TIDMBMTO
RNS Number : 1662L
Braime Group PLC
08 September 2021
Braime Group PLC
("Braime" or the "Company" and together with its subsidiaries
the "Group")
Interim Results for the six months ended 30th June 2021
The Company presents its unaudited interims results for the six
months ended 30 June 2021:
Performance
Group sales revenue for the first six months of 2021 increased
by 13% to GBP18.2m when compared to GBP16.1m for the same period in
2020, while profit before tax increased to GBP885,000 compared to
GBP372,000 for the same period in 2020. The retained profit for the
six-month period includes a GBP250,000 provision for repairs
commitments to our chain cell operations which has become necessary
while the new warehouse is being built. The directors are pleased
to report that following the upheaval of the previous year brought
about by the global pandemic, the Group has seen a surge in
customer demand which began in the spring of 2021, with all sectors
performing strongly, particularly the automotive sector. The
underlying trading performance of the Group should also be viewed
from the context of Sterling strengthening during 2021. A
significant proportion of the Group's income is earned in the USA,
and consequently, Sterling strengthening against the US dollar (a
closing rate of 1:1.389 as at June 2021 compared to 1:1.236 in June
2020) results in a reduction in profit for the Group when reported
in Sterling.
Dividends
In line with the Group's policy to maintain dividend growth,
balanced alongside the Group's requirement for investment in
capital to support long term growth, the directors have decided to
increase the interim dividend from 4.00p to 4.25p per share. This
dividend will be paid on 14th October 2021 to the Ordinary and 'A'
Ordinary shareholders on the register on the 1st October 2021. The
associated ex-dividend date is 30(th) September 2021.
Braime Pressings Limited
External sales revenue of GBP2.6m in the first 6 months of 2021
was 35% up on the same period last year driven by strong demand
from the automotive sector. Intercompany sales also increased by
GBP238,000. The manufacturing division made a profit before tax of
GBP481,000 as a result of the higher demand for its products. As
reported last year, the Company recruited a new sales manager at
the beginning of 2020 and after a challenging year the Company is
now developing new sectors.
4B Division
Our distribution division's external sales revenue of GBP15.6m
increased by 10% when compared to GBP14.2m for the same period last
year. Intercompany trading increased by 9.8% to GBP2.6m (GBP2.4m
for the same period in 2020). The division has benefitted from an
exceptional order of chain products from the Middle East early in
the year. The GBP1.4m increase in external sales has had a positive
direct impact on profitability, with profit after tax for the 4B
division for the six-month period increasing to GBP494,000 as
compared to GBP307,000 for the same period last year.
Balance Sheet
Total net assets as at 30th June 2021 amounted to GBP15.4m (30th
June 2020 - GBP14.9m). Capital asset additions of GBP991,000 during
the period relate to a large extent to the remainder of the EUR2.2m
construction costs of the warehouse being GBP433,000 for 4B France
which was fully completed in May 2021 as announced earlier in the
year. As announced last month, the Company has also commenced
construction of a new climate-controlled warehouse and additional
parking facilities at our head office facility in Leeds, UK which
is anticipated to cost GBP1m and is being funded primarily from a
GBP850,000 development loan from the Company's bankers. At the
half-year, the Group had spent GBP185,000 on improvements to its
head office facilities. Other investments relate to various items
of manufacturing equipment and other IT capital expenditure.
Inventory has decreased by GBP44,000 when compared to 30th June
2020 and increased by GBP219,000 when compared to 31st December
2020. Trade receivables of GBP7.5m have increased by GBP918,000
when compared to 30th June 2020 and increased by GBP1,518,000 when
compared to 31st December 2020. The increase in trade debtors are a
direct result of the increase in revenue in the first six months of
2021 and is in line with seasonal trend. Overall debtor days are
similar to prior periods. The increase in long-term borrowings
during the year are in line with expectations, being the take up of
new loans of GBP532,000 in relation to the final draw-down of the
EUR1.7m loan facility in 4B France with Credit du Nord and
BPI-France which, as mentioned in the 2019 annual report, was
obtained to fund the warehouse construction (the balance having
been funded out of profit).
