REG - Braime Group PLC - Interim Results
04/09/2023 16:45
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RNS Number : 3244L Braime Group PLC 04 September 2023
Braime Group PLC
("Braime" or the "Company" and together with its subsidiaries the "Group")
Interim Results for the six months ended 30th June 2023
The Company presents its unaudited interims results for the six months ended
30th June 2023:
Performance
At the time of our 2022 results announcement in April 2023, we noted that the
year had began positively for the Group, albeit the post-pandemic economic
effects, the energy crisis, and the Ukraine war made it even more difficult
than usual, to predict future trading. The directors are therefore pleased
to report that the Group's performance has remained strong in the first half
of 2023.
Group sales revenue for the first six months of 2023 increased by 16% to
£24.7m when compared to £21.3m for the same period in 2022, while profit
from operations was £2.3m compared to £2.0m (before exceptional item) for
the same six month-period last year. Profit before tax increased to £2.1m
compared to £1.6m for the same period in 2022. Profit after tax for the first
six months of 2023 was £1.5m compared to £1.1m in 2022. We also noted at
the time of our announcement that the first quarter of 2023 saw the different
parts of the Group performing quite differently, with the Asian regions
relatively subdued, but with USA our key market, remaining particularly
buoyant. This trend has continued into the second quarter of 2023.
The positive performance of the Group is despite Sterling strengthening
against the US dollar during the first half of 2023. A significant
proportion of the Group's income is earned in the USA, and consequently,
Sterling strengthening (GBP to USD of 1:1.2714 at the end of June 2023
compared to 1:1.204 at the end of 2022) results in a decrease in profit for
the Group when reported in Sterling. Similarly, as a result of Sterling
strengthening against other currencies, foreign currency losses have been
incurred by the UK companies, as they hold significant overseas intercompany
loan balances.
During the year, the Group has continued to improve its Hunslet Road property,
to enhance and maintain operational efficiencies. These results include
£300,000 of ground repair costs, where the recent discovery of a second
subterranean well to the rear of our property well has resulted in a temporary
diversion of our dispatch operations.
Taking these factors into account, the underlying trading performance of the
Group in the first half of the year is particularly pleasing.
Dividends
In line with the Group's policy to maintain dividend growth, balanced
alongside the Group's requirement for investment in capital to support
long-term growth, the directors have decided to increase the interim dividend
from 4.75p to 5.25p per share. This dividend will be paid on 13th October
2023 to the Ordinary and 'A' Ordinary shareholders on the register on the 29th
September 2023. The associated ex-dividend date is 28th September 2023.
Braime Pressings Limited
External sales revenue of £3.2m in the first 6 months of 2023 was 9% up on
the same period last year, largely due to an increase in steel commodity
prices which has driven up sales revenues. Intercompany sales also increased
by £95,000, an increase of 4%. The manufacturing division made a profit after
tax of £507,000 in the six-month period to June 2023, in line with the same
period last year.
4B Division
Our distribution division's external sales revenue of £21.5m increased by 17%
when compared to £18.3m for the same period last year. Intercompany trading
was £3.1m, unchanged from the same period in 2022. As mentioned, the division
has benefitted from an increase in demand in the USA, in particular in our
electronics products, as customers have continued to invest in new projects
following the upturn in activity that we witnessed in 2022. EBITDA rose by 13%
to £2.6m. The results for the 4B division have been negatively impacted by
foreign currency fluctuations and profit after tax for the 4B division for the
six-month period increased by 11% to £1.5m compared to £1.4m for the same
period last year.
Balance Sheet
Net assets of the Group as at 30th June 2023 amounted to £20.1m (30th June
2022 - £17.3m). Tangible fixed asset additions during the period amounted
to £784,000. Of this, £359,000 relates to the enhancement of the chain cell
facility and £97,000 relates to the installation of additional solar panels
at our Leeds headquarters which takes our energy generated from green solar PV
to 310kwH. Other capital investments relate to items of manufacturing and IT
equipment, including £138,000 relating to a new moulding machine in the
USA.
Inventory of £13.0m has increased by £1.9m when compared to 30th June 2022
but decreased by £264,000 when compared to 31st December 2022. The increase
from June 2022 was in part due to large increases in raw material prices, and
in part, due to stocking up at the end of 2022 to meet increased customer
demand. This materialised in the first half of 2023 leading to the reduction
in inventory levels compared to the year end. Trade receivables of £8.9m
have increased by £445,000 when compared to 30th June 2022 as a consequence
of the rise in revenue in 2023. Trade payables of £7.1m have increased by
£1.1m when compared to 30th June 2022 but decreased by £1.5m when compared
to 31st December 2022 reflecting the increase in activity as well as the stock
purchasing profile during the year.
