REG - Braime Group PLC - Annual Results for the Year Ended 31 December 2024
22/04/2025 07:00
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RNS Number : 5371F Braime Group PLC 22 April 2025
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service (RIS), this inside information
will be in the public domain.
BRAIME GROUP PLC
("Braime" or the "Company" and with its subsidiaries the "Group")
ANNUAL RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2024
At a meeting of the directors held today, the accounts for the year ended 31st
December 2024 were submitted and approved by the directors. The accounts
statement is as follows:
Chairman's statement
High level results
I am pleased to announce Group revenue for 2024 of £48.9m and profit before
tax of £3.2m. These results are discussed further in the Chief Executives'
Business Review and the Group Strategic Report, however I am delighted with
the results given the general sentiment about the economic climate at the
start of the year.
Dividends
The Company paid an interim dividend of 5.25p in October 2024. Based on the
results above the directors propose paying a second interim dividend of 10.0p
on the 23rd May 2025 to the holders of the Ordinary and "A" Ordinary Shares on
the share register on 9th May 2025. The ex-dividend date is 8th May 2025.
This brings the total dividend paid in relation to the 2024 financial year to
15.25p, compared to 14.75p in 2023.
Overall strategy
Our strategy remains largely unchanged, continuing to invest in constantly
improving our production processes and exploring new global markets for our
niche products and developing new innovations for our customers' engineering
challenges.
Staff
I would like to thank all our staff and colleagues who have continued to
provide commitment, ideas and enthusiasm throughout the year. In a
fast-changing world, the quality and commitment of our people remains at the
heart of our business success. This manifests in many ways, including the
deepening relationships with our customers and key partners, continual
development of our product lines and their flexible adaptation to the
ever-changing business landscape.
Current trading and outlook
The Group, as outlined above, is in a relatively strong position, in spite of
the already subdued economic situation and the turmoil created by the recent
US tariff announcement. Although our main business sector, centred
historically on the growth and processing of the basic commodities for food
production (particularly surrounding arable farming) is no longer the
consistent, universal, and often subsidised growth sector that it has been for
the past 50 years, fortunately our markets are diverse. We operate globally
and we see a number of opportunities for potential future growth which we are
poised to exploit.
However, the current economic and geo-political situation is more fraught than
at any time in my lifetime. So the "Outlook" currently for the business is
simply and frankly one of uncertainty.
Nicholas Braime, Chairman
17th April 2025
For further information please contact:
Braime Group PLC
Nicholas Braime/Cielo Cartwright
0113 245 7491
W. H. Ireland Limited
Katy Mitchell
0113 394 6628
Business review
Business overview
We are delighted that the Group has had another excellent year with revenue
reaching £48.9m in 2024. This is again a record as the business has continued
to see year on year growth in sales over the last 5 years, navigating our way
through some turbulent global economic conditions since the pandemic. Profit
from operations of £3.7m was unchanged from prior year, the increase in
employee costs having been offset by improvements in margin.
The USA consolidated the growth in revenue that they generated last year with
similar sales of £23m. Sales in the UK and Europe were also in line with
prior year as investment has remained subdued against the backdrop of the
ongoing war in Ukraine, rising energy costs and continued inflation. We have
seen some strong growth in revenue in Africa, Australasia and the Asia Pacific
region all of which have benefited from increased interest in the company's
range of Hazard monitors and electrical sensors used for predictive
maintenance.
Investments made in new business development for products supplied into the
construction and building sectors have benefited our UK steel pressings
business expanding its product mix and customer base. However, despite
increased revenue in these sectors, overall sales fell as the UK and European
automobile sector remained sluggish and this continues to represent the
largest proportion of sales for our UK business. Intercompany sales of parts
for the bulk material handling sector also fell as a consequence of the
continuing difficult market conditions experienced across much of Europe.
