TIDMBMTO

RNS Number : 1662L

Braime Group PLC

08 September 2021

Braime Group PLC

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

Interim Results for the six months ended 30th June 2021

The Company presents its unaudited interims results for the six months ended 30 June 2021:

Performance

Group sales revenue for the first six months of 2021 increased by 13% to GBP18.2m when compared to GBP16.1m for the same period in 2020, while profit before tax increased to GBP885,000 compared to GBP372,000 for the same period in 2020. The retained profit for the six-month period includes a GBP250,000 provision for repairs commitments to our chain cell operations which has become necessary while the new warehouse is being built. The directors are pleased to report that following the upheaval of the previous year brought about by the global pandemic, the Group has seen a surge in customer demand which began in the spring of 2021, with all sectors performing strongly, particularly the automotive sector. The underlying trading performance of the Group should also be viewed from the context of Sterling strengthening during 2021. A significant proportion of the Group's income is earned in the USA, and consequently, Sterling strengthening against the US dollar (a closing rate of 1:1.389 as at June 2021 compared to 1:1.236 in June 2020) results in a reduction in profit for the Group when reported in Sterling.

Dividends

In line with the Group's policy to maintain dividend growth, balanced alongside the Group's requirement for investment in capital to support long term growth, the directors have decided to increase the interim dividend from 4.00p to 4.25p per share. This dividend will be paid on 14th October 2021 to the Ordinary and 'A' Ordinary shareholders on the register on the 1st October 2021. The associated ex-dividend date is 30(th) September 2021.

Braime Pressings Limited

External sales revenue of GBP2.6m in the first 6 months of 2021 was 35% up on the same period last year driven by strong demand from the automotive sector. Intercompany sales also increased by GBP238,000. The manufacturing division made a profit before tax of GBP481,000 as a result of the higher demand for its products. As reported last year, the Company recruited a new sales manager at the beginning of 2020 and after a challenging year the Company is now developing new sectors.

4B Division

Our distribution division's external sales revenue of GBP15.6m increased by 10% when compared to GBP14.2m for the same period last year. Intercompany trading increased by 9.8% to GBP2.6m (GBP2.4m for the same period in 2020). The division has benefitted from an exceptional order of chain products from the Middle East early in the year. The GBP1.4m increase in external sales has had a positive direct impact on profitability, with profit after tax for the 4B division for the six-month period increasing to GBP494,000 as compared to GBP307,000 for the same period last year.

Balance Sheet

Total net assets as at 30th June 2021 amounted to GBP15.4m (30th June 2020 - GBP14.9m). Capital asset additions of GBP991,000 during the period relate to a large extent to the remainder of the EUR2.2m construction costs of the warehouse being GBP433,000 for 4B France which was fully completed in May 2021 as announced earlier in the year. As announced last month, the Company has also commenced construction of a new climate-controlled warehouse and additional parking facilities at our head office facility in Leeds, UK which is anticipated to cost GBP1m and is being funded primarily from a GBP850,000 development loan from the Company's bankers. At the half-year, the Group had spent GBP185,000 on improvements to its head office facilities. Other investments relate to various items of manufacturing equipment and other IT capital expenditure.

Inventory has decreased by GBP44,000 when compared to 30th June 2020 and increased by GBP219,000 when compared to 31st December 2020. Trade receivables of GBP7.5m have increased by GBP918,000 when compared to 30th June 2020 and increased by GBP1,518,000 when compared to 31st December 2020. The increase in trade debtors are a direct result of the increase in revenue in the first six months of 2021 and is in line with seasonal trend. Overall debtor days are similar to prior periods. The increase in long-term borrowings during the year are in line with expectations, being the take up of new loans of GBP532,000 in relation to the final draw-down of the EUR1.7m loan facility in 4B France with Credit du Nord and BPI-France which, as mentioned in the 2019 annual report, was obtained to fund the warehouse construction (the balance having been funded out of profit).

