By Elena Vardon
Braime Group posted a rise in pretax profit for the first half of 2023 driven by increased demand in the U.S. for its 4B distribution division’s electronics products.
The metal presswork manufacturer on Monday posted pretax profit of 2.1 million pounds ($2.6 million) for the six months ended June 30, up from GBP1.6 million in the same period a year prior.
Revenue rose to GBP24.7 million from GBP21.3 million, London-listed group said, noting that performance in its U.S. market was buoyant–despite the strength of the pound against the dollar denting profits–while that of its Asian regions was relatively subdued.
Braime said that despite momentum in the U.S., its second half is likely to be negatively affected as it has historically seen uncertainty and delays in new investment commitments as the U.S presidential election approaches.
“We think 2023 will continue the run of good results in recent years, even though it is unlikely that the group will be able to repeat last year’s record result, because global trading conditions have deteriorated substantially,” it said, adding that the company is well placed to make further progress in 2024 and in the long-term.
Braime declared an interim dividend of 5.25 pence per share, up from a 4.75 pence per share payout a year prior.
Write to Elena Vardon at [email protected]
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