New business product development
The Group has continued to strengthen its global footprint with the opening of
another 4B subsidiary in Indonesia in December of 2024. This follows on from
the opening of 4B Middle East in the UAE in 2023 and further extends the
company's international presence. The 4B Group now has nine international
subsidiaries around the world servicing their local and regional markets
enabling faster deliveries and timely engineering and sales support. We are
excited about the opportunities in Indonesia which is the fourth most populous
country in the world with over 280 million people and therefore represents a
very significant and rapidly growing market for the feed and flour milling
sectors into which 4B is selling its range of products.
The Group's strategy of investment in innovation continues to drive revenue
growth. The Guardflex released in 2023 has allowed our electronics team to
capitalize on opportunities in the UK and Africa working with End Users to
install comprehensive plant wide hazard monitoring solutions while the Vib-Mil
vibration monitoring has enabled us to pursue new applications for condition
monitoring. The business has also expanded its range of material handling
components. 4B USA extended its range of CC-S plastic elevator buckets with
the release of a Jumbo 20x10 inch bucket with a massive 16.78 litre capacity
and a 19mm thick back wall. These ultra heavy-duty elevator buckets are
typically used in bucket elevators at port terminals handling large volumes of
grains, particularly in the US and South American markets. When installed in a
triple row configuration these buckets can transport in excess of 2,000 tonnes
of grain per hour. Our engineers are excited to be able to explore the
high-capacity conveying possibilities that these larger sizes offer with our
OEM and End User customers.
New capital investments
In 2024, the Group invested £1.4m in capital investments. £0.66m of this was
for the purchase of four acres of land and property adjoining our USA
warehouse. This investment will allow for the future expansion of our US
facility as the business continues to grow. It enables the business to carry
more inventory to support growth in revenue and opens up a number of
possibilities to expand its manufacturing operations. In addition to the USA
land and property purchase, other investments included a waterjet wire cutter,
sealer and heat tunnel to package our plastic buckets in our US moulding
facility, new decoilers and robot control systems for our UK steel bucket
manufacturing.
In 2025 we look forward to developing the opportunities created by these
investments, product developments and expansion into new markets. The
company continues to expand globally and strengthen its position to respond to
customer demands while the broadening of both our product range and
engineering know how builds resilience and competitive advantage ensuring the
longevity of our business.
The directors present their strategic report of the Company and the Group for
the year ended 31st December 2024.
Principal activities
The principal activities of the Group during the year under review was the
manufacture of deep drawn metal presswork and the distribution of material
handling components and monitoring equipment. Manufacturing activity is
delivered through the Group's subsidiary Braime Pressings Limited and the
distribution activity through the Group's 4B division.
Braime Pressings specialises in metal presswork, including deep drawing,
multi-stage progression and transfer presswork. Founded in 1888, the
business has over 130 years of manufacturing experience. The metal presswork
segment operates across several industries including the automotive sector and
supplies external as well as group customers.
The subsidiaries within the 4B division are industry leaders in developing
high quality, innovative and dependable material handling components for the
agricultural and industrial sectors. They provide a range of complementary
products including elevator buckets, elevator and conveyor belting, elevator
bolts and belt fasteners, forged chain, level monitors and sensors and
controllers for monitoring and providing preventative maintenance systems
which facilitate handling and minimise the risk of explosion in hazardous
areas. The 4B division has operations in the Americas, Europe, the Middle
East, Asia, Australia and Africa and in 2024 traded in ninety-six countries.
The US subsidiary also has an injection-moulding plant. All
injection-moulded products are made wholly for 4B internal consumption and
this is classed as 4B division activity rather than included in the
manufacturing segment. In December 2024, the Group established a new
subsidiary in Indonesia to tap into the opportunities of the large grain
industry in the country.
Performance highlights
For the year ended 31st December 2024, the Group generated revenues of
£48.9m, up marginally from prior year revenues of £48.2m. Profit from
operations was £3.7m, down £16,000 from prior year and EBITDA (Profit from
operations, excluding depreciation and amortisation) was £5.1m, down
£300,000 from prior year. The board is pleased with the Group results given
concerns over the parlous state of the economy at the start of the year.
