The business behind the dividend
| Measure | BRCB | Median | Formula |
|---|---|---|---|
| Return on equity | -0.1% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 1.2% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-22.75m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-32.70m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 0.4% | 14.3% | Operating income ÷ revenue |
| Net margin | -0.0% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.59x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.10x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.04x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 16.88x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -0.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | Median |
|---|---|---|---|---|
| Return on equity | -0.1% | — | — | -0.1% |
| Return on capital employed | 1.2% | — | — | 1.2% |
| Operating margin | 0.4% | 3.7% | 1.5% | 1.5% |
| Net margin | -0.0% | -4.5% | -6.6% | -4.5% |
| Debt to equity | 0.59x | — | — | 0.59x |
| Current ratio | 1.04x | 0.58x | — | 0.58x |