21st Sep 2018 10:00
LONDON (Alliance News) - Metal pressing firm TF & JH Braime Holdings PLC hiked its interim dividend Friday after its profit doubled on revenue growth, amid caution on volatility in global politics and currencies.
For the six months ended June, pretax profit doubled to GBP1.2 million from GBP592,000 the year prior. This was after revenue rose to GBP18.1 million from GBP15.5 million the year before.
"The group is ahead of both last year and budget, and we would expect the result for the full-year to be ahead of 2017," Braime said in a statement. "However, our group, with so much of its earnings coming from overseas, is always exposed to the unpredictable fluctuations in global exchange rates and to changes in the political and economic conditions in individual markets."
Braime proposed a 3.50 pence per share interim dividend, up from 3.10p the year prior.
"Depending on the form Brexit finally takes, as a major exporter, the actual event is likely to cause some degree of short-term disruption," Braime added. "However, given that the majority of our sales presence, and continuing growth is already outside the EU, we believe the long-term effects are unlikely to be significant for the group."
Shares in Braime were 5.7% higher at 1,399.95 pence on Friday.