Interim Results

Braime (T.F.& J.H.) (Hldgs) PLC
23 August 2002





                               HALF-YEARLY REPORT



Group sales for the first six months of the year increased by 17% from £4.47m in
2001 to £5.25m for 2002 and the trading profit increased from £70,000 to £
175,000.



The decrease in investment income to £30,000 is due partly to the lower deposit
rates prevailing in the UK and partly to the higher investment in working
capital commensurate with the increase in turnover.  The fall in interest
payable by overseas subsidiaries also reflects lower interest rates.



Group profit after tax has increased from £55,000 to £129,000.



The profitability of our manufacturing business is very sensitive to volume and
an increase of 24% in the sales of Braime Pressings Limited had a particularly
beneficial overall impact on the group result.



Sales of Braime Elevator Components Limited also rose by 20% but the benefit was
more than offset by a reduction in margins and by higher operating costs.



Sales of Setem continued to show exceptional growth.  However sales of 4B
Elevator Components Limited in the USA tailed off over the period and ended at
last year's level.



Although the group has enjoyed a good first half, the directors remain very
cautious about the prospects for the second half of the year for two reasons:-



Firstly, the US appears to be going into recession and this is reflected in a
significant drop in the order intake at 4B Elevator Components Limited.



Secondly, the performance of each subsidiary has not followed any uniform trend
over the period under review.



Against a confused and uncertain economic background, it is hard to predict the
direction of the next six months.



In view of the improvement in the overall result for the half-year, the
directors have decided to increase the dividend from 1.80p to 2.20p per Ordinary
and 'A' Ordinary share.  The dividend will be paid on 7th October 2002 to
shareholders whose names appear on the register on 6th September 2002.





   Consolidated Profit & Loss Account for the six months ended 30thJune 2002


                                                                          Unaudited results for the            Year to
                                                                         six months ended 30th June      31st December
                                                                            2002               2001               2001
                                                                               £                  £                  £


Group turnover                                                         5,245,633          4,470,265          9,172,928
Trading profit                                                           175,332             70,222            297,249
Investment income                                                         29,848             43,768             80,962
Profit before interest                                                   205,180            113,990            378,211
Interest payable                                                          20,995             35,254             64,411
Profit before taxation                                                   184,185             78,736            313,800
Taxation at 30% for interim figures                                       55,256             23,621             79,415
Profit after taxation                                                    128,929             55,115            234,385
Dividends                                                                 36,180             30,420            144,360
Retained profit                                                           92,749             24,695             90,025
Earnings per share                                                         8.64p              3.51p             15.65p





      Notes to the Interim Report for the six months ended 30th June 2002



The financial information for the six months ended 30th June 2002 has not been
audited, nor has the financial information for the six months ended 30th June
2001.  However, the interim report includes a review signed by the auditors.
The comparative figures for the year ended 31st December 2001 do not constitute
the group's statutory accounts for that year, but have been extracted from the
statutory accounts filed with the Registrar of Companies, and which carried an
unqualified audit report.  The report has been prepared in accordance with
applicable accounting standards on a consistent basis using the accounting
policies set out in the 2001 annual report.



       Independent review report to T.F. & J.H. Braime (Holdings) P.L.C.



Introduction

We have been instructed by the company to review the financial information set
out on pages 1 to 4 and we have read the other information contained in the
interim report and considered whether it contains any apparent mis-statements or
material inconsistencies with the financial information.



Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors.  The Listing
Rules of the London Stock Exchange require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing annual accounts except where any changes, and the reasons
for them, are disclosed.



Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board.  A review consists principally of making
enquiries of management and applying analytical procedures to the financial
information and underlying financial data and, based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed.  A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions.  It is
substantially less in scope than an audit performed in accordance with Auditing
Standards and therefore provides a lower level of assurance than an audit.
Accordingly we do not express an audit opinion on the financial information.



Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30th June 2002.



John Gordon Walton & Co.
Chartered Accountants
Yorkshire House
Greek Street
Leeds
LS1 5ST.