Cash flow
The net cash position of the Group at the end of June 2023 was £886,000
compared to an overdrawn balance as at 30th June 2022 of £201,000. Cash
generated from operations before working capital movements was £1.7m. Working
capital (inventory, receivables and payables) increases for the six-month
period came to £1.5m as a consequence of increased trading activity outlined
above. Investment in capital projects gave rise to outflows of £784,000.
There were proceeds from new loans of £1.2m, of which £978,000 related to
bank loan for the re-development of the chain cell, (as reported in our
end-of-year announcement in April 2023), with the balance relating to robotic
equipment financed under hire purchase arrangements. Overall, net cash
increased by £100,000 during the six months to 30th June 2023. The
business has good headroom within its £3.5m bank overdraft facility and
management remain focused in 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 six other currencies and the average of the principal
exchange rates in use during the half year and the closing rates as at 30th
June 2023 are shown in the table below, along with comparatives. As
mentioned previously, a significant proportion of the Group revenues are
derived in the USA. The Group has incurred foreign exchange losses as a
result of the strengthening of Sterling against the US Dollar since 31st
December 2022.
The loss on translation of overseas assets amounted to £505,000 for the
six-month period, as 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 2023 HY 2022 FY 2022 30th Jun 2023 30th Jun 2022 31st Dec 2022
Australian Dollar AUD 1.852 1.799 1.777 1.910 1.766 1.771
Chinese Renminbi (Yuan) CNY 8.639 8.354 8.354 9.143 8.137 8.394
Euro EUR 1.146 1.184 1.170 1.165 1.162 1.128
South African Rand ZAR 22.857 20.015 20.155 24.023 19.896 20.385
Thai Baht THB 42.678 43.586 43.159 44.906 42.926 44.589
United States Dollar USD 1.2409 1.288 1.232 1.2714 1.214 1.204
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 Half year Full year
2023 2022 2022
Turnover growth 1 16% 17.0% 23.3%
Gross margin 2 48.6% 47.2% 47.6%
Operating profit before exceptional item 3 £2.31m £2.09m £4.45m
Stock days 4 187 days 181 days 206 days
Debtor days 5 57 days 63 days 64 days
Notes to KPI's
1. Turnover growth
The Group aims to increase shareholder value by measuring the year-on-year
growth in Group revenue. Revenues are up due to the strong demand in the
material handling sectors and a rise in raw material prices.
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 ahead of the
same period last year as strong demand has provided the opportunity to
increase selling prices on certain product ranges. The directors continue to
monitor the margins carefully for further movement.
3. Operating profit
Sustainable growth in operating profit is a strategic priority to enable
ongoing investment and increase shareholder value. Operating profits have
improved as a direct result of the increase in sales in both the manufacturing
and the 4B division and a reduction in property repair costs.
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 2022 as a result of increased inventory
unit prices and but decreased compared to stock days as at December 2022 as
stock built up at the end of 2022 have been utilised. 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. It is pleasing to see that debtor days at 57 days are lower
than the equivalent figure as at June 2022 and from the figure as at December
2022 despite the increase in sales activity. 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 2023
4B USA remains buoyant as the US economy continues its post Covid boom; but
historically is likely to be negatively affected by the usual uncertainty and
delays in committing to new Capex investments as the US approaches a
Presidential election in 2024.
Our subsidiaries in the Asia region, 4B China, 4B Asia and 4B Australia are
all affected by the very unusual current recession in the Asian economies and
4B France is now starting to feel the same downturn in the EU. However, both
our UK operations are still performing well. 4B Braime Components has
recently launched globally several exciting new products and Braime Pressings
in the autumn will be trialing two new very promising long-term contracts.
Overall, we think 2023 will continue the run of good results in recent years,
even though it is unlikely that the Group will be able to repeat last year's
record result, because global trading conditions have deteriorated
substantially. In 2024 and in the longer term, the Group remains well placed
to make further progress. Our hard-working staff have become accustomed to
successfully overcoming new challenges and outperforming the general market.
Meanwhile the Board continues to focus on developing new products and new
markets.
Employees
All our employees in the Group, regardless of location continue to make a
major contribution and we thank them for their efforts.