Cash flow

Cash at the end of the period was GBP764,000. Cash generated from operations before working capital movements was GBP1.3m during the period. An increase in trade receivables of GBP1,518,000, an increase in inventories of GBP219,000 offset by an increase in trade payables of GBP1,138,000 saw working capital reduce by GBP599,000 since the year end. These are a consequence of the increased level of trading activity during the period. Investment in capital projects mentioned above gave rise to capital outflows of GBP991,000 and the Group repaid GBP234,000 of loans whilst the take up of new loans of GBP532,000 in France mentioned above, provided proceeds from borrowings. Overall, net cash reduced by GBP433,000 during the six months to 30th June 2021. The business has sufficient headroom within its GBP3.5m bank overdraft facility and management remains focused in ensuring that working capital requirements, particularly for stock, are carefully monitored and controlled.

Principal exchange rates

The Group reports its results in Sterling, its presentational currency. The Group operates in six other currencies and the average of the principal exchange rates in use during the half year and as at 30th June 2021 are shown in the table below, along with comparatives. Since a significant proportion of the Group revenues are in the USA, the Group has incurred foreign exchange losses from the strengthening of Sterling against the US dollar since 31st December 2020.

 
                                  Avg rate      Avg rate      Avg rate     Closing     Closing       Closing 
   Currency              Symbol    HY 2021       HY 2020       FY 2020        rate        rate          rate 
                                                                          30th Jun    30th Jun      31st Dec 
                                                                              2021        2020          2020 
-------------------  ----------  ---------  ------------  ------------  ----------  ----------  ------------ 
 Australian Dollar          AUD      1.813         1.922         1.867       1.840       1.795         1.763 
 Chinese Renminbi 
  (Yuan)                    CNY      8.993         8.857         8.880       8.941       8.714         8.890 
 Euro                       EUR      1.156         1.140         1.126       1.165       1.100         1.112 
 South African 
  Rand                      ZAR     20.257        21.334        21.309      19.711      21.468        20.030 
 Thai Baht                  THB     43.064        39.993        40.404      44.290      38.152        40.838 
 United States 
  Dollar                    USD      1.389         1.259         1.290       1.382       1.236         1.365 
-------------------  ----------  ---------  ------------  ------------  ----------  ----------  ------------ 
 

Key performance indicators

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

 
 
   Key performance indicator      Note     Half year     Half year     Full year 
                                                2021          2020          2020 
-----------------------------  -------  ------------  ------------  ------------ 
 Turnover growth                     1         13.0%        (5.6%)        (1.9%) 
 Gross margin                        2         47.2%         47.4%         46.7% 
 Operating profit                    3      GBP0.98m      GBP0.45m      GBP1.38m 
 Stock days                          4      170 days      191 days      182 days 
 Debtor days                         5       59 days       63 days       56 days 
-----------------------------  -------  ------------  ------------  ------------ 
 

Notes to KPI's

   1.             Turnover growth 

The Group aims to increase shareholder value by measuring the year on year growth in Group revenue. Revenues are up due to the strong demand in the manufacturing sector and improvements in the global economic climate as the impact of the COVID pandemic recedes.

   2.             Gross margin 

Gross profit (revenue less change in inventories and raw materials used) as a percentage of revenue is monitored to maximise profits available for reinvestment and distribution to shareholders. Gross margin has decreased slightly over the same period last year but has improved when compared to the full year results in 2020. The directors continue to monitor the margins carefully for further movement.

   3.             Operating profit 

Sustainable growth in operating profit is a strategic priority to enable ongoing investment and increase shareholder value. Operating profits have improved as a direct result of the increase in sales in both the manufacturing and the 4B division.

   4.             Stock days 

The average value of inventories divided by raw materials and consumables used and changes in inventories of finished goods and work in progress expressed as a number of days is monitored to ensure the right level of stocks are held in order to meet customer demands whilst not carrying excessive amounts which impacts upon working capital requirements. Stock days have reduced with sales increasing but inventories remaining largely unchanged.