Profit before tax was £3.2m, down £137,000 from prior year.
At 31st December 2024, the Group had net assets of £23.0m.
Cash flow
Inventories increased by £1.9m as the Group built up stock reserves in light
of recent tariff announcements by the new US administration. Trade and other
receivables decreased by £20,000 but this was offset by an increase in trade
and other payables by the same amount. In total the business generated
funds from operations of £2.6m (2023 - £3.2m). During the year, the Group
spent £1.4m on property, plant and equipment. £665,000 of this related to
the four acres of land and property adjoining our USA warehouse which we
purchased in August 2024 as announced in our interim report. Other additions
were for plant and machinery and replacement vehicles. After the payment of
other financial costs and the dividend, the cash balance (net of overdraft)
was £1.9m, a decrease of £245,000 from the prior year.
Bank facilities
The Group's operating banking facilities are renewed annually. At the year
end, the available headroom on its operating facilities was £3.1m. The
Company has agreed the provisional terms of the development loan of £2.0m to
finance the refurbishment of the oilcan roof at Hunslet Road and a further
announcement will be made when the bank documentation is signed. The
business continues to enjoy good relations with its bankers.
Taxation
The tax charge for the year was £865,000, with an effective rate of tax of
27.0% (2023 - 30.0%). The effective rate is higher than the averaged UK
standard tax rate of 25.0% (2023 - 23.5%); this results from the blending
effect of the different rates of tax applied by each of the countries in which
the Group operates, in particular, our US operations' tax charge affects the
blended rate. In any financial year the effective rate will depend on the
mix of countries in which profits are made, however the Group continues to
review its tax profile to minimise the impact.
Capital expenditure
In 2024, the Group invested £1.4m (2023 - £1.6m) in property, plant and
equipment and intangible assets. In addition to the USA land and property
purchase, other additions included replacement vehicles, a waterjet wire
cutter, sealer and heat tunnel, new decoilers and robot control systems.
Balance sheet
Net assets of the Group have increased to £23.0m (2023 - £20.8m). During
the year sterling strengthened against the United States dollar but fell back
again at the year end. Consequently, a small foreign exchange gain of
£12,000 (2023 - £505,000 loss) was recorded on the re-translation of the net
assets of the overseas operations.
Principal exchange rates
The Group reports its results in sterling, its presentational currency. The
Group operates in a number of other currencies and the principal exchange
rates in use during 2024 and the comparative figures for 2023 are shown in the
table below.
Average rate Average rate Closing rate Closing rate
Currency Symbol Full year 2024 Full year 2023 31st Dec 2024 31st Dec 2023
Australian Dollar AUD 1.943 1.880 2.023 1.868
Chinese Renminbi (Yuan) CNY 9.128 8.821 9.077 9.041
Euro EUR 1.184 1.152 1.210 1.154
South African Rand ZAR 23.466 23.088 23.644 23.307
Thai Baht THB 44.976 43.423 42.898 43.805
United Arab Emirates Dinar AED 4.695 4.578 4.601 4.671
United States Dollar USD 1.278 1.248 1.253 1.275
Our business model
The two segments of the Group are very different operations and serve
different markets, however together they provide diversification, strength and
balance to the Group and their activities.
The focus of the presswork manufacturing business is to produce quality,
technically demanding steel components. The use of automated equipment allows
us to produce in high volumes whilst maintaining flexibility to respond to
customer demands.
The material handling components business operates from a number of locations
around the globe allowing us to be close to our core markets. The focus of
the business is to provide innovative solutions drawing on our expertise in
material handling and access to a broad product range. We continually assess
new locations in response to rising demand and market trends.
Performance of Braime Pressings Limited, manufacturer of deep drawn metal
presswork
Braime Pressings Limited sales of £9.9m were down £591,000 on prior year.
