve


306 


162 


301 




Retained earnings


13,347 


11,361 


12,734 




Total equity attributable to the shareholders of the parent
company


 
14,270 


 
12,140 


 
13,652 




Non-controlling interests


(332)


(360)


(319)




Total equity


13,938 


11,780 


13,333 



 
Note: The Group has initially applied IFRS 16 at 1st January 2019 using the modified retrospective approach.  Under this approach, comparative information is not restated and the cumulative effect of initially applying IFRS 16 is recognised in retained earnings at the date of initial application. The impact of IFRS 16 on these accounts is to recognise £311,000 of opening net book value of Right of use (RoU) assets and £334,000 of lease liabilities.
 



 
Braime Group PLC
Consolidated cash flow statement for the six months
ended 30th June 2019


 
 
 
Note


Unaudited 
6 months to 
30th June 
2019 


Unaudited 
6 months to 
30th June 
2018 


Audited 
year to 
31st December 
2018 












£'000 


£'000 


£'000 




Operating activities




















Net profit






756 


822 


2,229 


























Adjustments for:




















Depreciation






536 


305 


788 




Foreign exchange (losses)/gains






(17)


61 


158 




Finance income






(1)


- 


(2)




Finance expense






216 


19 


227 




Gain on sale of plant, machinery and motor vehicles






- 


- 


 15 




Adjustment in respect of defined benefit scheme






- 


- 


158 




Income tax expense






315 


340 


788 




Income taxes paid






(243)


(216)


(871)




Operating activities before changes in working capital and provisions






 
1,562 


 
1,331 


 
3,490 


























Increase in trade and other receivables






(107)


(1,602)


(580)




Increase in inventories






(1,096)


(558)


(1,441)




(Decrease)/increase in trade and other payables






(381)


1,817 


977 


































(1,584)


(343)


(1,044)


























Cash generated from operations






(22)


988 


2,446 


























Investing activities




















Purchases of property, plant, machinery and motor vehicles






 (679)


 (990)


 (1,767)




Sale of plant, machinery and motor vehicles






- 


10 


32 




Interest received






1 


- 


2 












(678)


(980)


(1,733)


























Financing activities




















Proceeds from long term borrowings






- 


- 


792 




Proceeds from new hire purchase borrowings






421 


- 


- 




Repayment of Right of use liability (see Note below)






(103)


- 


-  




Repayment of borrowings






(199)


254 


(349)




Repayment of hire purchase creditors






(142)


(184)


(276)




Interest paid






(216)


(19)


(227)




Dividends paid






(115)


(102)


(153)












(354)


(51)


(213)




Decrease in cash and cash equivalents






(1,054)


(43)


500 




Cash and cash equivalents, beginning of period






1,481 


981 


981 




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


 
3


 
427 


 
938 


 
1,481 



 
Note:  Prior to the adoption of IFRS 16, repayment of lease liabilities were deemed operating as opposed to financing activities.
 



Braime Group PLC
Consolidated statement of
changes in equity for the
six months ended
30th June 2019


 
 
 
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
2018


 
360 


 
257 


 
301 


 
12,734 


 
13,652 


 
(319)


 
13,333 






































Impact of change in accounting standard - IFRS 16


 
- 


 
- 


 
- 


 
 (23)


 
 (23)


 
- 


 
 (23)




Restated total equity at
1st January 2019


 
360 


 
257 


 
301 


 
12,711 


 
13,629 


 
(319)


 
13,310 






































Comprehensive income


































































Profit


- 


- 


- 


751 


751 


5 


756 






































Other comprehensive income


































































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


 
 
- 


 
 
- 


 
 
5 


 
 
- 


 
 
5 


 
 
(18)


 
 
(13)




Total other comprehensive
income
































Total comprehensive
income


 
- 


 
- 


 
5 


 
751 


 
756 


 
(13)


 
743 




Transactions with owners
































Dividends


- 


- 


- 


(115)


(115)


- 


(115)




Total transactions with owners


- 


- 


- 


(115)


(115)


- 


(115)




Balance at 30th June 2019


360 


257 


306 


13,347 


14,270 


(332)


