Braime hit by strength of the pound
INDUSTRIAL group TF & JH Braime reported a fall in profits during 2011 due to the strengthening of the pound against the euro and the steep increase in the cost of raw materials.
The Leeds-based company said the stronger pound reduced the margin on goods sold in euros. Meanwhile, the group was unable to pass on immediately the increase in the cost of its products as the market is so competitive.
The company, which makes pressings and bulk handling components, said pre-tax profits for the year to December 31 fell from £1.36m to £1.24m. Sales increased by 11 per cent to £20.1m.
Braime said while 2012 has started positively, the economic uncertainty makes it difficult to forecast the outcome.