External sales and intercompany sales were £5.2m and £4.6m as compared to
£5.7m and £4.8m respectively in 2023. Profit for the period was £631,000
(2023 - £613,000). The board believes the business continues to add
strategic value through its supply to the 4B division and complementary
engineering expertise.
Performance of the 4B division, world-wide supplier of components and
monitoring systems for the material handling industry
Revenues increased from £50.3m to £52.2m, with external sales up £1.3m to
£43.7m. Profit for the period increased by £64,000 to £2.3m. Our
American market grew during the year, but allowing for the effect of foreign
currency translation, sales, as reported in sterling, were down by less than
1% compared to last year. The strongest growth was seen in our African and
Australasian markets, which saw growth of 17% and 14% respectively.
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 2024 2023
Turnover growth 1 1.6% 7.3%
Gross margin 2 47.7% 46.8%
Operating profit 3 £3.65m £3.75m
Stock days 4 206 days 179 days
Debtor days 5 52 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. Whilst growth is lower than 2023, given the outlook
for the sector and the concern over the parlous state of the economy
particularly at the beginning of the year, the board remains pleased with the
revenue growth.
2. Gross margin
Gross profit (revenue plus change in inventories less raw materials used) as a
percentage of revenue is monitored to maximise profits available for
reinvestment and distribution to shareholders. The board is pleased to
report an increase in margin as a result of an improved mix in electronics
over mechanical products.
3. Operating profit
Sustainable growth in operating profit is a strategic priority to enable
ongoing investment and increase shareholder value. Reduction in operating
profit resulted from an increase in overheads due to higher inflation,
nevertheless management remains pleased with the results in the current
economic climate.
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 due to inventory build-up in December 2024, which was put in place
to mitigate the impact of potential tariffs that may be imposed following the
outcome of the US election and change in administration.
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 have remained in line with prior year.
Management are focused on cash collections.
Other metrics monitored weekly or monthly include quality measures (such as
customer complaints), raw material buying prices, capital expenditure, line
utilisation, reportable accidents and near-misses.
Principal risks and uncertainties
The geo-political landscape is currently in constant flux and established
alliances are being reset. The continued conflict in Ukraine and Gaza and
new uncertainties over Europe's security impact the world markets in which the
Group operates. As commented in the Chairman's statement, the current
economic and geopolitical situation is fraught with uncertainty.
However, the Group's short reporting lines of management means it can remain
nimble footed to sudden and/or large changes in the business landscape and our
global operations gives us diversity and protection from extreme
fluctuations.
General risks
The market remains challenging for our manufacturing division, due to pricing
pressures throughout the supply chain and competition from the Far East. The
maintenance of the TS16949 quality standard is important to the Group and
allows it to access growing markets within the automotive and other sectors.
A process of continual improvement in systems and processes reduces this risk
as well as providing increased flexibility to allow the business to respond to
customer requirements.
Our 4B division maintains its competitive edge in a price sensitive market
through the provision of engineering expertise and by working closely with our
suppliers to design and supply innovative components of the highest
standard. In addition, ranges of complementary products are sold into
different industries. Continual feedback from our customers regarding
product performance drive our new product designs. The monitoring systems are
developed and improved on a regular basis.
The directors receive monthly reports on key customer and operational metrics
from subsidiary management and review these. The potential impact of
business risks and actions necessary to mitigate the risks, are also discussed
and considered at the monthly board meetings. The directors have put in
place formal business continuity and disaster recovery plans with respect to
its UK and overseas operations. During the year as part of the Group's
strategic planning process, each subsidiary set out the key risks specifically
facing the business and these are evaluated further to develop the group risk
register. The more significant risks and uncertainties faced by the Group
are set out below:-
· Raw material price fluctuation:- The Group is exposed to
fluctuations in steel and other raw material prices and to mitigate this
volatility, the Group fixes its prices with suppliers where possible.
· Energy price fluctuation:- The manufacturing division is energy
intensive. It uses forward contracts to mitigate volatility and is
continually evaluating its processes to reduce energy consumption and generate
energy.
