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Braime gets double-digit annual growth in "record" 2022 results

24th Apr 2023 14:46

(Alliance News) - Braime Group PLC on Monday said its 2022 results were underpinned by a strengthened dollar and more sales.

The Leeds, England-based metal press work manufacturer said pretax profit was GBP3.8 million, up from GBP1.1 million in 2021, as revenue rose by 23% to GBP44.9 million from GBP36.4 million.

Braime said revenue was boosted by the strengthening of the dollar, while it also saw strong demand for Braime Pressings and higher sales in its 4B business.

Braime paid a full-year dividend of 13.75 pence, up 10% from 12.45p in 2021.

Looking ahead, the company said, "it is more difficult to predict the future with any degree of certainty" in the midst of post-pandemic instability and the ongoing energy crisis.

Adding that inflation remains unpredictable and availability of supplies remains unreliable, Braime Group said it hopes to focus on long-term strategy to maintain steady growth.

Chair Nicholas Braime said: "While business overall currently remains very strong, these issues, lower volumes, squeezed margins, the cost of carrying larger stocks, (and the accompanying cash flow requirements), can all be seen in our current trading. Repeating in 2023 the quite exceptional result achieved in 2022 may be an overambitious target, but this does not stop us trying to overcome these challenges."

Shares in Braime Group were untraded on Monday afternoon on AIM. They last traded at 1,800.00 pence each on March 30.

By Sabrina Penty; Alliance News reporter

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