Cash flow
Cash at the end of the period was GBP764,000. Cash generated
from operations before working capital movements was GBP1.3m during
the period. An increase in trade receivables of GBP1,518,000, an
increase in inventories of GBP219,000 offset by an increase in
trade payables of GBP1,138,000 saw working capital reduce by
GBP599,000 since the year end. These are a consequence of the
increased level of trading activity during the period. Investment
in capital projects mentioned above gave rise to capital outflows
of GBP991,000 and the Group repaid GBP234,000 of loans whilst the
take up of new loans of GBP532,000 in France mentioned above,
provided proceeds from borrowings. Overall, net cash reduced by
GBP433,000 during the six months to 30th June 2021. The business
has sufficient headroom within its GBP3.5m bank overdraft facility
and management remains focused in ensuring that working capital
requirements, particularly for stock, are carefully monitored and
controlled.
Principal exchange rates
The Group reports its results in Sterling, its presentational
currency. The Group operates in six other currencies and the
average of the principal exchange rates in use during the half year
and as at 30th June 2021 are shown in the table below, along with
comparatives. Since a significant proportion of the Group revenues
are in the USA, the Group has incurred foreign exchange losses from
the strengthening of Sterling against the US dollar since 31st
December 2020.
Avg rate Avg rate Avg rate Closing Closing Closing
Currency Symbol HY 2021 HY 2020 FY 2020 rate rate rate
30th Jun 30th Jun 31st Dec
2021 2020 2020
------------------- ---------- --------- ------------ ------------ ---------- ---------- ------------
Australian Dollar AUD 1.813 1.922 1.867 1.840 1.795 1.763
Chinese Renminbi
(Yuan) CNY 8.993 8.857 8.880 8.941 8.714 8.890
Euro EUR 1.156 1.140 1.126 1.165 1.100 1.112
South African
Rand ZAR 20.257 21.334 21.309 19.711 21.468 20.030
Thai Baht THB 43.064 39.993 40.404 44.290 38.152 40.838
United States
Dollar USD 1.389 1.259 1.290 1.382 1.236 1.365
------------------- ---------- --------- ------------ ------------ ---------- ---------- ------------
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 Half year Half year Full year
2021 2020 2020
----------------------------- ------- ------------ ------------ ------------
Turnover growth 1 13.0% (5.6%) (1.9%)
Gross margin 2 47.2% 47.4% 46.7%
Operating profit 3 GBP0.98m GBP0.45m GBP1.38m
Stock days 4 170 days 191 days 182 days
Debtor days 5 59 days 63 days 56 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. Revenues are up due to the
strong demand in the manufacturing sector and improvements in the
global economic climate as the impact of the COVID pandemic
recedes.
2. Gross margin
Gross profit (revenue less change in inventories and raw
materials used) as a percentage of revenue is monitored to maximise
profits available for reinvestment and distribution to
shareholders. Gross margin has decreased slightly over the same
period last year but has improved when compared to the full year
results in 2020. The directors continue to monitor the margins
carefully for further movement.
3. Operating profit
Sustainable growth in operating profit is a strategic priority
to enable ongoing investment and increase shareholder value.
Operating profits have improved as a direct result of the increase
in sales in both the manufacturing and the 4B division.
4. Stock days
The average value of 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 reduced with sales
increasing but inventories remaining largely unchanged.
5. Debtor days
The average value of trade receivables divided by revenue
expressed as a number of days. This is an important indicator of
working capital requirements. Debtor days at 59 days are slightly
below the standard payment terms of 60 days. Management remain
focused on reducing this to improve cash.
Other metrics monitored weekly or monthly include quality
measures (such as customer complaints), raw materials buying
prices, capital expenditure, line utilisation, reportable accidents
and near-misses.
Ongoing impact of the COVID pandemic
Due to the support of our staff, the business succeeded in
operating throughout the pandemic, with only limited numbers
working from home, where possible. With the exception of our staff
at 4B Asia Pacific, "normal work" patterns have returned across the
group, while we continue to act cautiously to try to minimise the
effects of the ongoing epidemic. Nevertheless, our sales activities
continue to be negatively affected by the remaining travel
restrictions and the lack of trade exhibitions, both of which
greatly limit our ability to engage with our customers.
While we have adopted new means of marketing during the
pandemic, these do not replace the benefits of direct contact with
our customers. This direct contact has always been central to our
process of continuously developing new product and of bringing
these products to market. We hope that our ability to visit our
customers and display our products at trade exhibitions will
gradually become possible in the coming months.
Short term Impact of Brexit
The group is heavily dependent on the import of raw materials to
manufacture our products, and on the import of finished product,
both of which are then exported globally, and a large proportion of
group sales are made in sales to overseas markets. Our trained and
experienced staff were able to make and automate the relatively
simple changes to our existing documentation required to continue
our exports to the EU. Where we were able to deliver in full truck
loads, our exports to the EU continued almost seamlessly.
