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Annual Results for the Year Ended 31 December 2024

22nd Apr 2025 07:00

RNS Number : 5371F
Braime Group PLC
22 April 2025
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information will be in the public domain.

 

BRAIME GROUP PLC

("Braime" or the "Company" and with its subsidiaries the "Group")

 

ANNUAL RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2024

 

At a meeting of the directors held today, the accounts for the year ended 31st December 2024 were submitted and approved by the directors. The accounts statement is as follows:

 

Chairman's statement

 

High level results

I am pleased to announce Group revenue for 2024 of £48.9m and profit before tax of £3.2m. These results are discussed further in the Chief Executives' Business Review and the Group Strategic Report, however I am delighted with the results given the general sentiment about the economic climate at the start of the year.

 

Dividends

The Company paid an interim dividend of 5.25p in October 2024. Based on the results above the directors propose paying a second interim dividend of 10.0p on the 23rd May 2025 to the holders of the Ordinary and "A" Ordinary Shares on the share register on 9th May 2025. The ex-dividend date is 8th May 2025. This brings the total dividend paid in relation to the 2024 financial year to 15.25p, compared to 14.75p in 2023.

 

Overall strategy

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.

 

Staff

I would like to thank all our staff and colleagues who have continued to provide commitment, ideas and enthusiasm throughout the year. In a fast-changing world, the quality and commitment of our people remains at the heart of our business success. This manifests in many ways, including the deepening relationships with our customers and key partners, continual development of our product lines and their flexible adaptation to the ever-changing business landscape.

 

Current trading and outlook

The Group, as outlined above, is in a relatively strong position, in spite of the already subdued economic situation and the turmoil created by the recent US tariff announcement. Although our main business sector, centred historically on the growth and processing of the basic commodities for food production (particularly surrounding arable farming) is no longer the consistent, universal, and often subsidised growth sector that it has been for the past 50 years, fortunately our markets are diverse. We operate globally and we see a number of opportunities for potential future growth which we are poised to exploit.

 

However, the current economic and geo-political situation is more fraught than at any time in my lifetime. So the "Outlook" currently for the business is simply and frankly one of uncertainty.

 

 

 

Nicholas Braime, Chairman

17th April 2025

For further information please contact:

 

Braime Group PLC

Nicholas Braime/Cielo Cartwright

0113 245 7491

 

W. H. Ireland Limited

Katy Mitchell

0113 394 6628

 

Business review

 

Business overview

We are delighted that the Group has had another excellent year with revenue reaching £48.9m in 2024. This is again a record as the business has continued to see year on year growth in sales over the last 5 years, navigating our way through some turbulent global economic conditions since the pandemic. Profit from operations of £3.7m was unchanged from prior year, the increase in employee costs having been offset by improvements in margin.

 

The USA consolidated the growth in revenue that they generated last year with similar sales of £23m. Sales in the UK and Europe were also in line with prior year as investment has remained subdued against the backdrop of the ongoing war in Ukraine, rising energy costs and continued inflation. We have seen some strong growth in revenue in Africa, Australasia and the Asia Pacific region all of which have benefited from increased interest in the company's range of Hazard monitors and electrical sensors used for predictive maintenance.

 

Investments made in new business development for products supplied into the construction and building sectors have benefited our UK steel pressings business expanding its product mix and customer base. However, despite increased revenue in these sectors, overall sales fell as the UK and European automobile sector remained sluggish and this continues to represent the largest proportion of sales for our UK business. Intercompany sales of parts for the bulk material handling sector also fell as a consequence of the continuing difficult market conditions experienced across much of Europe.

 

New business product development

The Group has continued to strengthen its global footprint with the opening of another 4B subsidiary in Indonesia in December of 2024. This follows on from the opening of 4B Middle East in the UAE in 2023 and further extends the company's international presence. The 4B Group now has nine international subsidiaries around the world servicing their local and regional markets enabling faster deliveries and timely engineering and sales support. We are excited about the opportunities in Indonesia which is the fourth most populous country in the world with over 280 million people and therefore represents a very significant and rapidly growing market for the feed and flour milling sectors into which 4B is selling its range of products.