13,938 





































 
 



Braime Group PLC
Consolidated statement of
changes in equity for the
six months ended
30th June 2018


 
 
 
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 2018


360 


257 


74 


10,633 


11,324 


 (349)


10,975 






































Comprehensive income


































































Profit


- 


- 


- 


830 


830 


(8)


822 






































Other comprehensive income


































































Foreign exchange losses on
re-translation of overseas
operations


 
 
- 


 
 
- 


 
 
88 


 
 
- 


 
 
88 


 
 
(3)


 
 
85 




Total other comprehensive
income


 
- 


 
- 


 
88 


 
- 


 
88 


 
(3)


 
85 




Total comprehensive
income


 
- 


 
- 


 
88 


 
830 


 
918 


 
(11)


 
907 




Transactions with owners
































Dividends


- 


- 


- 


(102)


(102)


- 


(102)




Total transactions with owners


- 


- 


- 


 (102)


 (102)


- 


 (102)




Balance at 30th June 2018


360 


257 


162 


11,361 


12,140 


 (360)


11,780 





































 



Braime Group PLC
Consolidated statement of
changes in equity for the
year ended 31st December
2018


 
 
 
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 2018


360 


257 


74 


10,633 


11,324 


 (349)


10,975 






































Comprehensive income


































































Profit


- 


- 


- 


2,178 


2,178 


51 


2,229 






































Other comprehensive income


































































Net pension remeasurement
gain recognised directly in
equity


 
 
- 


 
 
- 


 
 
- 


 
 
76 


 
 
76 


 
 
- 


 
 
76 




Foreign exchange gains on
re-translation of overseas
operations


 
 
- 


 
 
- 


 
 
227 


 
 
- 


 
 
227 


 
 
(21)


 
 
206 




Total other comprehensive
income


 
- 


 
- 


 
227 


 
76 


 
303 


 
(21)


 
282 




Total comprehensive
income


 
- 


 
- 


 
227 


 
2,254 


 
2,481 


 
30 


 
2,511 




Transactions with owners
































Dividends


- 


- 


- 


(153)


(153)


- 


(153)




Total transactions with owners


- 


- 


- 


 (153)


 (153)


- 


 (153)




Balance at 31st December
2018


 
360 


 
257 


 
301 


 
12,734 


 
13,652 


 
(319)


 
13,333 





































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 2018 and those which management expects to apply in the Group's full financial statements to 31st December 2019.
 
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 2018 but is derived from the accounts.  Statutory accounts for the period ended 31st December 2018 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 2018, which have been applied consistently throughout the current and preceding periods.  The Group has adopted the following new and amended standards as of 1st January 2019.
 
·        IFRS 16, 'Leases'; effective on or after 1st January 2019.
·        IFRIC Interpretation 23, 'Uncertainty over income tax treatments'; effective on or after 1st January 2019.
·        Amendments to IAS 28, 'Long-term interest in associates and joint ventures'; effective on or after 1st January 2019.
·        IFRS 17, 'Insurance contracts'; effective on or after 1st January 2019.
·        Amendments to IFRS 9, 'Prepayment features with negative compensation'; effective on or after 1st January 2019.
 
Other than in respect of the application of IFRS 16, the application and interpretations surrounding the other standards has not had a material impact on the Group's reported financial performance or position.
 
IFRS 16, 'Leases'.  This accounting standard became mandatory for financial years commencing on or after 1st January 2019.  Under the new standard, an asset (the right to use the leased item, known as Right of use (RoU) asset) and a financial liability to pay rentals are recognised in the balance sheet.  The Group currently leases properties, vehicles and software under a series of operating lease contracts which are impacted by the new standard.  These types of lease can no longer be recognised as operating leases and have been brought onto the Group's balance sheet from 1st January 2019.  The Group has elected to apply permitted 'practical expedients' with respect to the following types of leases: Short-term leases (leases of less than 12 months) and leases with less than 12 months remaining as at 1st January 2019 and leases for which the asset is of low value, have not been included within the scope of the new standard.
 
The adoption of IFRS 16 affects the reported balance sheet assets and liabilities only.  There is no material impact on the reported profit of the Group, as a result of the new standard.
 