For further information please contact:
Nicholas Braime - Chairman
Cielo Cartwright - Chief Financial Officer
0113 245 7491
W. H. Ireland 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 2023
2023
2022 31st December
Note 2022
£'000 £'000 £'000
Revenue 24,706 21,308 44,879
Changes in inventories of finished goods and work in progress
(49) 841 2,925
Raw materials and consumables used (12,650) (12,099) (26,456)
Employee benefits costs (5,398) (4,859) (10,260)
Depreciation expense (828) (738) (1,535)
Other expenses (3,503) (2,568) (5,391)
Other operating income 36 200 287
Profit from operations before exceptional item 2,314 2,085 4,449
Exceptional item - (350) (350)
Profit from operations 2,314 1,735 4,099
Finance costs (199) (127) (282)
Finance income - - 5
Profit before tax 2,115 1,608 3,822
Tax expense (605) (477) (1,101)
Profit for the period 1,510 1,131 2,721
Profit attributable to:
Owners of the parent 1,478 1,123 2,768
Non-controlling interests 32 8 (47)
1,510 1,131 2,721
Basic and diluted earnings per share 2 104.86p 78.54p 188.96p
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 2023 30th June 30th June 31st December
2023 2022 2022
£'000 £'000 £'000
Profit for the period 1,510 1,131 2,721
Items that will not be reclassified subsequently to profit or loss
Net pension remeasurement gain on post-employment benefits - - 128
Items that may be reclassified subsequently to profit or loss
Foreign exchange (losses)/gains on re-translation of overseas operations (505) 604 815
Other comprehensive income for the period (505) 604 943
Total comprehensive income for the period 1,005 1,735 3,664
Total comprehensive income attributable to:
Owners of the parent 955 1,735 3,727
Non-controlling interests 50 - (63)
1,005 1,735 3,664
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 2023 6 months to 6 months to year to 31st
30th June 30th June December
2023 2022 2022
£'000 £'000 £'000
Non-current assets
Property, plant and equipment 9,841 9,142 9,782
Intangible assets 561 709 636
Right of use assets 380 534 425
Total non-current assets 10,782 10,385 10,843
Current assets
Inventories 13,025 11,174 13,289
Trade and other receivables 8,915 8,470 8,760
Cash and cash equivalents 1,965 1,533 1,458
Total current assets 23,905 21,177 23,507
Total assets 34,687 31,562 34,350
Current liabilities
Bank overdraft 1,079 1,734 672
Trade and other payables 7,139 6,073 8,635
Other financial liabilities 3,931 2,715 3,219
Corporation tax liability 85 177 195
Total current liabilities 12,234 10,699 12,721
Non-current liabilities
Financial liabilities 2,294 2,554 2,343
Deferred income tax liability 90 36 92
Provision for liabilities - 939 -
Total non-current liabilities 2,384 3,529 2,435
Total liabilities 14,618 14,228 15,156
Total net assets 20,069 17,334 19,194
Capital and reserves
Share capital 360 360 360
Capital reserve 257 257 257
Foreign exchange reserve 219 523 742
Retained earnings 19,439 16,387 18,091
Total equity attributable to the shareholders of the parent company 20,275 17,527 19,450
Non-controlling interests (206) (193) (256)
Total equity 20,069 17,334 19,194
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 2023 Note 2023 2022 2022
£'000 £'000 £'000
Operating activities
Net profit 1,510 1,131 2,721
Adjustments for:
Depreciation 828 738 1,535
Foreign exchange (losses)/gains (398) 480 622
Finance income - - (5)
Finance expense 199 127 282
Gain on sale of plant, machinery and motor vehicles (20) (186) (188)
Adjustment in respect of defined benefit scheme - - 132
Income tax expense 605 477 1,101
Income taxes paid (794) (310) (759)
Operating profit before changes in working capital and provisions
1,930 2,457 5,441
Increase in trade and other receivables (79) (2,278) (2,669)
Decrease/(increase) in inventories 264 (1,050) (3,165)
(Decrease)/increase in trade and other payables (1,647) 1,664 4,870
Decrease in provisions - (115) (1,054)
(1,462) (1,779) (2,018)
Cash generated from operations 468 678 3,423
Investing activities
Purchases of property, plant, machinery and motor vehicles (784) (1,618) (2,053)
Purchase of intangible assets - - (725)
Sale of plant, machinery and motor vehicles 20 218 216
Interest received - - 1
(764) (1,400) (2,561)
Financing activities
Proceeds from long term borrowings 1,191 236 236
Repayment of borrowings (237) (233) (392)
Repayment of hire purchase creditors (86) (73) (158)
Repayment of lease liabilities (143) (138) (268)
Bank interest paid (163) (92) (210)
Lease interest paid (24) (29) (60)
Hire purchase interest paid (12) (6) (11)
Dividends paid (130) (118) (187)
396 (453) (1,050)
Increase/(decrease) in cash and cash equivalents 100 (1,175) (188)
Cash and cash equivalents, beginning of period 786 974 974
Cash and cash equivalents (including overdrafts), end of period
3 886 (201) 786
Braime Group PLC
Consolidated statement of
changes in equity for the Foreign