However, where we had to ship part loads on trucks, shared with
UK exporters who were less familiar with export documentation, our
own deliveries were significantly delayed by incorrect or
incomplete documentation provided by other exporters. We were also
taken by surprise by the lack of knowledge within many European
freight companies. No doubt this lack of preparedness was caused by
the months, and indeed years, of uncertainty and political
brinkmanship and by the last-minute nature of the Trade Agreement.
We have now largely adapted to this situation by re-scheduling our
exports and delivering on dedicated trucks wherever possible, and
by switching to more competent international freight companies.
Outlook for the second half of 2021
We are benefitting from a large increase in the volume of sales,
due in part to the Brexit Bounce, and, in part, due to the ongoing
introduction of new products. The benefits of this increase in the
volume of sales are tempered by the quite unprecedented rise in the
cost of many key raw materials, including steel and plastic resin,
which have both increased by around 35% and also by an equally
unprecedented jump in the cost of freight, particularly sea
freight, which affects both import and export. In some case, the
cost of freight is 700% higher than 12 months ago.
Both inflationary problems will reduce our margins in the short
term. We are trying to pass on increases to our customers, but
there is an inevitable delay in this process. Meanwhile these price
increases will almost certainly lead eventually to a drop in the
volume of sales. The huge increase in the cost of delivering goods
over long distances, creates major challenges for our export
focused group - but also creates potential new opportunities, for
our manufacturing business.
For further information please contact:
Nicholas Braime/Cielo Cartwright
0113 245 7491
W. H. Ireland Limited
Katy Mitchell
0113 394 6628
Unaudited Unaudited
Braime Group PLC 6 months 6 months Audited
Consolidated income statement for to to year to
the six months Note 30th June 30th June 31st December
ended 30th June 2021 2021 2020 2020
GBP'000 GBP'000 GBP'000
-------------------------------------- ------- ----------- --------------------------- ---------------
Revenue 18,212 16,114 32,803
Changes in inventories of finished
goods and work in progress 51 492 (63)
Raw materials and consumables used (9,661) (8,954) (17,428)
Employee benefits costs (4,366) (4,406) (8,408)
Depreciation expense (655) (646) (1,280)
Other expenses (2,597) (2,146) (4,277)
Other operating income 5 - 30
-------------------------------------- ------- ----------- --------------------------- ---------------
Profit from operations 989 454 1,377
Finance costs (106) (82) (191)
Finance income 2 - 9
-------------------------------------- ------- ----------- --------------------------- ---------------
Profit before tax 885 372 1,195
Tax expense (220) (114) (341)
-------------------------------------- ------- ----------- --------------------------- ---------------
Profit for the period 665 258 854
-------------------------------------- ------- ----------- --------------------------- ---------------
Profit attributable to:
Owners of the parent 608 242 823
Non-controlling interests 57 16 31
-------------------------------------- ------- ----------- --------------------------- ---------------
665 258 854
-------------------------------------- ------- ----------- --------------------------- ---------------
Basic and diluted earnings per share 2 46.18p 16.81p 59.31p
Unaudited Unaudited
Braime Group PLC 6 months 6 months Audited
Consolidated statement of comprehensive to to year to
income for the six months 30th June 30th June 31st December
ended 30th June 2021 2021 2020 2020
GBP'000 GBP'000 GBP'000
--------------------------------------------------- ----------- ----------- ---------------
Profit for the period 665 258 854
--------------------------------------------------- ----------- ----------- ---------------
Items that will not be reclassified subsequently
to profit or loss
Net pension remeasurement gain on post-employment
benefits - - 66
Items that may be reclassified subsequently
to profit or loss
Foreign exchange (losses)/gains on re-translation
of overseas operations (97) 404 (133)
Other comprehensive income for the period (97) 404 (67)
--------------------------------------------------- ----------- ----------- ---------------
Total comprehensive income for the period 568 662 787
--------------------------------------------------- ----------- ----------- ---------------
Total comprehensive income attributable
to:
Owners of the parent 489 656 744
Non-controlling interests 79 6 43
--------------------------------------------------- ----------- ----------- ---------------
568 662 787
--------------------------------------------------- ----------- ----------- ---------------
The foreign currency movements arise on the re-translation of
overseas subsidiaries' opening balance sheets at closing rates.