 

The Group's strategy of investment in innovation continues to drive revenue growth. The Guardflex released in 2023 has allowed our electronics team to capitalize on opportunities in the UK and Africa working with End Users to install comprehensive plant wide hazard monitoring solutions while the Vib-Mil vibration monitoring has enabled us to pursue new applications for condition monitoring. The business has also expanded its range of material handling components. 4B USA extended its range of CC-S plastic elevator buckets with the release of a Jumbo 20x10 inch bucket with a massive 16.78 litre capacity and a 19mm thick back wall. These ultra heavy-duty elevator buckets are typically used in bucket elevators at port terminals handling large volumes of grains, particularly in the US and South American markets. When installed in a triple row configuration these buckets can transport in excess of 2,000 tonnes of grain per hour. Our engineers are excited to be able to explore the high-capacity conveying possibilities that these larger sizes offer with our OEM and End User customers. 

 

New capital investments

In 2024, the Group invested £1.4m in capital investments. £0.66m of this was for the purchase of four acres of land and property adjoining our USA warehouse. This investment will allow for the future expansion of our US facility as the business continues to grow. It enables the business to carry more inventory to support growth in revenue and opens up a number of possibilities to expand its manufacturing operations. In addition to the USA land and property purchase, other investments included a waterjet wire cutter, sealer and heat tunnel to package our plastic buckets in our US moulding facility, new decoilers and robot control systems for our UK steel bucket manufacturing.

 

In 2025 we look forward to developing the opportunities created by these investments, product developments and expansion into new markets. The company continues to expand globally and strengthen its position to respond to customer demands while the broadening of both our product range and engineering know how builds resilience and competitive advantage ensuring the longevity of our business. 

 

 

The directors present their strategic report of the Company and the Group for the year ended 31st December 2024.

 

Principal activities

The principal activities of the Group during the year under review was the manufacture of deep drawn metal presswork and the distribution of material handling components and monitoring equipment. Manufacturing activity is delivered through the Group's subsidiary Braime Pressings Limited and the distribution activity through the Group's 4B division.

 

Braime Pressings specialises in metal presswork, including deep drawing, multi-stage progression and transfer presswork. Founded in 1888, the business has over 130 years of manufacturing experience. The metal presswork segment operates across several industries including the automotive sector and supplies external as well as group customers.

 

The subsidiaries within the 4B division are industry leaders in developing high quality, innovative and dependable material handling components for the agricultural and industrial sectors. They provide a range of complementary products including elevator buckets, elevator and conveyor belting, elevator bolts and belt fasteners, forged chain, level monitors and sensors and controllers for monitoring and providing preventative maintenance systems which facilitate handling and minimise the risk of explosion in hazardous areas. The 4B division has operations in the Americas, Europe, the Middle East, Asia, Australia and Africa and in 2024 traded in ninety-six countries. The US subsidiary also has an injection-moulding plant. All injection-moulded products are made wholly for 4B internal consumption and this is classed as 4B division activity rather than included in the manufacturing segment. In December 2024, the Group established a new subsidiary in Indonesia to tap into the opportunities of the large grain industry in the country.

 

Performance highlights

For the year ended 31st December 2024, the Group generated revenues of £48.9m, up marginally from prior year revenues of £48.2m. Profit from operations was £3.7m, down £16,000 from prior year and EBITDA (Profit from operations, excluding depreciation and amortisation) was £5.1m, down £300,000 from prior year. The board is pleased with the Group results given concerns over the parlous state of the economy at the start of the year.

 

Profit before tax was £3.2m, down £137,000 from prior year.

 

At 31st December 2024, the Group had net assets of £23.0m. 

 

Cash flow

Inventories increased by £1.9m as the Group built up stock reserves in light of recent tariff announcements by the new US administration. Trade and other receivables decreased by £20,000 but this was offset by an increase in trade and other payables by the same amount. In total the business generated funds from operations of £2.6m (2023 - £3.2m). During the year, the Group spent £1.4m on property, plant and equipment. £665,000 of this related to the four acres of land and property adjoining our USA warehouse which we purchased in August 2024 as announced in our interim report. Other additions were for plant and machinery and replacement vehicles. After the payment of other financial costs and the dividend, the cash balance (net of overdraft) was £1.9m, a decrease of £245,000 from the prior year.

 

Bank facilities

The Group's operating banking facilities are renewed annually. At the year end, the available headroom on its operating facilities was £3.1m. The Company has agreed the provisional terms of the development loan of £2.0m to finance the refurbishment of the oilcan roof at Hunslet Road and a further announcement will be made when the bank documentation is signed. The business continues to enjoy good relations with its bankers.