six months ended Share Capital Exchange Retained Minority Total
30th June 2023 Capital Reserve 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 - - - 1,478 1,478 32 1,510
Other comprehensive income
Foreign exchange (loss)/gain
on re-translation of overseas operations
- - (523) - (523) 18 (505)
Total other comprehensive
income - - (523) - (523) 18 (505)
Total comprehensive
income - - (523) 1,478 955 50 1,005
Transactions with owners
Dividends - - - (130) (130) - (130)
Total transactions with owners - - - (130) (130) - (130)
Balance at 30th June 2023 360 257 219 19,439 20,275 (206) 20,069
Braime Group PLC
Consolidated statement of
changes in equity for the Foreign
six months ended Share Capital Exchange Retained Minority Total
30th June 2022 Capital Reserve Reserve Earnings Total Interests Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1st January
2022 360 257 (89) 15,382 15,910 (193) 15,717
Comprehensive income
Profit - - - 1,123 1,123 8 1,131
Other comprehensive income
Foreign exchange gain/(loss) on re-translation of overseas
operations
- - 612 - 612 (8) 604
Total other comprehensive
income - - 612 - 612 (8) 604
Total comprehensive
income - - 612 1,123 1,735 - 1,735
Transactions with owners
Dividends - - - (118) (118) - (118)
Total transactions with owners - - - (118) (118) - (118)
Balance at 30th June 2022 360 257 523 16,387 17,527 (193) 17,334
Braime Group PLC
Consolidated statement of
changes in equity for the Foreign
year ended 31st December Share Capital Exchange Retained Minority Total
2022 Capital Reserve Reserve Earnings Total Interests Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1st January 2022 360 257 (89) 15,382 15,910 (193) 15,717
Comprehensive income
Profit - - - 2,768 2,768 (47) 2,721
Other comprehensive income
Net pension remeasurement
gain recognised directly in
equity - - - 128 128 - 128
Foreign exchange losses on
re-translation of overseas
operations - - 831 - 831 (16) 815
Total other comprehensive
income - - 831 128 959 (16) 943
Total comprehensive
income - - 831 2,896 3,727 (63) 3,664
Transactions with owners
Dividends - - - (187) (187) - (187)
Total transactions with owners - - - (187) (187) - (187)
Balance at 31st December
2022 360 257 742 18,091 19,450 (256) 19,194
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 2022 and those which management expects to apply
in the Group's full financial statements to 31st December 2023.
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 2022 but is
derived from the accounts. Statutory accounts for the period ended 31st
December 2022 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 2022, 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
2023 and beyond:
(a) New and amended standards adopted by the Group:
· IAS12 - International Tax Reform - Pillar Two Model Rules -
Introduces exception in relation to the OECD Pillar Two income taxes.
Specifically, an entity does not recognise deferred tax assets and liabilities
related to the OECD Pillar Two income taxes and is exempt from providing
'normal' IAS 12 disclosures in relation to them. Also adds related
disclosures which are effective for annual periods beginning on or after 1st
January 2023 - see below - effective immediately (subject to any local
endorsement requirements).
· IFRS 17 Insurance Contracts - Establishes new principles for the
recognition, measurement, presentation and disclosure of insurance contracts
issued, reinsurance contracts held and qualifying investment contracts with
discretionary participation features issued - effective accounting periods on
or after 1st January 2023.
· Amendments to IFRS 17 - Initial Application of IFRS 17 & IFRS 9 -
Comparative Information - Helps entities to avoid temporary accounting
mismatches by allowing an option relating to comparative information about
financial assets presented on initial application of IFRS 17 - effective
accounting periods beginning on or after 1st January 2023.
· Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of
Accounting Policies - Changes requirements from disclosing 'significant' to
'material' accounting policies and provides explanations and guidance on how
to identify material accounting policies - effective accounting periods
beginning on or after 1st January 2023.
· Amendments to IAS 8 - Definition of Accounting Estimates - Clarifies
how to distinguish changes in accounting policies from changes in accounting
estimates - effective accounting periods beginning on or after 1st January
2023.
· Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities
arising from a Single Transaction - Introduces an exception to clarify that
the 'initial recognition exemption' does not apply to transactions that give
rise to equal taxable and deductible timing differences - effective accounting
periods beginning on or after 1st January 2023.