· Reputational risk:- As the Group operates in relatively
small markets any damage to, or loss of reputation could be a major concern.
Rigorous management attention and quality control procedures are in place to
maximise right first time and on time delivery. Responsibility is taken for
ensuring swift remedial action on any issues and complaints.
· Damage to warehouse or factory:- Any significant damage to
a factory or warehouse will cause short-term disruption. To mitigate these
risks, the Group has arrangements with key suppliers to step up supply in the
event of a disruption.
· Economic fluctuations:- The Group derives a significant
proportion of its profits from outside the UK and is therefore sensitive to
fluctuations in the economic conditions of overseas operations including
foreign currency fluctuations. As the Covid-19 pandemic demonstrated,
economies are greatly intertwined and reverberations feed through the supply
chain. The recent imposition of tariffs by the US is likely to disrupt
established trading patterns.
· Cyber security:- All businesses now rely almost totally on
computers, networks and systems with 'data' information held on them, and
require privacy and integrity of this data. The likelihood of cyber security
attacks and security threats are key risks for every organisation. The Group
reviews its security measures regularly with its IT providers and has recently
commissioned a cyber security review across all its operations.
Financial instruments
The operations expose the Group to a variety of financial risks including the
effect of changes in interest rates on debt, foreign exchange rates, credit
risk and liquidity risk.
The Group's exposure in the areas identified above are discussed in note 17 of
the financial statements.
The Group's principal financial instruments comprise sterling and foreign cash
and bank deposits, bank loans and overdrafts, other loans and obligations
under finance leases together with trade debtors and trade creditors that
arise directly from operations. The main risks arising from the Group's
financial instruments can be analysed as follows:
Price risk
The Group has no direct exposure to securities price risk, as it holds no
listed equity instruments. The Group maintains a defined benefit scheme, the
asset valuations are subject to market changes (note 19).
Foreign currency risk
The Group operates a centralised treasury function which manages the Group's
banking facilities and all lines of funding. Forward contracts are on
occasions used to hedge against foreign exchange differences arising on cash
flows in currencies that differ from the operational entity's reporting
currency.
Credit risk
The Group's principal financial assets are bank balances, cash and trade
receivables, which represent the Group's maximum exposure to credit risk in
relation to financial assets.
The Group's credit risk is primarily attributable to its trade receivables.
Credit risk is mitigated by a stringent management of customer credit limits
by monitoring the aggregate amount and duration of exposure to any one
customer depending upon their credit rating. The Group also has credit
insurance in place. The amounts presented in the balance sheet are net of
allowance for doubtful debts, estimated by the Group's management based on
prior experience and their assessment of the current economic environment.
The credit risk on liquid funds is limited because the counterparties are
banks with high credit-ratings assigned by international credit-rating
agencies. The Group has no significant concentration of credit risk, with
exposure spread over a large number of counterparties and customers.
Liquidity risk
The Group's policy has been to ensure continuity of funding through acquiring
an element of the Group's fixed assets under medium term loans and finance
leases and arranging funding for operations via bank overdrafts to aid short
term flexibility.
Cash flow interest rate risk
Interest rate bearing assets comprise cash and bank deposits, all of which
earn interest at a fixed rate. The interest rate on the bank overdraft is at
market rate and the Group's policy is to keep the overdraft within defined
limits, such that the risk that could arise from a significant change in
interest rates would not have a material impact on cash flows. The Group's
policy is to maintain other borrowings at fixed rates to fix the amount of
future interest cash flows.
The directors monitor the level of borrowings and interest costs to limit any
adverse effects on the financial performance of the Group.
Research and development
The Group continues to invest in research and development and from time to
time liaises with university engineering groups with a view to improving
features of its products. This has resulted in innovations in the products
which will benefit the Group in the medium to long term.
