Braime Group, a metal presswork manufacturer, has announced an increase in pretax profit for the first half of 2023. This growth has been attributed to a surge in demand for its electronics products in the U.S., specifically in the 4B distribution division.
For the six months ending June 30, Braime Group reported a pretax profit of £2.1 million ($2.6 million), compared to £1.6 million in the same period the previous year. The company's revenue also saw a rise, reaching £24.7 million, up from £21.3 million.
The London-listed group highlighted the strong performance in the U.S. market, despite the pound's strength against the dollar negatively impacting profits. On the other hand, its Asian regions experienced more subdued results.
However, Braime expects the second half of the year to be adversely affected due to historical uncertainties and delays in new investment commitments, which occur during the approach of the U.S. presidential election. The company remains optimistic about its long-term prospects and anticipates continued progress in 2024 and beyond.
As part of its financial update, Braime declared an interim dividend of 5.25 pence per share, representing an increase from last year's payout of 4.75 pence per share.
Overall, while global trading conditions have deteriorated significantly, Braime Group remains confident about its ability to deliver positive results in the coming years.