                                                       23rd August 2002





                  Consolidated Balance Sheet at 30th June 2002


                                                                        Unaudited         Unaudited
                                                                        30th June         30th June      31st December
                                                                             2002              2001               2001
                                                                                £                 £                  £


Fixed assets              Intangible assets                                12,064            12,424             11,926
                          Tangible assets                                 617,479           607,475            637,098
                                                                          629,543           619,899            649,024


Current assets            Stocks                                        2,044,433         1,760,180          1,726,717
                          Debtors                                       2,591,735         2,156,783          1,862,051
                          Cash at bank and in hand                      1,611,328         1,666,448          2,025,680
                                                                        6,247,496         5,583,411          5,614,448


Creditors                 Amounts falling due within one year          (2,668,897)       (2,001,660)        (2,128,907)


Net current assets                                                      3,578,599         3,581,751          3,485,541


Total assets less current liabilities                                   4,208,142         4,201,650          4,134,565


Deferred income                                                           (28,922)          (30,578)           (29,750)


Net assets                                                              4,179,220         4,171,072          4,104,815


Capital and reserves      Called up share capital                         540,000           540,000            540,000
                          Reserves                                      3,639,220         3,631,072          3,564,815


Shareholders' funds                                                     4,179,220         4,171,072          4,104,815
                          Comprising:
                          Non-equity shareholders' funds                  180,000           180,000            180,000
                          Equity shareholders' funds                    3,999,220         3,991,072          3,924,815





    Consolidated Cash Flow Statement for the six months ended 30th June 2002


                                                                           Unaudited        Unaudited           Year to
                                                                           30th June        30th June     31st December
                                                                Notes           2002             2001              2001
                                                                                   £                £                 £
Net cash (outflow)/inflow from
operating activities                                                1       (179,204)         (70,369)          283,234


Returns on investments and servicing of finance
Interest received                                                             29,848           43,768            80,962
Interest paid                                                                (20,995)         (35,254)          (64,411)
Non-equity dividends paid                                                     (4,500)          (4,500)           (9,000)
                                                                               4,353            4,014             7,551


Taxation
UK corporation tax received                                                    9,718                -            20,995
Overseas tax paid                                                            (41,162)         (12,110)           (9,515)
                                                                             (31,444)         (12,110)           11,480


Capital expenditure
Purchase of tangible fixed assets                                            (85,767)         (29,281)          (98,080)
Disposal of tangible fixed assets                                             22,990                -             3,600
                                                                             (62,777)         (29,281)          (94,480)


Equity dividends paid                                                       (109,440)         (95,040)         (120,960)


Management of liquid resources
Increase in treasury deposits                                       2       (104,883)          (5,999)          (10,894)


(Decrease)/increase in cash                                         3       (483,395)        (208,785)           75,931





                   Notes to Consolidated Cash Flow Statement


1.   Reconciliation of operating profit                                                                        Year to
     to net cash (outflow)/inflow from                                    Six months ended 30th June     31st December
     operating activities                                                      2002             2001              2001
                                                                                  £                £                 £
     Operating profit                                                       175,332           70,222           297,249
     Depreciation of tangible and intangible assets                          83,235           70,578           111,345
     Profit on disposal of fixed assets                                           -                -            (3,599)
     Government grants amortised                                               (828)            (828)           (1,656)
     Increase in stocks                                                    (317,716)        (199,916)         (166,453)
     Increase in debtors                                                   (739,684)        (129,828)           (9,628)
     Increase in creditors                                                  621,434          116,727            54,394
     Movement in value of assets caused by foreign exchange
     movements                                                                 (977)           2,676             1,582
                                                                           (179,204)         (70,369)          283,234


2.   Analysis of changes in net funds                                 31st December                          30th June
                                                                               2001        Cash flow              2002
                                                                                  £                £                 £


     Cash at bank and in hand                                               722,123         (519,235)          202,888
     Bank loans and overdrafts                                           (1,048,619)          17,496        (1,031,123)
                                                                           (326,496)        (501,739)         (828,235)
     Treasury deposits                                                    1,303,557          104,883         1,408,440
                                                                            977,061         (396,856)          580,205


                                                                      31st December                          30th June
                                                                               2000        Cash flow              2001
                                                                                  £                £                 £


     Cash at bank and in hand                                               562,348         (194,562)          367,786
     Bank loans and overdrafts                                             (958,767)         (30,999)         (989,766)
                                                                           (396,419)        (225,561)         (621,980)
     Treasury deposits                                                    1,292,663            5,999         1,298,662
                                                                            896,244         (219,562)          676,682


3.   Reconciliation of net cash flow to movement in net funds                              30th June         30th June
                                                                                                2002              2001
                                                                                                   £                 £


     Decrease in cash                                                                       (483,395)         (208,785)
     Effect of foreign exchange rate changes                                                 (18,344)          (16,776)
                                                                                            (501,739)         (225,561)
     Increase in treasury deposits                                                           104,883             5,999
     Movement in net funds in the year                                                      (396,856)         (219,562)
     Net funds at 31st December 2001/2000                                                    977,061           896,244
     Net funds at 30th June 2002/2001                                                        580,205           676,682








                      This information is provided by RNS
            The company news service from the London Stock Exchange