Duties to promote the success of the Company
Section 172 of the Companies Act 2006 requires the directors to act in a way
that they consider, in good faith, would be most likely to promote the success
of the Company for the benefit of its members as a whole, and in doing so have
regard (amongst other matters) to:
- the most likely consequences of any decision in the long
term;
- the interest of the Company's employees;
- the need to foster the Company's business relationships
with suppliers, customers and others;
- the impact of the Company's operations on the community
and the environment;
- the desirability of the Company maintaining a reputation
for high standards of business conduct; and
- the need to act fairly between the members of the
Company.
The board confirms that, during the year, it has had regard to the matters set
out above. Further details as to how the directors have fulfilled their
duties are set out below and in the Governance Report which in particular,
expands on directors' duties and stakeholder liaison.
Corporate social responsibility
Business ethics and human rights
The board is respectful of the Company's long history, and considers the
long-lasting impact of its decisions. We are committed to conducting our
business ethically and responsibly, and treating employees, customers,
suppliers and shareholders in a fair, open and honest manner. As a business,
we receive audits by both our independent auditors and by our customers and we
look to source from suppliers who share our values. We encourage our
employees to provide feedback on any issues they are concerned about and have
a whistle-blowing policy that gives our employees the chance to report
anything they believe is not meeting our required standards.
The Group is similarly committed to conducting our business in a way that is
consistent with universal values on human rights and complying with the Human
Rights Act 1998. The Group gives appropriate consideration to human rights
issues in our approach to supply chain management, overseas employment
policies and practices. Where appropriate, we support community
partnering.
Health and safety
We maintain healthy and safe working conditions on our sites and measure our
ability to keep employees and visitors safe. We continuously aim to improve
our working environments to ensure we are able to provide safe occupational
health and safety standards to our employees and visitors. The directors
receive monthly H&S reports and we carry out regular risk management
audits to identify areas for improvement and to minimise safety risks. As a
global business, the Group is able to tap into the experience of its various
international locations to share best practice and learning points. The
experience of Covid-19 has improved our plans and procedures in the event of
future pandemics.
Employees
The quality and commitment of our people has played a major role in our
business success. This has been demonstrated in many ways, including
improvements in customer satisfaction, the development of our product lines
and the flexibility they have shown in adapting to changing business
requirements. Employee performance is aligned to the achievement of goals
set within each subsidiary and is rewarded accordingly. Employees are
encouraged to use their skills to best effect and are offered training either
externally or internally to achieve this. As a global business, the Group
fully recognises and seeks to harness the benefits of diversity within its
work force.
Environment
The Group's policy with regard to the environment is to understand and
effectively manage the actual and potential environmental impact of our
activities. Operations are conducted such that we comply with all legal
requirements relating to the environment in all areas where we carry out our
business and is currently looking at the new reporting requirements that may
fall due in the future. The Group continuously looks for ways to harness
energy reduction (electricity and gas) and water. The Company has already
installed two solar PV systems on its UK premises generating 310 KWh of energy
and is looking to install a further PV system once the roof refurbishment is
complete. During the period of this report the Group has not incurred any
fines or penalties or been investigated for any breach of environmental
regulations. The board is cognizant that climate change will change the
business landscape for the future and is working to understand its
wide-ranging impact on the Group's activities and operations.
Social and community matters
We recognise our responsibility to work in partnership with the communities in
which we operate and we encourage active employee support for their community
in particular, in aid of technical awareness and training. We regularly
participate in a number of education events encouraging interest in
engineering in young people. It is our policy not to provide political
donations.