 

Taxation

The tax charge for the year was £865,000, with an effective rate of tax of 27.0% (2023 - 30.0%). The effective rate is higher than the averaged UK standard tax rate of 25.0% (2023 - 23.5%); this results from the blending effect of the different rates of tax applied by each of the countries in which the Group operates, in particular, our US operations' tax charge affects the blended rate. In any financial year the effective rate will depend on the mix of countries in which profits are made, however the Group continues to review its tax profile to minimise the impact.

 

Capital expenditure

In 2024, the Group invested £1.4m (2023 - £1.6m) in property, plant and equipment and intangible assets. In addition to the USA land and property purchase, other additions included replacement vehicles, a waterjet wire cutter, sealer and heat tunnel, new decoilers and robot control systems.

 

Balance sheet

Net assets of the Group have increased to £23.0m (2023 - £20.8m). During the year sterling strengthened against the United States dollar but fell back again at the year end. Consequently, a small foreign exchange gain of £12,000 (2023 - £505,000 loss) was recorded on the re-translation of the net assets of the overseas operations.

 

Principal exchange rates

The Group reports its results in sterling, its presentational currency. The Group operates in a number of other currencies and the principal exchange rates in use during 2024 and the comparative figures for 2023 are shown in the table below.

 

 

Currency

 

Symbol

Average rate

Full year 2024

Average rate

Full year 2023

Closing rate

31st Dec 2024

Closing rate

31st Dec 2023

Australian Dollar

AUD

1.943 

1.880 

2.023 

1.868 

Chinese Renminbi (Yuan)

CNY

9.128 

8.821 

9.077 

9.041 

Euro

EUR

1.184 

1.152 

1.210 

1.154 

South African Rand

ZAR

23.466 

23.088 

23.644 

23.307 

Thai Baht

THB

44.976 

43.423 

42.898 

43.805 

United Arab Emirates Dinar

AED

4.695 

4.578 

4.601 

4.671 

United States Dollar

USD

1.278 

1.248 

1.253 

1.275 

 

Our business model

The two segments of the Group are very different operations and serve different markets, however together they provide diversification, strength and balance to the Group and their activities.

 

The focus of the presswork manufacturing business is to produce quality, technically demanding steel components. The use of automated equipment allows us to produce in high volumes whilst maintaining flexibility to respond to customer demands.

 

The material handling components business operates from a number of locations around the globe allowing us to be close to our core markets. The focus of the business is to provide innovative solutions drawing on our expertise in material handling and access to a broad product range. We continually assess new locations in response to rising demand and market trends.

 

Performance of Braime Pressings Limited, manufacturer of deep drawn metal presswork

Braime Pressings Limited sales of £9.9m were down £591,000 on prior year. External sales and intercompany sales were £5.2m and £4.6m as compared to £5.7m and £4.8m respectively in 2023. Profit for the period was £631,000 (2023 - £613,000). The board believes the business continues to add strategic value through its supply to the 4B division and complementary engineering expertise.

 

Performance of the 4B division, world-wide supplier of components and monitoring systems for the material handling industry

Revenues increased from £50.3m to £52.2m, with external sales up £1.3m to £43.7m. Profit for the period increased by £64,000 to £2.3m. Our American market grew during the year, but allowing for the effect of foreign currency translation, sales, as reported in sterling, were down by less than 1% compared to last year. The strongest growth was seen in our African and Australasian markets, which saw growth of 17% and 14% respectively.

 

Key performance indicators

The Group uses the following key performance indicators to assess the performance of the Group as a whole and of the individual businesses:

 

Key performance indicator

Note

2024 

2023 

 

 

 

 

Turnover growth

1

1.6% 

7.3% 

Gross margin

2

47.7% 

46.8% 

Operating profit

3

£3.65m 

£3.75m 

Stock days

4

206 days 

179 days 

Debtor days

5

52 days 

52 days 

 

Notes to KPI's

1. Turnover growth

The Group aims to increase shareholder value by measuring the year-on-year growth in Group revenue. Whilst growth is lower than 2023, given the outlook for the sector and the concern over the parlous state of the economy particularly at the beginning of the year, the board remains pleased with the revenue growth.