   5.             Debtor days 

The average value of trade receivables divided by revenue expressed as a number of days. This is an important indicator of working capital requirements. Debtor days at 59 days are slightly below the standard payment terms of 60 days. Management remain focused on reducing this to improve cash.

Other metrics monitored weekly or monthly include quality measures (such as customer complaints), raw materials buying prices, capital expenditure, line utilisation, reportable accidents and near-misses.

Ongoing impact of the COVID pandemic

Due to the support of our staff, the business succeeded in operating throughout the pandemic, with only limited numbers working from home, where possible. With the exception of our staff at 4B Asia Pacific, "normal work" patterns have returned across the group, while we continue to act cautiously to try to minimise the effects of the ongoing epidemic. Nevertheless, our sales activities continue to be negatively affected by the remaining travel restrictions and the lack of trade exhibitions, both of which greatly limit our ability to engage with our customers.

While we have adopted new means of marketing during the pandemic, these do not replace the benefits of direct contact with our customers. This direct contact has always been central to our process of continuously developing new product and of bringing these products to market. We hope that our ability to visit our customers and display our products at trade exhibitions will gradually become possible in the coming months.

Short term Impact of Brexit

The group is heavily dependent on the import of raw materials to manufacture our products, and on the import of finished product, both of which are then exported globally, and a large proportion of group sales are made in sales to overseas markets. Our trained and experienced staff were able to make and automate the relatively simple changes to our existing documentation required to continue our exports to the EU. Where we were able to deliver in full truck loads, our exports to the EU continued almost seamlessly.

However, where we had to ship part loads on trucks, shared with UK exporters who were less familiar with export documentation, our own deliveries were significantly delayed by incorrect or incomplete documentation provided by other exporters. We were also taken by surprise by the lack of knowledge within many European freight companies. No doubt this lack of preparedness was caused by the months, and indeed years, of uncertainty and political brinkmanship and by the last-minute nature of the Trade Agreement. We have now largely adapted to this situation by re-scheduling our exports and delivering on dedicated trucks wherever possible, and by switching to more competent international freight companies.

Outlook for the second half of 2021

We are benefitting from a large increase in the volume of sales, due in part to the Brexit Bounce, and, in part, due to the ongoing introduction of new products. The benefits of this increase in the volume of sales are tempered by the quite unprecedented rise in the cost of many key raw materials, including steel and plastic resin, which have both increased by around 35% and also by an equally unprecedented jump in the cost of freight, particularly sea freight, which affects both import and export. In some case, the cost of freight is 700% higher than 12 months ago.

Both inflationary problems will reduce our margins in the short term. We are trying to pass on increases to our customers, but there is an inevitable delay in this process. Meanwhile these price increases will almost certainly lead eventually to a drop in the volume of sales. The huge increase in the cost of delivering goods over long distances, creates major challenges for our export focused group - but also creates potential new opportunities, for our manufacturing business.

For further information please contact:

Nicholas Braime/Cielo Cartwright

0113 245 7491

W. H. Ireland Limited

Katy Mitchell

0113 394 6628

 
                                                   Unaudited                    Unaudited 
 Braime Group PLC                                   6 months                     6 months          Audited 
  Consolidated income statement for                       to                           to          year to 
  the six months                           Note    30th June                    30th June    31st December 
  ended 30th June 2021                                  2021                         2020             2020 
                                                     GBP'000                      GBP'000          GBP'000 
--------------------------------------  -------  -----------  ---------------------------  --------------- 
 
 Revenue                                              18,212                       16,114           32,803 
 
 Changes in inventories of finished 
  goods and work in progress                              51                          492             (63) 
 Raw materials and consumables used                  (9,661)                      (8,954)         (17,428) 
 Employee benefits costs                             (4,366)                      (4,406)          (8,408) 
 Depreciation expense                                  (655)                        (646)          (1,280) 
 Other expenses                                      (2,597)                      (2,146)          (4,277) 
 Other operating income                                    5                            -               30 
--------------------------------------  -------  -----------  ---------------------------  --------------- 
 
 Profit from operations                                  989                          454            1,377 
 
