22nd Apr 2024 10:32
(Alliance News) - Braime Group PLC on Monday reported that growth in American markets partially mitigated the impact of economic downturn in Europe.
The Leeds, England-based metal press work manufacturer said pretax profit in 2023 fell 13% to GBP3.3 million from GBP3.8 million last year.
Revenue over the same period increased by 7.3% to a record GBP48.2 million from GBP44.9 million.
A second interim dividend of 9.50 pence per share was proposed by the company representing a 5.6% increase from 9.00p last year.
The company's total dividend for the year is therefore 14.75p, up from 13.75p.
Despite securing additional product orders from principle customers in the commercial vehicle industry, the company said this sector felt the effects of recent economic downturn, hampering overall performance.
Whilst growth in the European market remained fairly static during the year, the company did however achieve year on year sales growth driven by strong performance in both the US and South American markets.
Looking ahead, the company expects to see lower sale volumes throughout 2024 but believes this will be offset to an extent by the sale of new product lines launched towards the end of last year.
"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," said Chair Nicholas Braime.
Braime shares were down 14% to 1,800.00 pence each in London on Monday morning.
By Elijah Dale, Alliance News reporter
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