Unaudited Unaudited Audited
6 months 6 months year to
Braime Group PLC to to 31st
Consolidated balance sheet at 30th June 30th June 30th June December
2021 2021 2020 2020
GBP'000 GBP'000 GBP'000
----------------------------------------------- ----------- ----------- ----------
Non-current assets
Property, plant and equipment 8,216 7,246 7,830
Intangible assets 31 44 37
Right of use assets 683 190 487
Total non-current assets 8,930 7,480 8,354
----------------------------------------------- ----------- ----------- ----------
Current assets
Inventories 9,083 9,127 8,864
Trade and other receivables 7,472 6,554 5,855
Cash and cash equivalents 1,673 1,558 1,533
----------------------------------------------- ----------- ----------- ----------
Total current assets 18,228 17,239 16,252
----------------------------------------------- ----------- ----------- ----------
Total assets 27,158 24,719 24,606
----------------------------------------------- ----------- ----------- ----------
Current liabilities
Bank overdraft 909 736 335
Trade and other payables 5,344 4,586 4,744
Other financial liabilities 2,661 2,042 2,133
Corporation tax liability 70 47 78
----------------------------------------------- ----------- ----------- ----------
Total current liabilities 8,984 7,411 7,290
----------------------------------------------- ----------- ----------- ----------
Non-current liabilities
Financial liabilities 2,479 2,031 2,075
Deferred income tax liability 276 382 278
----------------------------------------------- ----------- ----------- ----------
Total non-current liabilities 2,755 2,413 2,353
----------------------------------------------- ----------- ----------- ----------
Total liabilities 11,739 9,824 9,643
----------------------------------------------- ----------- ----------- ----------
Total net assets 15,419 14,895 14,963
----------------------------------------------- ----------- ----------- ----------
Capital and reserves
Share capital 360 360 360
Capital reserve 257 257 257
Foreign exchange reserve (270) 408 (151)
Retained earnings 15,296 14,211 14,800
----------------------------------------------- ----------- ----------- ----------
Total equity attributable to the shareholders
of the parent company 15,643 15,236 15,266
Non-controlling interests (224) (341) (303)
----------------------------------------------- ----------- ----------- ----------
Total equity 15,419 14,895 14,963
----------------------------------------------- ----------- ----------- ----------
Unaudited Unaudited Audited
Braime Group PLC 6 months 6 months year to
Consolidated cash flow statement to to 31st December
for the six months Note 30th June 30th June 2020
ended 30th June 2021 2021 2020
GBP'000 GBP'000 GBP'000
----------------------------------------- ------- ----------- ----------------------------- ---------------
Operating activities
Net profit 665 258 854
----------------------------------------- ------- ----------- ----------------------------- ---------------
Adjustments for:
Depreciation 655 646 1,280
Foreign exchange (losses)/gains (4) 299 (170)
Finance income (2) - (9)
Finance expense 106 82 191
(Gain)/loss on sale of plant, machinery
and motor vehicles (5) - 1
Adjustment in respect of defined
benefit scheme - - 71
Income tax expense 220 114 341
Income taxes paid (329) (8) (168)
----------------------------------------- ------- ----------- ----------------------------- ---------------
Operating profit before changes in
working capital and provisions 1,306 1,391 2,391
----------------------------------------- ------- ----------- ----------------------------- ---------------
Increase in trade and other receivables (1,518) (915) (356)
Increase in inventories (219) (554) (291)
Increase in trade and other payables 1,138 787 942
(599) (682) 295
----------------------------------------- ------- ----------- ----------------------------- ---------------
Cash generated from operations 707 709 2,686
----------------------------------------- ------- ----------- ----------------------------- ---------------
Investing activities
Purchases of property, plant, machinery
and motor vehicles (991) (855) (2,057)
Sale of plant, machinery and motor
vehicles 5 8 13
Interest received 2 - 4
----------------------------------------- ------- ----------- ----------------------------- ---------------
(984 ) (847) (2,040)
----------------------------------------- ------- ----------- ----------------------------- ---------------
Financing activities
Proceeds from long term borrowings 532 900 1,117
Repayment of borrowings (234) (116) (419)
Repayment of hire purchase creditors (109) (118) (217)
Repayment of lease liabilities (127) (172) (228)
Bank interest paid (55) (63) (124)
Lease interest paid (37) (12) (38)
Hire purchase interest paid (15) (7) (29)
Dividends paid (112) (115) (173)
----------------------------------------- ------- ----------- ----------------------------- ---------------
(157) 297 (111)
----------------------------------------- ------- ----------- ----------------------------- ---------------
(Decrease)/increase in cash and cash
equivalents (434) 159 535
Cash and cash equivalents, beginning
of period 1,198 663 663
----------------------------------------- ------- ----------- ----------------------------- ---------------
Cash and cash equivalents (including