 Finance costs                                         (106)                         (82)            (191) 
 Finance income                                            2                            -                9 
--------------------------------------  -------  -----------  ---------------------------  --------------- 
 
 Profit before tax                                       885                          372            1,195 
 
 Tax expense                                           (220)                        (114)            (341) 
--------------------------------------  -------  -----------  ---------------------------  --------------- 
 
 Profit for the period                                   665                          258              854 
--------------------------------------  -------  -----------  ---------------------------  --------------- 
 
 Profit attributable to: 
 Owners of the parent                                    608                          242              823 
 Non-controlling interests                                57                           16               31 
--------------------------------------  -------  -----------  ---------------------------  --------------- 
                                                         665                          258              854 
--------------------------------------  -------  -----------  ---------------------------  --------------- 
 
 Basic and diluted earnings per share         2       46.18p                       16.81p           59.31p 
 
 
                                                       Unaudited    Unaudited 
 Braime Group PLC                                       6 months     6 months          Audited 
  Consolidated statement of comprehensive                     to           to          year to 
  income for the six months                            30th June    30th June    31st December 
  ended 30th June 2021                                      2021         2020             2020 
                                                         GBP'000      GBP'000          GBP'000 
---------------------------------------------------  -----------  -----------  --------------- 
 
 Profit for the period                                       665          258              854 
---------------------------------------------------  -----------  -----------  --------------- 
 
 Items that will not be reclassified subsequently 
  to profit or loss 
 Net pension remeasurement gain on post-employment 
  benefits                                                     -            -               66 
 
 Items that may be reclassified subsequently 
  to profit or loss 
 Foreign exchange (losses)/gains on re-translation 
  of overseas operations                                    (97)          404            (133) 
 
 Other comprehensive income for the period                  (97)          404             (67) 
---------------------------------------------------  -----------  -----------  --------------- 
 
 Total comprehensive income for the period                   568          662              787 
---------------------------------------------------  -----------  -----------  --------------- 
 
 Total comprehensive income attributable 
  to: 
 Owners of the parent                                        489          656              744 
 Non-controlling interests                                    79            6               43 
---------------------------------------------------  -----------  -----------  --------------- 
                                                             568          662              787 
---------------------------------------------------  -----------  -----------  --------------- 
 

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

 
                                                   Unaudited    Unaudited     Audited 
                                                    6 months     6 months     year to 
 Braime Group PLC                                         to           to        31st 
  Consolidated balance sheet at 30th June          30th June    30th June    December 
  2021                                                  2021         2020        2020 
                                                     GBP'000      GBP'000     GBP'000 
-----------------------------------------------  -----------  -----------  ---------- 
 
 Non-current assets 
 Property, plant and equipment                         8,216        7,246       7,830 
 Intangible assets                                        31           44          37 
 Right of use assets                                     683          190         487 
 
 Total non-current assets                              8,930        7,480       8,354 
-----------------------------------------------  -----------  -----------  ---------- 
 
 Current assets 
 Inventories                                           9,083        9,127       8,864 
 Trade and other receivables                           7,472        6,554       5,855 
 Cash and cash equivalents                             1,673        1,558       1,533 
-----------------------------------------------  -----------  -----------  ---------- 
 
 Total current assets                                 18,228       17,239      16,252 
-----------------------------------------------  -----------  -----------  ---------- 
 
 Total assets                                         27,158       24,719      24,606 
-----------------------------------------------  -----------  -----------  ---------- 
 
 Current liabilities 
 Bank overdraft                                          909          736         335 
 Trade and other payables                              5,344        4,586       4,744 
 Other financial liabilities                           2,661        2,042       2,133 
 Corporation tax liability                                70           47          78 
-----------------------------------------------  -----------  -----------  ---------- 
 
 Total current liabilities                             8,984        7,411       7,290 
-----------------------------------------------  -----------  -----------  ---------- 
 
 Non-current liabilities 
 Financial liabilities                                 2,479        2,031       2,075 
 Deferred income tax liability                           276          382         278 
-----------------------------------------------  -----------  -----------  ---------- 
 
