20th Sep 2006 14:53
Braime (T.F.& J.H.) (Hldgs) PLC20 September 2006 Sales of £5.21m for the first six months of 2006 were almost unchanged comparedto the same period of 2005 (£5.14m). However, the operating loss increased from£104,000 in 2005 to £225,000 in 2006 and after adjusting for finance costs, thenet group loss increased from £81,000 to £218,000. The directors have decidedthat, in these circumstances, it is not possible to pay an interim dividend. The unsatisfactory result is due to the continuing losses sustained by ourmanufacturing business. During the first half of 2006, a significant restructuring program, regrettablyincluding redundancies, has been undertaken to reduce the overhead costs ofBraime Pressings Limited. Two substantial long term contracts for new pressworkhave been secured. Supplies to one of the new customers began in mid July. Inthe case of the second customer, tooling orders were placed in early Septemberand production is due to commence in March/April 2007. The combined effect ofthe reduction in our overhead costs and the contribution from the additionalwork will return the group to profit in 2007, providing the other subsidiariescontinue to trade satisfactorily. Condensed Consolidated Income Statement for the period ended 30th June 2006 Note 2006 2005 £ £ As re-stated Sales revenue 5,210,460 5,140,165 Operating loss (224,932) (103,557)Finance costs (140,514) (111,740)Finance income 147,204 134,632 Result for the period before tax (218,242) (80,665)Tax expense - - Net result for the period (218,242) (80,665) Basic loss per share (15.16p) (5.60p) Condensed Consolidated Statement of Recognised Income and Expense for the periodended 30th June 2006 Six months Six months to 30th June to 30th June 2006 2005 Exchange difference on translation of foreign operations (8,152) 2,792 Net income recognised in equity (8,152) 2,792Loss for period (218,242) (80,665)Total recognised income and expense for the period (226,394) (77,873) Attributable to:Equity holders of T.F. & J.H. Braime (Holdings) P.L.C. (226,394) (77,873) Consolidated Balance Sheet at 30th June 2006 30th June 30th June 31st December 2006 2005 2005AssetsNon-current assetsProperty, plant and equipment 703,696 587,334 737,867Employee benefits - 75,000 - -Total non-current assets 703,696 662,334 737,867 Current assetsInventories 2,220,453 2,412,309 2,342,363Trade and other payables 2,280,117 2,554,732 1,832,979Cash and cash equivalents 1,441,823 1,493,715 1,567,840Total current assets 5,942,393 6,460,756 5,743,182 Total assets 6,646,089 7,123,090 6,481,049 LiabilitiesCurrent liabilitiesBank overdraft 1,603,102 1,338,305 1,410,300Trade and other payables 1,094,099 1,480,636 861,945Other financial liabilities 178,008 133,854 177,170Corporation tax liability - 10,000 33,033 Total current liabilities 2,875,209 2,962,795 2,482,448 Non-current liabilitiesFinancial liabilities 326,199 246,820 347,526Employee benefits 118,000 - 98,000 Total non-current liabilities 444,199 246,820 445,526 Total liabilities 3,319,408 3,209,615 2,927,974 Total net assets 3,326,681 3,913,475 3,553,075 Capital and reserves attributable to equity holders of the parent company Share capital 360,000 360,000 360,000Capital reserve 77,319 77,319 77,319Foreign exchange reserve 669 (6,345) 8,821Retained earnings 2,888,693 3,482,501 3,106,935 Total equity 3,326,681 3,913,475 3,553,075 Consolidated Cash Flow Statement for the period ended 30th June 2006 2006 2005 £ £ As re-statedOperating activitiesResult for the period before tax (224,932) (103,557) AdjustmentsChanges in inventories 121,910 (296,628)Change in trade and other receivables (447,138) (90,138)Change in trade and other payables 232,154 386,325Employer contribution (54,000) (56,000)Current service cost 96,000 82,000Depreciation 66,305 52,990Profit on sale of fixed assets - (3,316)Grants amortised (828) (828)Taxes paid (33,033) (14,566)Taxes recovered - -Foreign exchange differences (8,314) 10,856 (26,944) 70,695 Investing activitiesAdditions to property, plant and equipment (41,294) (92,909)Proceeds from disposal of property, plant and equipment 9,160 3,318Interest received 23,204 24,632 (8,930) (64,959) Financing activitiesRepayment of hire purchase liabilities (20,499) (16,568)Interest paid (37,514) (17,740)Dividends paid - (47,700) (58,013) (82,008) Cash and cash equivalents, beginning of period 157,540 335,232Net decrease in cash and cash equivalents (318,819) (179,829)Cash and cash equivalents, end of period (161,279) 155,403 T.F. & J.H. Braime (Holdings) P.L.C.D. H. BrownCompany Secretary 20th September 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Braime Holdings