2nd May 2018 12:47
LONDON (Alliance News) - TF & JH Braime Holdings PLC on Wednesday reported a rise in profit and revenue for 2017, though warned that Brexit-driven currency movements could have a negative effect on future results.
The metal presswork manufacturer posted a pretax profit of GBP2.2 million for 2017, up from GBP1.3 million the year before, as revenue increased by 11% to GBP31.4 million from GBP28.4 million.
Braime said this improvement was the direct result of continuous investment in both new products and in the development of overseas markets.
Raw materials and consumables expenses rose slightly year-on-year to GBP17.0 million from GBP15.9 million while employee benefits costs grew to GBP7.5 million from GBP6.7 million.
The company increased its overall dividend to 10.20 pence per share from 9.30p paid the year earlier.
"2018 has begun positively and the group is trading above both budget and last year," said Chairman Nicholas Braime.
"Aside from the ever-present risk of an economic downturn, the major exposure of the group is to fluctuations in the exchange rate. It is entirely possible that, as Brexit approaches, the value of the UK pound sterling appreciates and this is likely to have a negative effect on the group result - hopefully only short-term as the business adapts to a new situation," Braime added.
The stock was untraded at 875.00 pence on Wednesday.