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Trading statements

Brammer expects profits to fall

11 November 2015 07:24

Brammer, a European distributor of quality industrial maintenance, repair and overhaul products, expects profits to fall this year despite revenue at constant currency for the four month period to the end of October has risen 2.7% higher, an dis 5.7% higher year to date.

There has been a reduced UK performance, particularly in tools and general maintenance last month due to further deterioration in the steel and aerospace sectors which is forecast to continue.

The company says that its cost reduction programme has been extended.

It adds that its markets remain challenging, with a significant deterioration in the UK, which it does not expect this to change in the immediate future.

Full year profits will be lower than last year, reflecting testing market conditions and FX headwinds.

It now expects full year underlying profit before tax for 2015 to be approximately £28m.

Brammer reports that it will continue to focus on our growth drivers, on recovering momentum in its UK business, improving profitability in its Nordic business, and ensuring our cost saving actions protect profitability.

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