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Trading statements

Brammer FY forecasts unchanged

13 May 2016 07:45

Brammer's full year expectations are unchanged but there will be an increased weighting towards the second half, according to a statement issued ahead of today's annual general meeting.

The group said continued challenging trading in the UK and Nordics was partially offset by growth in Continental Europe.

It said underlying gross margin percentage was 20 bps up on last year, but offset by lower rebate accruals as a result of stock reduction programme.

It reports good progress on the stock reduction programme - £16m reduction YTD and on track to deliver £30m reduction by September 2016.

Direct Vending sales exceeded €1m for the first time in April. 1,595 machines installed to end April, with a healthy installation pipeline of 380 machines.

The group says the focus remains on the key operational priorities set out in the March preliminary results statement.

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