· Amendments to IAS 12 - International Tax Reform - Pillar Two Model
Rules - Adds disclosures relating to the impacts of Pillar Two income tax
legislation. Also introduces a temporary exception to the associated
accounting for deferred taxes, which is effective immediately- see above -
effective accounting periods beginning on or after 1st January 2023.
(b) New standards, amendments and interpretations issued but effective for
the financial year beginning 1st January 2024 and not early adopted:
· Amendments to IAS 1 - Classification of Liabilities as Current or
Non-current - Clarifies that the classification of liabilities as current or
non-current should be based on rights that exist at the end of the reporting
period - effective accounting periods beginning on or after 1st January 2024.
· Amendments to IAS 1 - Non-current Liabilities with Covenants -
Clarifies that only those covenants with which an entity must comply on or
before the end of the reporting period affect the classification of a
liability as current or non-current - effective accounting periods beginning
on or after 1st January 2024.
· Amendments to IFRS 16 - Lease Liability in a Sales and Leaseback -
Specifies requirements relating to measuring the lease liability in a sale and
leaseback transaction after the date of the transaction - effective accounting
periods beginning on or after 1st January 2024.
· Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements -
Requires an entity to provide additional disclosures about its supplier
finance arrangements - effective accounting periods beginning on or after 1st
January 2024.
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 (2022 - 1,440,000). There are
no potentially dilutive shares in issue.
6 months to
30th June
2023
£'000
Dividends paid on equity shares
Ordinary shares
Interim of 9.00p per share paid on 26th May 2023 43
'A' Ordinary shares
Interim of 9.00p per share paid on 26th May 2023 87
Total dividends paid 130
Year to
31st December
2022
£'000
Dividends paid on equity shares
Ordinary shares
Interim of 8.20p per share paid on 24th May 2022 39
Interim of 4.75p per share paid on 14th October 2022 23
62
'A' Ordinary shares
Interim of 8.20p per share paid on 24th May 2022 79
Interim of 4.75p per share paid on 14th October 2022 46
125
Total dividends paid 187
3. Cash and cash equivalents
Unaudited Unaudited Audited
6 months to 6 months to year to
30th June 30th June 31st December
2023 2022 2022
£'000 £'000 £'000
Cash at bank and in hand 1,965 1,533 1,458
Bank overdrafts (1,079) (1,734) (672)
886 (201) 786
4. Segmental information
Unaudited 6 months to
30th June 2023
Central Manufacturing Distribution Total
£'000 £'000 £'000 £'000
Revenue
External - 3,247 21,459 24,706
Inter company 1,061 2,694 3,095 6,850
Total 1,061 5,941 24,554 31,556
Profit
EBITDA (including exceptional item) (32) 583 2,591 3,142
Finance costs (101) (46) (52) (199)
Depreciation (351) (20) (457) (828)
Tax expense (15) (10) (580) (605)
(Loss)/profit for the period (499) 507 1,502 1,510
Assets
Total assets 7,550 9,922 17,215 34,687
Additions to non-current assets 567 22 315 904
Liabilities
Total liabilities 2,975 3,602 8,041 14,618
Unaudited 6 months to
30th June 2022
Central Manufacturing Distribution Total
£'000 £'000 £'000 £'000
Revenue
External - 2,986 18,322 21,308
Inter company 939 2,599 3,067 6,605
Total 939 5,585 21,389 27,913
Profit
EBITDA (375) 553 2,295 2,473
Finance costs (58) (19) (50) (127)
Depreciation (294) (18) (426) (738)
Tax expense (15) - (462) (477)
(Loss)/profit for the period (742) 516 1,357 1,131
Assets
Total assets 6,482 7,956 17,124 31,562
Additions to non-current assets 750 8 876 1,634
Liabilities
Total liabilities 2,317 3,637 8,274 14,228
Audited year to
31st December 2022
Central Manufacturing Distribution Total
£'000 £'000 £'000 £'000
Revenue
External - 6,688 38,191 44,879
Inter company 1,880 5,149 8,087 15,116
Total 1,880 11,837 46,278 59,995
Profit
EBITDA (including exceptional item) (183) 1,118 4,699 5,634
Finance costs (114) (63) (105) (282)
Finance income - 4 1 5
Depreciation (612) (35) (888) (1,535)
Tax expense (198) - (903) (1,101)
(Loss)/profit for the period (1,107) 1,024 2,804 2,721
Assets
Total assets 7,225 9,206 17,919 34,350
Additions to non-current assets 1,886 8 922 2,816
Liabilities
Total liabilities 1,918 3,771 9,467 15,156
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