 

2. Gross margin

Gross profit (revenue plus change in inventories less raw materials used) as a percentage of revenue is monitored to maximise profits available for reinvestment and distribution to shareholders. The board is pleased to report an increase in margin as a result of an improved mix in electronics over mechanical products.

 

3. Operating profit

Sustainable growth in operating profit is a strategic priority to enable ongoing investment and increase shareholder value. Reduction in operating profit resulted from an increase in overheads due to higher inflation, nevertheless management remains pleased with the results in the current economic climate.

 

4. Stock days

The value of period end inventories divided by raw materials and consumables used and changes in inventories of finished goods and work in progress expressed as a number of days is monitored to ensure the right level of stocks are held in order to meet customer demands whilst not carrying excessive amounts which impacts upon working capital requirements. Stock days have increased due to inventory build-up in December 2024, which was put in place to mitigate the impact of potential tariffs that may be imposed following the outcome of the US election and change in administration.

 

5. Debtor days

The value of period end trade receivables divided by revenue expressed as a number of days. This is an important indicator of working capital requirements. Debtor days have remained in line with prior year. Management are focused on cash collections.

 

Other metrics monitored weekly or monthly include quality measures (such as customer complaints), raw material buying prices, capital expenditure, line utilisation, reportable accidents and near-misses.

 

Principal risks and uncertainties

The geo-political landscape is currently in constant flux and established alliances are being reset. The continued conflict in Ukraine and Gaza and new uncertainties over Europe's security impact the world markets in which the Group operates. As commented in the Chairman's statement, the current economic and geopolitical situation is fraught with uncertainty.

 

However, the Group's short reporting lines of management means it can remain nimble footed to sudden and/or large changes in the business landscape and our global operations gives us diversity and protection from extreme fluctuations. 

 

General risks

The market remains challenging for our manufacturing division, due to pricing pressures throughout the supply chain and competition from the Far East. The maintenance of the TS16949 quality standard is important to the Group and allows it to access growing markets within the automotive and other sectors. A process of continual improvement in systems and processes reduces this risk as well as providing increased flexibility to allow the business to respond to customer requirements.

 

Our 4B division maintains its competitive edge in a price sensitive market through the provision of engineering expertise and by working closely with our suppliers to design and supply innovative components of the highest standard. In addition, ranges of complementary products are sold into different industries. Continual feedback from our customers regarding product performance drive our new product designs. The monitoring systems are developed and improved on a regular basis.

 

The directors receive monthly reports on key customer and operational metrics from subsidiary management and review these. The potential impact of business risks and actions necessary to mitigate the risks, are also discussed and considered at the monthly board meetings. The directors have put in place formal business continuity and disaster recovery plans with respect to its UK and overseas operations. During the year as part of the Group's strategic planning process, each subsidiary set out the key risks specifically facing the business and these are evaluated further to develop the group risk register. The more significant risks and uncertainties faced by the Group are set out below:-

 

· Raw material price fluctuation:- The Group is exposed to fluctuations in steel and other raw material prices and to mitigate this volatility, the Group fixes its prices with suppliers where possible. 

 

· Energy price fluctuation:- The manufacturing division is energy intensive. It uses forward contracts to mitigate volatility and is continually evaluating its processes to reduce energy consumption and generate energy.

 

· Reputational risk:- As the Group operates in relatively small markets any damage to, or loss of reputation could be a major concern. Rigorous management attention and quality control procedures are in place to maximise right first time and on time delivery. Responsibility is taken for ensuring swift remedial action on any issues and complaints.

 

· Damage to warehouse or factory:-  Any significant damage to a factory or warehouse will cause short-term disruption. To mitigate these risks, the Group has arrangements with key suppliers to step up supply in the event of a disruption.

 

· Economic fluctuations:- The Group derives a significant proportion of its profits from outside the UK and is therefore sensitive to fluctuations in the economic conditions of overseas operations including foreign currency fluctuations. As the Covid-19 pandemic demonstrated, economies are greatly intertwined and reverberations feed through the supply chain. The recent imposition of tariffs by the US is likely to disrupt established trading patterns.

 

· Cyber security:- All businesses now rely almost totally on computers, networks and systems with 'data' information held on them, and require privacy and integrity of this data. The likelihood of cyber security attacks and security threats are key risks for every organisation. The Group reviews its security measures regularly with its IT providers and has recently commissioned a cyber security review across all its operations.

