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Braime revenue and profit increases lifted by buoyant US markets

4th Sep 2023 17:26

(Alliance News) - Braime Group PLC on Monday reported a jump in revenue and pretax profit boosted by "buoyant" US markets.

The Leeds, England-based metal press work manufacturer described its underlying trading performance as "particularly pleasing."

In the six months ended June 30, revenue increased by 16% to GBP24.7 million, compared to GBP21.3 million the year prior. Pretax profit climbed 31% to GBP2.1 million from GBP1.6 million before, while the interim dividend was lifted from 4.75 pence to 5.25p.

The firm said trading in Asian regions was relatively subdued, but the US remained particularly buoyant, continuing trends seen in the first quarter.

Braime highlighted the positive performance came 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 US, it explained.

The results included GBP300,000 of ground repair costs, where the recent discovery of a second subterranean well to the rear of its property well has resulted in a temporary diversion of its dispatch operations.

Chair Nicholas Braime said: "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," he added.

Shares closed unchanged at 1,850p in London on Monday.

By Jeremy Cutler, Alliance News reporter

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