overdrafts), end of period 3 764 822 1,198
----------------------------------------- ------- ----------- ----------------------------- ---------------
Braime Group PLC
Consolidated statement
of Foreign
changes in equity Share Capital Exchange Retained Minority Total
for the Capital Reserve Reserve Earnings Total Interests Equity
six months ended
30th June 2021
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 31st
December
2020 360 257 (151) 14,800 15,266 (303) 14,963
Comprehensive income
Profit - - - 608 608 57 665
Other comprehensive
income
Foreign exchange
(loss)/gain
on re-translation
of overseas operations - - (119) - (119) 22 (97)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total other comprehensive
income - - (119) - (119) 22 (97)
Total comprehensive
income - - (119) 608 489 79 568
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Transactions with
owners
Dividends - - - (112) (112) - (112)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total transactions
with owners - - - (112) (112) - (112)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 30th
June 2021 360 257 (270) 15,296 15,643 (224) 15,419
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Braime Group PLC
Consolidated statement
of Foreign
changes in equity Share Capital Exchange Retained Minority Total
for the Capital Reserve Reserve Earnings Total Interests Equity
six months ended
30th June 2020
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 31st
December 2019 360 257 (6) 14,084 14,695 (346) 14,349
Comprehensive income
Profit - - - 242 242 16 258
Other comprehensive
income
Foreign exchange
gain/(loss) on re-translation
of overseas
operations - - 414 - 414 (11) 403
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total other comprehensive
income - - 414 - 414 (11) 403
Total comprehensive
income - - 414 242 656 5 661
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Transactions with
owners
Dividends - - - (115) (115) - (115)
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total transactions
with owners - - - (115) (115) - (115)
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 30th
June 2020 360 257 408 14,211 15,236 (341) 14,895
-------------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Braime Group PLC
Consolidated statement
of Foreign
changes in equity Share Capital Exchange Retained Minority Total
for the Capital Reserve Reserve Earnings Total Interests Equity
year ended 31st
December
2020
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 1st January
2020 360 257 (6) 14,084 14,695 (346) 14,349
Comprehensive income
Profit - - - 823 823 31 854
Other comprehensive
income
Net pension remeasurement
gain recognised
directly in
equity - - - 66 66 - 66
Foreign exchange
losses on
re-translation of
overseas
operations - - (145) - (145) 12 (133)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total other comprehensive
income - - (145) 66 (79) 12 (67)
Total comprehensive
income - - (145) 889 744 43 787
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Transactions with
owners
Dividends - - - (173) (173) - (173)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Total transactions
with owners - - - (173) (173) - (173)
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
Balance at 31st
December
2020 360 257 (151) 14,800 15,266 (303) 14,963
--------------------------- ---------- ---------- ----------- ----------- --------- ------------ ---------
1. Accounting policies
Basis of preparation
The interim financial report has been prepared using accounting
policies that are consistent with those used in the preparation of
the full financial statements to 31st December 2020 and those which
management expects to apply in the Group's full financial
statements to 31st December 2021.
This interim financial report is unaudited. The comparative
financial information set out in this interim financial report does
not constitute the Group's statutory accounts for the period ended
31st December 2020 but is derived from the accounts. Statutory
accounts for the period ended 31st December 2020 have been
delivered to the Registrar of Companies. The auditors have reported
on those accounts. Their audit report was unqualified and did not
contain any statements under Section 498 of the Companies Act
2006.
The Group's condensed interim financial information has been
prepared in accordance with International Financial Reporting
Standards ('IFRS') as adopted for the use in the European Union and
in accordance with IAS 34 'Interim Financial Reporting' and the
accounting policies included in the Annual Report for the year
ended 31st December 2020, which have been applied consistently
throughout the current and preceding periods. The Group has adopted
the following new or amended standards as of 1st January 2021 -
-- Amendments to IFRS9, IAS39, IFRS7, IFRS4 and IFRS16 -
Interest rate benchmarks - introduces practical expedient and
exemptions from hedge accounting requirements - effective
accounting periods beginning on or after 1 January 2021
The application and interpretations surrounding the new or
amended standards is not expected to have a material impact on the
Group's reported financial performance or position. However, they
may give rise to additional disclosures being made in the financial
statements.