 

Financial instruments

The operations expose the Group to a variety of financial risks including the effect of changes in interest rates on debt, foreign exchange rates, credit risk and liquidity risk.

 

The Group's exposure in the areas identified above are discussed in note 17 of the financial statements.

 

The Group's principal financial instruments comprise sterling and foreign cash and bank deposits, bank loans and overdrafts, other loans and obligations under finance leases together with trade debtors and trade creditors that arise directly from operations. The main risks arising from the Group's financial instruments can be analysed as follows:

 

Price risk

The Group has no direct exposure to securities price risk, as it holds no listed equity instruments. The Group maintains a defined benefit scheme, the asset valuations are subject to market changes (note 19).

 

Foreign currency risk

The Group operates a centralised treasury function which manages the Group's banking facilities and all lines of funding. Forward contracts are on occasions used to hedge against foreign exchange differences arising on cash flows in currencies that differ from the operational entity's reporting currency.

 

Credit risk

The Group's principal financial assets are bank balances, cash and trade receivables, which represent the Group's maximum exposure to credit risk in relation to financial assets.

 

The Group's credit risk is primarily attributable to its trade receivables. Credit risk is mitigated by a stringent management of customer credit limits by monitoring the aggregate amount and duration of exposure to any one customer depending upon their credit rating. The Group also has credit insurance in place. The amounts presented in the balance sheet are net of allowance for doubtful debts, estimated by the Group's management based on prior experience and their assessment of the current economic environment.

 

The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

 

Liquidity risk

The Group's policy has been to ensure continuity of funding through acquiring an element of the Group's fixed assets under medium term loans and finance leases and arranging funding for operations via bank overdrafts to aid short term flexibility.

 

Cash flow interest rate risk

Interest rate bearing assets comprise cash and bank deposits, all of which earn interest at a fixed rate. The interest rate on the bank overdraft is at market rate and the Group's policy is to keep the overdraft within defined limits, such that the risk that could arise from a significant change in interest rates would not have a material impact on cash flows. The Group's policy is to maintain other borrowings at fixed rates to fix the amount of future interest cash flows.

 

The directors monitor the level of borrowings and interest costs to limit any adverse effects on the financial performance of the Group.

 

Research and development

The Group continues to invest in research and development and from time to time liaises with university engineering groups with a view to improving features of its products. This has resulted in innovations in the products which will benefit the Group in the medium to long term.

 

Duties to promote the success of the Company

Section 172 of the Companies Act 2006 requires the directors to act in a way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

 

- the most likely consequences of any decision in the long term;

- the interest of the Company's employees;

- the need to foster the Company's business relationships with suppliers, customers and others;

- the impact of the Company's operations on the community and the environment;

- the desirability of the Company maintaining a reputation for high standards of business conduct; and

- the need to act fairly between the members of the Company.

 

The board confirms that, during the year, it has had regard to the matters set out above. Further details as to how the directors have fulfilled their duties are set out below and in the Governance Report which in particular, expands on directors' duties and stakeholder liaison.

 

Corporate social responsibility

 

Business ethics and human rights

The board is respectful of the Company's long history, and considers the long-lasting impact of its decisions. We are committed to conducting our business ethically and responsibly, and treating employees, customers, suppliers and shareholders in a fair, open and honest manner. As a business, we receive audits by both our independent auditors and by our customers and we look to source from suppliers who share our values. We encourage our employees to provide feedback on any issues they are concerned about and have a whistle-blowing policy that gives our employees the chance to report anything they believe is not meeting our required standards.

 

The Group is similarly committed to conducting our business in a way that is consistent with universal values on human rights and complying with the Human Rights Act 1998. The Group gives appropriate consideration to human rights issues in our approach to supply chain management, overseas employment policies and practices. Where appropriate, we support community partnering. 

 

Health and safety

We maintain healthy and safe working conditions on our sites and measure our ability to keep employees and visitors safe. We continuously aim to improve our working environments to ensure we are able to provide safe occupational health and safety standards to our employees and visitors. The directors receive monthly H&S reports and we carry out regular risk management audits to identify areas for improvement and to minimise safety risks. As a global business, the Group is able to tap into the experience of its various international locations to share best practice and learning points. The experience of Covid-19 has improved our plans and procedures in the event of future pandemics.