Consolidated income statement for the year ended 31st December 2024 (audited)
2024 2023
£'000 £'000
Revenue 48,947 48,155
Changes in inventories of finished goods and work in progress 1,718 (426)
Raw materials and consumables used (27,292) (25,188)
Employee benefits costs (11,956) (11,009)
Depreciation and amortisation expense (1,474) (1,678)
Other expenses (6,388) (6,270)
Other operating income 97 164
Profit from operations 3,652 3,748
Finance expense (513) (485)
Finance income 59 72
Profit before tax 3,198 3,335
Tax expense (865) (999)
Profit for the year 2,333 2,336
Profit attributable to:
Owners of the parent 2,280 2,274
Non-controlling interests 53 62
2,333 2,336
Basic and diluted earnings per share 158.37p 157.88p
Consolidated statement of comprehensive income for the year ended 31st
December 2024 (audited)
2024 2023
£'000 £'000
Profit for the year 2,333 2,336
Items that will not be reclassified subsequently to profit or loss
Net pension remeasurement gain on post employment benefits 6 19
Items that may be reclassified subsequently to profit or loss
Foreign exchange gain/(loss) on re-translation of overseas operations 12 (505)
Other comprehensive income/(loss) for the year 18 (486)
Total comprehensive income for the year 2,351 1,850
Total comprehensive income attributable to:
Owners of the parent 2,297 1,775
Non-controlling interests 54 75
2,351 1,850
Consolidated balance sheet at 31st December 2024 (audited)
2024 2023
£'000 £'000
Assets
Non-current assets
Property, plant and equipment 10,377 10,082
Intangible assets 342 489
Right of use assets 522 717
Total non-current assets 11,241 11,288
Current assets
Inventories 14,454 12,587
Trade and other receivables 7,950 7,973
Cash and cash equivalents 2,381 2,310
Total current assets 24,785 22,870
Total assets 36,026 34,158
Liabilities
Current liabilities
Bank overdraft 454 138
Trade and other payables 7,080 6,991
Other financial liabilities 2,693 3,769
Corporation tax liability 90 52
Total current liabilities 10,317 10,950
Non-current liabilities
Financial liabilities 2,610 2,325
Deferred income tax liability 99 44
Total non-current liabilities 2,709 2,369
Total liabilities 13,026 13,319
Total net assets 23,000 20,839
Share capital 360 360
Capital reserve 257 257
Foreign exchange reserve 238 221
Retained earnings 22,250 20,182
Total equity attributable to the shareholders of the parent 23,105 21,020
Non-controlling interests (105) (181)
Total equity 23,000 20,839
Consolidated cash flow statement for the year ended 31st December 2024
(audited)
2024 2023
£'000 £'000
Operating activities
Net profit 2,333 2,336
Adjustments for:
Depreciation and amortisation 1,474 1,678
Foreign exchange gains/(losses) 118 (424)
Finance income (59) (72)
Finance expense 513 485
Gain on sale of land and buildings, plant, machinery and motor vehicles (29) (80)
Adjustment in respect of defined benefit scheme 58 69
Income tax expense 865 999
Income taxes paid (769) (1,401)
2,171 1,254
Operating profit before changes in working capital and provisions 4,504 3,590
Decrease in trade and other receivables 20 998
(Increase)/decrease in inventories (1,867) 702
Decrease in trade and other payables (20) (2,053)
(1,867) (353)
Cash generated from operations 2,637 3,237
Investing activities
Purchases of property, plant, machinery and motor vehicles (1,426) (1,421)
Sale of land and buildings, plant, machinery and motor vehicles 36 88
Interest received 7 22
(1,383) (1,311)
Financing activities
Proceeds from long term borrowings - 977
Repayment of borrowings (391) (372)
Repayment of lease liabilities (383) (455)
Bank interest paid (433) (404)
Lease interest paid (80) (81)
Dividends paid (212) (205)
(1,499) (540)
(Decrease)/increase in cash and cash equivalents (245) 1,386
Cash and cash equivalents, beginning of period 2,172 786
Cash and cash equivalents, end of period 1,927 2,172
Consolidated statement of changes in equity for the year ended 31st December
2024 (audited)
Foreign Non-
Share Capital Exchange Reserve Retained Controlling Total
Capital Reserve Earnings Total Interests Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1st January 2023 360 257 742 18,091 19,450 (256) 19,194
Comprehensive income
Profit - - - 2,274 2,274 62 2,336
Other comprehensive income
Net pension remeasurement gain recognised directly in equity
- - - 19 19 - 19
Foreign exchange losses on re-translation of overseas subsidiaries'
consolidated operations
- - (521) 3 (518) 13 (505)
Total other comprehensive income - - (521) 22 (499) 13 (486)
Total comprehensive income - - (521) 2,296 1,775 75 1,850
Transactions with owners
Dividends - - - (205) (205) - (205)
Total transactions with owners - - - (205) (205) - (205)
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 gains on re-translation of overseas subsidiaries'
consolidated 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. 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 figure for 2023 has been restated to exclude results
attributable to minority interests.