 Total non-current liabilities                         2,755        2,413       2,353 
-----------------------------------------------  -----------  -----------  ---------- 
 
 Total liabilities                                    11,739        9,824       9,643 
-----------------------------------------------  -----------  -----------  ---------- 
 
 Total net assets                                     15,419       14,895      14,963 
-----------------------------------------------  -----------  -----------  ---------- 
 
 Capital and reserves 
 Share capital                                           360          360         360 
 Capital reserve                                         257          257         257 
 Foreign exchange reserve                              (270)          408       (151) 
 Retained earnings                                    15,296       14,211      14,800 
-----------------------------------------------  -----------  -----------  ---------- 
 Total equity attributable to the shareholders 
  of the parent company                               15,643       15,236      15,266 
 Non-controlling interests                             (224)        (341)       (303) 
-----------------------------------------------  -----------  -----------  ---------- 
 Total equity                                         15,419       14,895      14,963 
-----------------------------------------------  -----------  -----------  ---------- 
 
 
                                                      Unaudited                      Unaudited          Audited 
   Braime Group PLC                                    6 months                       6 months          year to 
   Consolidated cash flow statement                          to                             to    31st December 
   for the six months                         Note    30th June                      30th June             2020 
   ended 30th June 2021                                    2021                           2020 
                                                        GBP'000                        GBP'000          GBP'000 
-----------------------------------------  -------  -----------  -----------------------------  --------------- 
 Operating activities 
 Net profit                                                 665                            258              854 
-----------------------------------------  -------  -----------  -----------------------------  --------------- 
 
 Adjustments for: 
 Depreciation                                               655                            646            1,280 
 Foreign exchange (losses)/gains                            (4)                            299            (170) 
 Finance income                                             (2)                              -              (9) 
 Finance expense                                            106                             82              191 
 (Gain)/loss on sale of plant, machinery 
  and motor vehicles                                        (5)                              -                1 
 Adjustment in respect of defined 
  benefit scheme                                              -                              -               71 
 Income tax expense                                         220                            114              341 
 Income taxes paid                                        (329)                            (8)            (168) 
-----------------------------------------  -------  -----------  -----------------------------  --------------- 
 Operating profit before changes in 
  working capital and provisions                          1,306                          1,391            2,391 
-----------------------------------------  -------  -----------  -----------------------------  --------------- 
 
 Increase in trade and other receivables                (1,518)                          (915)            (356) 
 Increase in inventories                                  (219)                          (554)            (291) 
 Increase in trade and other payables                     1,138                            787              942 
 
                                                          (599)                          (682)              295 
-----------------------------------------  -------  -----------  -----------------------------  --------------- 
 
 Cash generated from operations                             707                            709            2,686 
-----------------------------------------  -------  -----------  -----------------------------  --------------- 
 
 Investing activities 
 Purchases of property, plant, machinery 
  and motor vehicles                                      (991)                          (855)          (2,057) 
 Sale of plant, machinery and motor 
  vehicles                                                    5                              8               13 
 Interest received                                            2                              -                4 
-----------------------------------------  -------  -----------  -----------------------------  --------------- 
                                                         (984 )                          (847)          (2,040) 
-----------------------------------------  -------  -----------  -----------------------------  --------------- 
 
 Financing activities 
 Proceeds from long term borrowings                         532                            900            1,117 
 Repayment of borrowings                                  (234)                          (116)            (419) 
 Repayment of hire purchase creditors                     (109)                          (118)            (217) 
 Repayment of lease liabilities                           (127)                          (172)            (228) 
 Bank interest paid                                        (55)                           (63)            (124) 
 Lease interest paid                                       (37)                           (12)             (38) 
 Hire purchase interest paid                               (15)                            (7)             (29) 
 Dividends paid                                           (112)                          (115)            (173) 
-----------------------------------------  -------  -----------  -----------------------------  --------------- 
                                                          (157)                            297            (111) 
-----------------------------------------  -------  -----------  -----------------------------  --------------- 
 (Decrease)/increase in cash and cash 
  equivalents                                             (434)                            159              535 
 Cash and cash equivalents, beginning 
  of period                                               1,198                            663              663 
-----------------------------------------  -------  -----------  -----------------------------  --------------- 
 Cash and cash equivalents (including 
  overdrafts), end of period                     3          764                            822            1,198 
-----------------------------------------  -------  -----------  -----------------------------  --------------- 
 