 

Employees

The quality and commitment of our people has played a major role in our business success. This has been demonstrated in many ways, including improvements in customer satisfaction, the development of our product lines and the flexibility they have shown in adapting to changing business requirements. Employee performance is aligned to the achievement of goals set within each subsidiary and is rewarded accordingly. Employees are encouraged to use their skills to best effect and are offered training either externally or internally to achieve this. As a global business, the Group fully recognises and seeks to harness the benefits of diversity within its work force. 

 

Environment

The Group's policy with regard to the environment is to understand and effectively manage the actual and potential environmental impact of our activities. Operations are conducted such that we comply with all legal requirements relating to the environment in all areas where we carry out our business and is currently looking at the new reporting requirements that may fall due in the future. The Group continuously looks for ways to harness energy reduction (electricity and gas) and water. The Company has already installed two solar PV systems on its UK premises generating 310 KWh of energy and is looking to install a further PV system once the roof refurbishment is complete. During the period of this report the Group has not incurred any fines or penalties or been investigated for any breach of environmental regulations. The board is cognizant that climate change will change the business landscape for the future and is working to understand its wide-ranging impact on the Group's activities and operations.

 

Social and community matters

We recognise our responsibility to work in partnership with the communities in which we operate and we encourage active employee support for their community in particular, in aid of technical awareness and training. We regularly participate in a number of education events encouraging interest in engineering in young people. It is our policy not to provide political donations.

 

 

Consolidated income statement for the year ended 31st December 2024 (audited)

 

 

2024 

 2023 

 

£'000 

£'000 

 

 

Revenue

48,947 

48,155 

 

 

Changes in inventories of finished goods and work in progress

1,718 

(426)

Raw materials and consumables used

(27,292)

(25,188)

Employee benefits costs

(11,956)

(11,009)

Depreciation and amortisation expense

(1,474)

(1,678)

Other expenses

(6,388)

(6,270)

Other operating income

97 

164 

 

 

Profit from operations

3,652 

3,748 

 

 

Finance expense

(513)

(485)

Finance income

59 

72 

 

 

Profit before tax

3,198 

3,335 

 

 

Tax expense

(865)

(999)

 

 

Profit for the year

2,333 

2,336 

 

 

Profit attributable to:

 

Owners of the parent

2,280 

2,274 

Non-controlling interests

53 

62 

 

 

 

2,333 

2,336 

 

 

 

 

Basic and diluted earnings per share

158.37p 

157.88p 

 

 

 

 

Consolidated statement of comprehensive income for the year ended 31st December 2024 (audited)

 

 

2024 

2023 

 

£'000 

£'000 

 

 

Profit for the year

2,333 

2,336 

 

 

Items that will not be reclassified subsequently to profit or loss

 

Net pension remeasurement gain on post employment benefits

19 

 

 

Items that may be reclassified subsequently to profit or loss

 

Foreign exchange gain/(loss) on re-translation of overseas operations

12 

(505)

 

 

Other comprehensive income/(loss) for the year

18 

(486)

 

 

Total comprehensive income for the year

2,351 

1,850 

 

 

Total comprehensive income attributable to:

 

Owners of the parent

2,297 

1,775 

Non-controlling interests

54 

75 

 

 

 

2,351 

1,850 

 

Consolidated balance sheet at 31st December 2024 (audited)

 

 

2024 

2023 

 

£'000 

£'000 

Assets

 

 

Non-current assets

 

 

Property, plant and equipment

10,377 

10,082 

Intangible assets

342 

489 

Right of use assets

522 

717 

Total non-current assets

11,241

11,288 

 

 

 

Current assets

 

 

Inventories

14,454 

12,587 

Trade and other receivables

7,950 

7,973 

Cash and cash equivalents

2,381 

2,310 

Total current assets

24,785 

22,870 

 

 

Total assets

36,026 

34,158 

 

 

Liabilities

 

Current liabilities

 

Bank overdraft

454 

138 

Trade and other payables

7,080 

6,991 

Other financial liabilities

2,693 

3,769 

Corporation tax liability

90 

52 

Total current liabilities

10,317 

10,950 

 

 

Non-current liabilities

 

Financial liabilities

2,610 

2,325 

Deferred income tax liability

99 

44 

Total non-current liabilities

2,709 

2,369 

 

 

Total liabilities

13,026 

13,319 

 

 

Total net assets

23,000 

20,839 

 

 

