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Interim Results

Brammer adjusted profits plunge

04 August 2016 08:04

Brammer's adjusted pre-tax profits fell by 65% to £5.0m in the six months to the end of June with adjusted operating profits down 52% at £8.4m.

Sales were 1.3% down at £372.3m and on a reported basis the group posts a pre-tax loss of £13.9m against a profit of £9.1m a year ago. The board has decided not to declare an interim dividend to enhance focus on cash generation.

Chairman Bill Whiteley said: "Given the current macro-economic uncertainty, we are not expecting any improvements in market conditions in the UK and Europe beyond a return to levels seen in the first four months of the year.

"The Group will continue to progress its existing operational priorities to improve the UK business, improve underlying gross margins, increase cash generation through stock reduction and reduce net debt. The Group should see increasing benefits from these operational improvements in the second half.

"Against this background, the Board initiated a detailed business review and this will be taken forward by Meinie Oldersma, the new Chief Executive of the Group, to identify the actions needed to improve the operational and financial performance of the business as well as its ongoing capital requirements. The conclusions of this review will be announced in the fourth quarter."

At 8:04am: (LON:BRAM) Brammer PLC share price was -2.87p at 90.63p

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