 
 Braime Group PLC 
  Consolidated statement 
  of                                                     Foreign 
  changes in equity               Share     Capital     Exchange     Retained                 Minority      Total 
  for the                       Capital     Reserve      Reserve     Earnings      Total     Interests     Equity 
  six months ended 
  30th June 2021 
                                GBP'000     GBP'000      GBP'000      GBP'000    GBP'000       GBP'000    GBP'000 
---------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 Balance at 31st 
  December 
  2020                              360         257        (151)       14,800     15,266         (303)     14,963 
 
 Comprehensive income 
 
 Profit                               -           -            -          608        608            57        665 
 
 Other comprehensive 
  income 
 
 Foreign exchange 
  (loss)/gain 
  on re-translation 
  of overseas operations              -           -        (119)            -      (119)            22       (97) 
---------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 Total other comprehensive 
  income                              -           -        (119)            -      (119)            22       (97) 
 Total comprehensive 
  income                              -           -        (119)          608        489            79        568 
---------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 Transactions with 
  owners 
 Dividends                            -           -            -        (112)      (112)             -      (112) 
---------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 Total transactions 
  with owners                         -           -            -        (112)      (112)             -      (112) 
---------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 Balance at 30th 
  June 2021                         360         257        (270)       15,296     15,643         (224)     15,419 
---------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 
 
 
 Braime Group PLC 
  Consolidated statement 
  of                                                          Foreign 
  changes in equity                    Share     Capital     Exchange     Retained                 Minority      Total 
  for the                            Capital     Reserve      Reserve     Earnings      Total     Interests     Equity 
  six months ended 
  30th June 2020 
                                     GBP'000     GBP'000      GBP'000      GBP'000    GBP'000       GBP'000    GBP'000 
--------------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 Balance at 31st 
  December 2019                          360         257          (6)       14,084     14,695         (346)     14,349 
 
 Comprehensive income 
 
 Profit                                    -           -            -          242        242            16        258 
 
 Other comprehensive 
  income 
 
 Foreign exchange 
  gain/(loss) on re-translation 
  of overseas 
  operations                               -           -          414            -        414          (11)        403 
--------------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 Total other comprehensive 
  income                                   -           -          414            -        414          (11)        403 
 Total comprehensive 
  income                                   -           -          414          242        656             5        661 
--------------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 Transactions with 
  owners 
 Dividends                                 -           -            -        (115)      (115)             -      (115) 
--------------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 Total transactions 
  with owners                              -           -            -        (115)      (115)             -      (115) 
--------------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 Balance at 30th 
  June 2020                              360         257          408       14,211     15,236         (341)     14,895 
--------------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 
 
 
 Braime Group PLC 
  Consolidated statement 
  of                                                     Foreign 
  changes in equity               Share     Capital     Exchange     Retained                 Minority      Total 
  for the                       Capital     Reserve      Reserve     Earnings      Total     Interests     Equity 
  year ended 31st 
  December 
  2020 
                                GBP'000     GBP'000      GBP'000      GBP'000    GBP'000       GBP'000    GBP'000 
---------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 Balance at 1st January 
  2020                              360         257          (6)       14,084     14,695         (346)     14,349 
 
 Comprehensive income 
 
 Profit                               -           -            -          823        823            31        854 
 