Share capital

360 

360 

Capital reserve

257 

257 

Foreign exchange reserve

238 

221 

Retained earnings

22,250 

20,182 

Total equity attributable to the shareholders of the parent

23,105 

21,020 

Non-controlling interests

(105)

(181)

 

 

Total equity

23,000 

20,839 

 

Consolidated cash flow statement for the year ended 31st December 2024 (audited)

 

 

2024 

2023 

 

£'000 

£'000 

Operating activities

 

Net profit

2,333 

2,336 

Adjustments for:

 

Depreciation and amortisation

1,474 

1,678 

Foreign exchange gains/(losses)

118 

(424)

Finance income

(59)

(72)

Finance expense

513 

485 

Gain on sale of land and buildings, plant, machinery and motor vehicles

(29)

(80)

Adjustment in respect of defined benefit scheme

58 

69 

Income tax expense

865 

999 

Income taxes paid

(769)

(1,401)

 

2,171 

1,254 

Operating profit before changes in working capital and provisions

4,504 

3,590 

 

 

Decrease in trade and other receivables

20 

998 

(Increase)/decrease in inventories

(1,867)

702 

Decrease in trade and other payables

(20)

(2,053)

 

(1,867)

(353)

Cash generated from operations

2,637 

3,237 

 

 

Investing activities

 

Purchases of property, plant, machinery and motor vehicles

(1,426)

(1,421)

Sale of land and buildings, plant, machinery and motor vehicles

36 

88 

Interest received

22 

 

(1,383)

(1,311)

Financing activities

 

Proceeds from long term borrowings

977 

Repayment of borrowings

(391)

(372)

Repayment of lease liabilities

(383)

(455)

Bank interest paid

(433)

(404)

Lease interest paid

(80)

(81)

Dividends paid

(212)

(205)

(1,499)

(540)

(Decrease)/increase in cash and cash equivalents

(245)

1,386 

 

Cash and cash equivalents, beginning of period

2,172 

786 

Cash and cash equivalents, end of period

1,927 

2,172 

 

Consolidated statement of changes in equity for the year ended 31st December 2024 (audited)

 

 

 

Share 

Capital 

 

Capital 

Reserve 

Foreign 

Exchange Reserve 

 

Retained 

Earnings 

 

 

Total 

Non- 

Controlling 

Interests 

 

Total 

Equity 

 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

£'000 

 

 

 

 

 

 

 

 

Balance at 1st January 2023

360 

257 

742 

18,091 

19,450 

(256)

19,194 

 

Comprehensive income

Profit

2,274 

2,274 

62 

2,336 

 

Other comprehensive income

Net pension remeasurement gain recognised directly in equity

 

 

 

 

19 

 

19 

 

 

19 

Foreign exchange losses on re-translation of overseas subsidiaries' consolidated operations

 

 

 

(521)

 

 

(518)

 

13 

 

(505)

Total other comprehensive income

(521)

22 

(499)

13 

(486)

 

Total comprehensive income

(521)

2,296 

1,775 

75 

1,850 

 

Transactions with owners

Dividends

(205)

(205)

(205)

Total transactions with owners

(205)

(205)

(205)

 

Balance at 1st January 2024

360 

257 

221 

20,182 

21,020 

(181)

20,839 

 

 

 

 

 

 

 

 

Comprehensive income

 

 

 

 

 

 

 

Profit

2,280 

2,280 

53 

2,333 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

Net pension remeasurement gain recognised directly in equity

 

 

 

 

 

 

 

Foreign exchange gains on re-translation of overseas subsidiaries' consolidated operations

 

 

 

17 

 

(6)

 

11 

 

 

12 

Total other comprehensive income

17 

17 

18 

 

 

 

 

 

 

 

Total comprehensive income

17 

2,280 

2,297 

54 

2,351 

 

 

 

 

 

 

 

 

Transactions with owners

 

 

 

 

 

 

 

Share capital introduced by minority

22 

22 

Dividends

(212)

(212)

(212)

Total transactions with owners

(212)

(212)

22 

(190)

 

 

 

 

 

 

 

 

Balance at 31st December 2024

360 

257 

238 

22,250 

23,105 

(105)

23,000 

 

 

 

1. EARNINGS PER SHARE AND DIVIDENDS

Both the basic and diluted earnings per share have been calculated using the net results attributable to shareholders of Braime Group PLC as the numerator. The figure for 2023 has been restated to exclude results attributable to minority interests.

