Final Results

Braime (T.F.& J.H.) (Hldgs) PLC
12 March 2004


At a meeting of the directors held here today, the accounts for the year ended
31st December 2003 were submitted and approved by the directors.  The
preliminary profits statement is as follows:

   Consolidated Profit and Loss Account for the year ended 31st December 2003


                                                                                     2003                          2002
                                                                                        £                             £

Group turnover                                                                  9,418,422                     9,981,579

Trading (loss)/profit                                                             (57,393)                      400,521
Interest receivable                                                                50,953                        63,873


                                                                                   (6,440)                      464,394
Interest payable                                                                   26,589                        42,136


(Loss)/profit before taxation                                                     (33,029)                      422,258
Taxation                                                                           15,009                        72,582

(Loss)/profit attributable to shareholders                                        (48,038)                      349,676

The directors recommend the following appropriations:


Preference shares

Dividend already paid of 5.00p per share (2002 5.00p)                 9,000                         9,000

Ordinary shares

Interim dividend already paid of 1.80p per share
(2002 2.20p)                                                          8,640                        10,560


Proposed final dividend of 4.00p per share (2002 8.00p)              19,200                        38,400


'A' Ordinary shares

Interim dividend already paid of 1.80p per share
(2002 2.20p)                                                         17,280                        21,120


Proposed final dividend of 4.00p per share (2002 8.00p)              38,400                        76,800
                                                                                   92,520                       155,880


Retained (loss)/profit                                                           (140,558)                      193,796


Earnings per share                                                                 (3.96p)                       23.65p

              Consolidated Balance Sheet as at 31st December 2003


                                                                                                 2003           2002
                                                                                                    £              £

Fixed assets                                Intangible assets                                  11,644         11,565
                                            Tangible assets                                   554,479        623,579

                                                                                              566,123        635,144

Current assets                              Stocks                                          1,890,199      1,913,433
                                            Debtors                                         1,899,444      1,836,492
                                            Cash at bank and in hand                        1,614,131      1,956,323

                                                                                            5,403,774      5,706,248

Creditors                                   Amounts falling due within one year             1,832,366      2,033,529


Net current assets                                                                          3,571,408      3,672,719

Total assets less current liabilities                                                       4,137,531      4,307,863

Deferred income                                                                                26,440         28,096

Net assets                                                                                  4,111,091      4,279,767

Capital and reserves                        Called up share capital                           540,000        540,000
                                            Reserves                                        3,571,091      3,739,767

Shareholders' funds                                                                         4,111,091      4,279,767
                                            Comprising:
                                            Non-equity shareholders' funds                    180,000        180,000
                                            Equity shareholders' funds                      3,931,091      4,099,767

     Consolidated Cash Flow Statement for the year ended 31st December 2003

                                                                                                   2003           2002
                                                                     Notes                            £              £


Net cash (outflow)/inflow from operating activities                  1                          (17,501)       409,416

Returns on investments and servicing of finance
Interest received                                                                                50,953         63,873
Interest paid                                                                                   (26,589)       (42,136)
Non-equity dividends paid                                                                        (9,000)        (9,000)
                                                                                                 15,364         12,737

Taxation
UK Corporation tax paid                                                                         (20,701)       (36,004)
Overseas tax paid                                                                               (26,653)       (61,839)
                                                                                                (47,354)       (97,843)

Capital expenditure
Purchase of tangible fixed assets                                                               (35,410)      (103,795)
Disposal of tangible fixed assets                                                                17,286         26,946
                                                                                                (18,124)       (76,849)

Equity dividends paid                                                                          (141,120)      (141,120)

Management of liquid resources
Decrease/(increase) in treasury deposits                             2                          245,354       (108,816)


Increase/(decrease) in cash                                          3                           36,619         (2,475)



                   Notes to Consolidated Cash Flow Statement


1.  Reconciliation of operating profit to net cash inflow
    from operating activities                                                                       2003           2002
                                                                                                       £              £


    Operating (loss)/profit                                                                      (57,393)       400,521
    Depreciation of tangible and intangible assets                                                96,046        113,558
    Profit on disposal of fixed assets                                                            (2,148)       (16,372)
    Government grants amortised                                                                   (1,656)        (1,654)
    Decrease/(increase) in stocks                                                                 23,234       (186,716)
    (Increase)/decrease in debtors                                                               (53,350)        26,356
    (Decrease)/increase in creditors                                                             (15,481)        80,180
    Movement in value of assets caused by foreign
    exchange movements                                                                            (6,753)        (6,457)

                                                                                                 (17,501)       409,416

                                                                                               Effect of
                                                                                                 Foreign
                                                                                                Exchange
                                                                                                    Rate
2.  Analysis of changes in net funds                                   2002     Cash flow        Changes           2003
                                                                          £             £              £              £

    Cash at bank and in hand                                        543,950       (96,838)             -        447,112
    Bank loans and overdrafts                                      (891,765)      133,457        (28,118)      (786,426)
                                                                   (347,815)       36,619        (28,118)      (339,314)
    Treasury deposits                                             1,412,373      (245,354)             -      1,167,019

                                                                  1,064,558      (208,735)       (28,118)       827,705


3.  Reconciliation of net cash flow to movement
    in net funds                                                                                                      £


    Increase in cash                                                                                             36,619
    Effect of foreign exchange rate changes                                                                     (28,118)
                                                                                                                  8,501
    Decrease in treasury deposits                                                                              (245,354)
    Movement in net funds in the year                                                                          (236,853)
    Net funds at 31st December 2002                                                                           1,064,558


    Net funds at 31st December 2003                                                                             827,705


The annual general meeting will be held on Friday 30th April 2004 and it is
proposed to pay the final dividend on Tuesday 4th May 2004 to shareholders
registered with the company on 26th March 2004.


This statement has been agreed with the company's auditors.


D. H. Brown
Company Secretary
T.F. & J.H. Braime (Holdings) P.L.C.


12th March 2004


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