 Other comprehensive 
  income 
 
 Net pension remeasurement 
  gain recognised 
  directly in 
  equity                              -           -            -           66         66             -         66 
 Foreign exchange 
  losses on 
  re-translation of 
  overseas 
  operations                          -           -        (145)            -      (145)            12      (133) 
---------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 Total other comprehensive 
  income                              -           -        (145)           66       (79)            12       (67) 
 Total comprehensive 
  income                              -           -        (145)          889        744            43        787 
---------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 Transactions with 
  owners 
 Dividends                            -           -            -        (173)      (173)             -      (173) 
---------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 Total transactions 
  with owners                         -           -            -        (173)      (173)             -      (173) 
---------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 Balance at 31st 
  December 
  2020                              360         257        (151)       14,800     15,266         (303)     14,963 
---------------------------  ----------  ----------  -----------  -----------  ---------  ------------  --------- 
 
 
   1.      Accounting policies 

Basis of preparation

The interim financial report has been prepared using accounting policies that are consistent with those used in the preparation of the full financial statements to 31st December 2020 and those which management expects to apply in the Group's full financial statements to 31st December 2021.

This interim financial report is unaudited. The comparative financial information set out in this interim financial report does not constitute the Group's statutory accounts for the period ended 31st December 2020 but is derived from the accounts. Statutory accounts for the period ended 31st December 2020 have been delivered to the Registrar of Companies. The auditors have reported on those accounts. Their audit report was unqualified and did not contain any statements under Section 498 of the Companies Act 2006.

The Group's condensed interim financial information has been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted for the use in the European Union and in accordance with IAS 34 'Interim Financial Reporting' and the accounting policies included in the Annual Report for the year ended 31st December 2020, which have been applied consistently throughout the current and preceding periods. The Group has adopted the following new or amended standards as of 1st January 2021 -

-- Amendments to IFRS9, IAS39, IFRS7, IFRS4 and IFRS16 - Interest rate benchmarks - introduces practical expedient and exemptions from hedge accounting requirements - effective accounting periods beginning on or after 1 January 2021

The application and interpretations surrounding the new or amended standards is not expected to have a material impact on the Group's reported financial performance or position. However, they may give rise to additional disclosures being made in the financial statements.

   2.      Earnings per share and dividends 

Both the basic and diluted earnings per share have been calculated using the net results attributable to shareholders of Braime Group PLC as the numerator.

The weighted average number of outstanding shares used for basic earnings per share amounted to 1,440,000 (2020 - 1,440,000). There are no potentially dilutive shares in issue.

 
                                                               6 months 
                                                                     to 
                                                              30th June 
                                                                   2021 
                                                                GBP'000 
------------------------------------------------------  --------------- 
 Dividends paid on equity shares 
 Ordinary shares 
 Interim of 7.80p per share paid on 25th May 2021                    37 
 
 'A' Ordinary shares 
 Interim of 7.80p per share paid on 25th May 2021                    75 
------------------------------------------------------  --------------- 
 Total dividends paid                                               112 
------------------------------------------------------  --------------- 
 
                                                                Year to 
                                                          31st December 
                                                                   2020 
                                                                GBP'000 
------------------------------------------------------  --------------- 
 Dividends paid on equity shares 
 Ordinary shares 
 Interim of 8.00p per share paid on 5th June 2020                    38 
 Interim of 4.00p per share paid on 16th October 2020                19 
------------------------------------------------------  --------------- 
                                                                     57 
------------------------------------------------------  --------------- 
 
 'A' Ordinary shares 
 Interim of 8.00p per share paid on 5th June 2020                    77 
 Interim of 4.00p per share paid on 16th October 2020                39 
------------------------------------------------------  --------------- 
                                                                    116 
------------------------------------------------------  --------------- 
 Total dividends paid                                               173 
------------------------------------------------------  --------------- 
 
   3.      Cash and cash equivalents 
 
                               Unaudited     Unaudited          Audited 
                                6 months      6 months          year to 
                                      to            to    31st December 
                               30th June     30th June             2020 
                                    2021          2020 
                                 GBP'000       GBP'000          GBP'000 
--------------------------  ------------  ------------  --------------- 
 Cash at bank and in hand          1,673         1,558            1,533 
 Bank overdrafts                   (909)         (736)            (335) 
--------------------------  ------------  ------------  --------------- 
                                     764           822            1,198 
--------------------------  ------------  ------------  --------------- 
 