 

The weighted average number of outstanding shares used for basic earnings per share amounted to 1,440,000 shares (2023 - 1,440,000). There are no potentially dilutive shares in issue.

 

Dividends paid

2024 

2023 

£'000 

£'000 

Equity shares

 

 

Ordinary shares

 

 

Interim of 9.50p (2023 - 9.00p) per share paid on 24th May 2024

46 

43 

Interim of 5.25p (2023 - 5.25p) per share paid on 11th October 2024

25 

25 

71 

68 

'A' Ordinary shares

 

Interim of 9.50p (2023 - 9.00p) per share paid on 24th May 2024

91 

87 

Interim of 5.25p (2023 - 5.25p) per share paid on 11th October 2024

50 

50 

141 

137 

Total dividends paid

212 

205 

 

An interim dividend of 10.00p per Ordinary and 'A' Ordinary share will be paid on 23rd May 2025.

 

2. SEGMENTAL INFORMATION

 

 

 

Central 

Presswork 

Manufacturing 

 

4B 

 

Total 

 

2024 

2024 

2024 

2024 

 

£'000 

£'000 

£'000 

£'000 

Revenue

 

 

 

 

External

5,227 

43,720 

48,947 

Inter Company

2,681 

4,640 

8,489 

15,810 

Total

2,681 

9,867 

52,209 

64,757 

 

 

 

 

 

Profit

 

 

 

 

EBITDA*

346 

702 

4,078 

5,126 

Finance costs

(291)

(92)

(130)

(513)

Finance income

52 

59 

Depreciation and amortisation

(670)

(31)

(773)

(1,474)

Tax expense

(1)

(864)

(865)

(Loss)/profit for the period

(616)

631 

2,318 

2,333 

 

 

 

 

 

Assets

 

 

 

 

Total assets

8,035 

10,993 

16,998 

36,026 

Additions to non current assets

1,018 

43 

478 

1,539 

Liabilities

 

 

 

 

Total liabilities

1,860 

2,729 

8,437 

13,026 

 

 

 

Central 

Presswork 

Manufacturing 

 

4B 

 

Total 

2023 

2023 

2023 

2023 

£'000 

£'000 

£'000 

£'000 

Revenue

External

5,710 

42,445 

48,155 

Inter Company

2,567 

4,747 

7,819 

15,133 

Total

2,567 

10,457 

50,264 

63,288 

Profit

EBITDA

490 

692 

4,244 

5,426 

Finance costs

(255)

(94)

(136)

(485)

Finance income

50 

22 

72 

Depreciation and amortisation

(720)

(35)

(923)

(1,678)

Tax expense

(46)

(953)

(999)

(Loss)/profit for the period

(531)

613 

2,254 

2,336 

Assets

Total assets

7,739 

10,664 

15,755 

34,158 

Additions to non current assets

1,319 

40 

879 

2,238 

Liabilities

Total liabilities

2,337 

3,000 

7,982 

13,319 

 

3. BASIS OF PREPARATION

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the UK (IFRSs as adopted by the UK), IFRIC interpretations and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention.  The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31st December 2024 as described in those financial statements.

 

4. ANNUAL GENERAL MEETING

The Annual General Meeting of the members of the company will be held at the registered office of the company at Hunslet Road, Leeds, LS10 1JZ on Tuesday 17th June 2025 at 11.45am. The annual report and financial statements will be sent to shareholders by 16th May 2025 and will also be available on the company's website (www.braimegroup.com) from that date.

 

The Company will take into account any Government guidance or legislation in force at the time of the AGM and will implement any measures it believes necessary to protect the health and safety of attendees. Any changes to the format of the AGM will be communicated to shareholders through the Company's website and, where appropriate, by stock exchange announcement.

 

5. THE ANNOUNCEMENT

The financial information set out in this announcement does not constitute statutory accounts as defined by section 434 of the Company Act 2006. The financial information for the year ended 31st December 2024 has been extracted from the Group's financial statements upon which the auditor's opinion is unqualified, does not include reference to any matters to which they wish to draw attention by way of emphasis without qualifying their report, and does not include any statement under section 498 of the Companies Act 2006. Statutory accounts for the year ended 31st December 2023 have been delivered to the Registrar of Companies, and those for 2024 will be delivered in due course.

 

 

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END
 
 
FR BLGDSIGBDGUR

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