The weighted average number of outstanding shares used for basic earnings per
share amounted to 1,440,000 shares (2023 - 1,440,000). There are no
potentially dilutive shares in issue.
Dividends paid 2024 2023
£'000 £'000
Equity shares
Ordinary shares
Interim of 9.50p (2023 - 9.00p) per share paid on 24th May 2024 46 43
Interim of 5.25p (2023 - 5.25p) per share paid on 11th October 2024 25 25
71 68
'A' Ordinary shares
Interim of 9.50p (2023 - 9.00p) per share paid on 24th May 2024 91 87
Interim of 5.25p (2023 - 5.25p) per share paid on 11th October 2024 50 50
141 137
Total dividends paid 212 205
An interim dividend of 10.00p per Ordinary and 'A' Ordinary share will be paid
on 23rd May 2025.
2. SEGMENTAL INFORMATION
Presswork
Central Manufacturing 4B Total
2024 2024 2024 2024
£'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 and amortisation (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
Presswork
Central Manufacturing 4B Total
2023 2023 2023 2023
£'000 £'000 £'000 £'000
Revenue
External - 5,710 42,445 48,155
Inter Company 2,567 4,747 7,819 15,133
Total 2,567 10,457 50,264 63,288
Profit
EBITDA 490 692 4,244 5,426
Finance costs (255) (94) (136) (485)
Finance income - 50 22 72
Depreciation and amortisation (720) (35) (923) (1,678)
Tax expense (46) - (953) (999)
(Loss)/profit for the period (531) 613 2,254 2,336
Assets
Total assets 7,739 10,664 15,755 34,158
Additions to non current assets 1,319 40 879 2,238
Liabilities
Total liabilities 2,337 3,000 7,982 13,319
3. BASIS OF PREPARATION
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards as adopted by the UK (IFRSs as
adopted by the UK), IFRIC interpretations and the Companies Act 2006
applicable to companies reporting under IFRS. The consolidated financial
statements have been prepared under the historical cost convention. The
accounting policies adopted are consistent with those of the annual financial
statements for the year ended 31st December 2024 as described in those
financial statements.
4. ANNUAL GENERAL MEETING
The Annual General Meeting of the members of the company will be held at the
registered office of the company at Hunslet Road, Leeds, LS10 1JZ on Tuesday
17th June 2025 at 11.45am. The annual report and financial statements will
be sent to shareholders by 16th May 2025 and will also be available on the
company's website (www.braimegroup.com (http://www.braimegroup.com) ) from
that date.
The Company will take into account any Government guidance or legislation in
force at the time of the AGM and will implement any measures it believes
necessary to protect the health and safety of attendees. Any changes to the
format of the AGM will be communicated to shareholders through the Company's
website and, where appropriate, by stock exchange announcement.
5. THE ANNOUNCEMENT
The financial information set out in this announcement does not constitute
statutory accounts as defined by section 434 of the Company Act 2006. The
financial information for the year ended 31st December 2024 has been extracted
from the Group's financial statements upon which the auditor's opinion is
unqualified, does not include reference to any matters to which they wish to
draw attention by way of emphasis without qualifying their report, and does
not include any statement under section 498 of the Companies Act 2006.
Statutory accounts for the year ended 31st December 2023 have been delivered
to the Registrar of Companies, and those for 2024 will be delivered in due
course.
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