   4.      Segmental information 
 
                                                               Unaudited 6 months to 
                                                                      30th June 2021 
                                    Central   Manufacturing   Distribution     Total 
                                    GBP'000         GBP'000        GBP'000   GBP'000 
---------------------------------  --------  --------------  -------------  -------- 
 
 Revenue 
 External                                 -           2,642         15,570    18,212 
 Inter company                        1,006           1,933          2,615     5,554 
---------------------------------  --------  --------------  -------------  -------- 
 
 Total                                1,006           4,575         18,185    23,766 
---------------------------------  --------  --------------  -------------  -------- 
 
 Profit 
 EBITDA                                  36             517          1,091     1,644 
 Finance costs                         (34)            (17)           (55)     (106) 
 Finance income                           -               -              2         2 
 Depreciation                         (296)            (19)          (340)     (655) 
 Tax expense                           (16)               -          (204)     (220) 
---------------------------------  --------  --------------  -------------  -------- 
 
 (Loss)/profit for the period         (310)             481            494       665 
---------------------------------  --------  --------------  -------------  -------- 
 
 Assets 
 Total assets                         5,512           5,895         15,751    27,158 
 Additions to non-current assets        379              11            942     1,332 
 Liabilities 
 Total liabilities                      888           3,141          7,710    11,739 
 
 
                                                               Unaudited 6 months to 
                                                                      30th June 2020 
                                    Central   Manufacturing   Distribution     Total 
                                    GBP'000         GBP'000        GBP'000   GBP'000 
---------------------------------  --------  --------------  -------------  -------- 
 
 Revenue 
 External                                 -           1,953         14,161    16,114 
 Inter company                        1,016           1,695          2,381     5,092 
---------------------------------  --------  --------------  -------------  -------- 
 
 Total                                1,016           3,648         16,542    21,206 
---------------------------------  --------  --------------  -------------  -------- 
 
 Profit 
 EBITDA                                 352            (18)            767     1,101 
 Finance costs                         (53)            (15)           (14)      (82) 
 Finance income                           -               -              -         - 
 Depreciation                         (300)            (11)          (335)     (646) 
 Tax expense                           (14)              10          (111)     (115) 
---------------------------------  --------  --------------  -------------  -------- 
 
 (Loss)/profit for the period          (15)            (34)            307       258 
---------------------------------  --------  --------------  -------------  -------- 
 
 Assets 
 Total assets                         5,449           4,551         14,719    24,719 
 Additions to non-current assets        242               2            634       878 
 Liabilities 
 Total liabilities                      926           2,384          6,514     9,824 
 
 
                                                                     Audited year to 
                                                                  31st December 2020 
                                    Central   Manufacturing   Distribution     Total 
                                    GBP'000         GBP'000        GBP'000   GBP'000 
---------------------------------  --------  --------------  -------------  -------- 
 
 Revenue 
 External                                 -           3,762         29,041    32,803 
 Inter company                        1,772           3,068          5,159     9,999 
---------------------------------  --------  --------------  -------------  -------- 
 
 Total                                1,772           6,830         34,200    42,802 
---------------------------------  --------  --------------  -------------  -------- 
 
 Profit 
 EBITDA                                 309           (163)          2,511     2,657 
 Finance costs                        (105)            (31)           (55)     (191) 
 Finance income                           -               7              2         9 
 Depreciation                         (592)            (28)          (660)   (1,280) 
 Tax expense                             32               -          (373)     (341) 
---------------------------------  --------  --------------  -------------  -------- 
 
 (Loss)/profit for the period         (356)           (215)          1,425       854 
---------------------------------  --------  --------------  -------------  -------- 
 
 Assets 
 Total assets                         5,178           4,200         15,228    24,606 
 Additions to non-current assets        415              54          2,020     2,489 
 Liabilities 
 Total liabilities                      801           2,025          6,817     9,643 
 

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September 08, 2021 11:04 ET (15:04 GMT)

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