2. 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 weighted average number of outstanding shares used for basic
earnings per share amounted to 1,440,000 (2020 - 1,440,000). There
are no potentially dilutive shares in issue.
6 months
to
30th June
2021
GBP'000
------------------------------------------------------ ---------------
Dividends paid on equity shares
Ordinary shares
Interim of 7.80p per share paid on 25th May 2021 37
'A' Ordinary shares
Interim of 7.80p per share paid on 25th May 2021 75
------------------------------------------------------ ---------------
Total dividends paid 112
------------------------------------------------------ ---------------
Year to
31st December
2020
GBP'000
------------------------------------------------------ ---------------
Dividends paid on equity shares
Ordinary shares
Interim of 8.00p per share paid on 5th June 2020 38
Interim of 4.00p per share paid on 16th October 2020 19
------------------------------------------------------ ---------------
57
------------------------------------------------------ ---------------
'A' Ordinary shares
Interim of 8.00p per share paid on 5th June 2020 77
Interim of 4.00p per share paid on 16th October 2020 39
------------------------------------------------------ ---------------
116
------------------------------------------------------ ---------------
Total dividends paid 173
------------------------------------------------------ ---------------
3. Cash and cash equivalents
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st December
30th June 30th June 2020
2021 2020
GBP'000 GBP'000 GBP'000
-------------------------- ------------ ------------ ---------------
Cash at bank and in hand 1,673 1,558 1,533
Bank overdrafts (909) (736) (335)
-------------------------- ------------ ------------ ---------------
764 822 1,198
-------------------------- ------------ ------------ ---------------
4. Segmental information
Unaudited 6 months to
30th June 2021
Central Manufacturing Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------------- ------------- --------
Revenue
External - 2,642 15,570 18,212
Inter company 1,006 1,933 2,615 5,554
--------------------------------- -------- -------------- ------------- --------
Total 1,006 4,575 18,185 23,766
--------------------------------- -------- -------------- ------------- --------
Profit
EBITDA 36 517 1,091 1,644
Finance costs (34) (17) (55) (106)
Finance income - - 2 2
Depreciation (296) (19) (340) (655)
Tax expense (16) - (204) (220)
--------------------------------- -------- -------------- ------------- --------
(Loss)/profit for the period (310) 481 494 665
--------------------------------- -------- -------------- ------------- --------
Assets
Total assets 5,512 5,895 15,751 27,158
Additions to non-current assets 379 11 942 1,332
Liabilities
Total liabilities 888 3,141 7,710 11,739
Unaudited 6 months to
30th June 2020
Central Manufacturing Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------------- ------------- --------
Revenue
External - 1,953 14,161 16,114
Inter company 1,016 1,695 2,381 5,092
--------------------------------- -------- -------------- ------------- --------
Total 1,016 3,648 16,542 21,206
--------------------------------- -------- -------------- ------------- --------
Profit
EBITDA 352 (18) 767 1,101
Finance costs (53) (15) (14) (82)
Finance income - - - -
Depreciation (300) (11) (335) (646)
Tax expense (14) 10 (111) (115)
--------------------------------- -------- -------------- ------------- --------
(Loss)/profit for the period (15) (34) 307 258
--------------------------------- -------- -------------- ------------- --------
Assets
Total assets 5,449 4,551 14,719 24,719
Additions to non-current assets 242 2 634 878
Liabilities
Total liabilities 926 2,384 6,514 9,824
Audited year to
31st December 2020
Central Manufacturing Distribution Total
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------------- ------------- --------
Revenue
External - 3,762 29,041 32,803
Inter company 1,772 3,068 5,159 9,999
--------------------------------- -------- -------------- ------------- --------
Total 1,772 6,830 34,200 42,802
--------------------------------- -------- -------------- ------------- --------
Profit
EBITDA 309 (163) 2,511 2,657
Finance costs (105) (31) (55) (191)
Finance income - 7 2 9
Depreciation (592) (28) (660) (1,280)
Tax expense 32 - (373) (341)
--------------------------------- -------- -------------- ------------- --------
(Loss)/profit for the period (356) (215) 1,425 854
--------------------------------- -------- -------------- ------------- --------
Assets
Total assets 5,178 4,200 15,228 24,606
Additions to non-current assets 415 54 2,020 2,489
Liabilities
Total liabilities 801 2,025 6,817 9,643
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END
IR ZVLFBFKLEBBK
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September 08, 2021 11:04 ET (15:04 GMT)
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