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 (2018 - 1,440,000).  There are no potentially dilutive shares in issue.
 







6 months to 
30th June 
2019 








£'000 




Dividends paid on equity shares








Ordinary shares








Interim of 8.00p per share paid on 17th May 2019


38 














'A' Ordinary shares








Interim of 8.00p per share paid on 17th May 2019


77 




Total dividends paid


115 


















Year to 
31st December 
2018 








£'000 




Dividends paid on equity shares








Ordinary shares








Interim of 7.10p per share paid on 18th May 2018


34 




Interim of 3.50p per share paid on 19th October 2018


17 








51 














'A' Ordinary shares








Interim of 7.10p per share paid on 18th May 2018


68 




Interim of 3.50p per share paid on 19th October 2018


34 








102 




Total dividends paid


153 



 
3.      Cash and cash equivalents







 Unaudited 
6 months to 
30th June 
2019 


 Unaudited 
6 months to 
30th June 
2018 


Audited 
year to 
  31st December 
2018 








£'000 


£'000 


£'000 




Cash at bank and in hand


935 


938 


2,313 




Bank overdrafts


(508)


- 


(832)








427 


938 


1,481 



 
4.      Segmental information







 
 
Unaudited 6 months to 
30th June 2019 








Central 


Manufacturing


Distribution 


Total 








£'000 


£'000 


£'000 


£'000 


























Revenue




















External


- 


1,913 


15,164 


17,077 




Inter company


997 


1,427 


2,877 


5,301 


























Total


997 


3,340 


18,041 


22,378 


























Profit




















EBITDA


115 


133 


1,574 


1,822 




Finance costs


(110)


(9)


(97)


(216)




Finance income


- 


- 


1 


1 




Depreciation


(248)


(8)


(280)


(536)




Tax expense


- 


- 


(315)


(315)


























(Loss)/profit for the period


(243)


116 


883 


756 


























Assets




















Total assets


5,668 


1,994 


15,600 


23,262 




Additions to non-current assets


560 


- 


119 


679 




Liabilities




















Total liabilities


1,332 


2,916 


5,076 


9,324 



 
In 2019, we revised PLC intercompany charges across the Group to align recharges with the business activity resulting in a larger recharge to 4B division.
 







Unaudited 6 months to 
 30th June 2018 








Central 


Manufacturing


Distribution 


Total 








£'000 


£'000 


£'000 


£'000 


























Revenue




















External


- 


2,641 


15,428 


18,069 




Inter company


347 


1,589 


2,269 


4,205 


























Total


347 


4,230 


17,697 


22,274 


























Profit




















EBITDA


(1)


76 


1,411 


1,486 




Finance costs


(38)


(14)


33 


(19)




Finance income


- 


- 


- 


- 




Depreciation


(228)


- 


(77)


(305)




Tax expense


- 


- 


(340)


(340)


























(Loss)/profit for the period


(267)


62 


1,027 


822 


























Assets




















Total assets


4,789 


2,331 


14,311 


21,431 




Additions to non-current assets


211 


- 


769 


980 




Liabilities




















Total liabilities


2,826 


3,653 


3,172 


9,651 



 







Audited year to 
31st December 2018 








Central 


Manufacturing


Distribution 


Total 








£'000 


£'000 


£'000 


£'000 


























Revenue




















External


- 


4,291 


31,427 


35,718 




Inter company


695 


3,891 


6,452 


11,038 


























Total


695 


8,182 


37,879 


46,756 


























Profit




















EBITDA


387 


187 


3,456 


4,030 




Finance costs


(116)


(36)


(75)


(227)




Finance income


- 


- 


2 


2 




Depreciation


(464)


- 


(324)


(788)




Tax expense


(19)


(55)


(714)


(788)


























(Loss)/profit for the period


(212)


96 


2,345 


2,229 


























Assets




















Total assets


5,009 


3,202 


15,087 


23,298 




Additions to non-current assets


650 


- 


1,149 


1,799 




Liabilities




















Total liabilities


3,713 


2,127 


4,125 


9,965 



For further information please contact:
 
 




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