We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Brammer | LSE:BRAM | London | Ordinary Share | GB0001195089 | ORD 20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 164.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 5658n BRAMMER PLC 8th September 1997 1997 INTERIM RESULTS CONTINUED GOOD PROGRESS Brammer plc, the European industrial services group, today announces its interim results for the six months ended 30 June 1997. Highlights Turnover #111.9m +8.9% Profit before interest #14.3m +12.5% Profit before tax #14.0m +9.9% Earnings per share 21.0p +13.5% Dividend per share 5.6p +6.7% At constant exchange rates: * Group profit before tax and EPS increased by 15.2% and 20.0% respectively * Increased market penetration, new products and acquisitions combined to move distribution profits forward by 13.0% to #11.0m despite competitive European market conditions * Livingston, benefiting from its Dutch acquisition, Hamilton, and good performances in the UK and France, made excellent progress increasing profits by 39.6% to #3.2m * Profits from continental Europe increased 52.6% to #3.6m Hugh Lang, the chairman, commented: "We continue to trade ahead of last year's levels. Market conditions in the UK remain more subdued than we would like but we are giving a good account of ourselves. In Spain and Holland we are producing very satisfactory results and there are welcome signs of improvement in both France and Germany. If these conditions continue we would expect to make further progress in the remainder of the year." Enquiries: Brammer plc 0171 638 9571 (8:00am-1:00pm) 0161 928 3363 (1:00pm-4.30pm) Hugh Lang, Chairman Robert Ffoulkes-Jones, Chief executive John Cumming, Finance director INTERIM ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 1997 CHAIRMAN'S STATEMENT Results The first six months of 1997 was another successful period for Brammer with both our core businesses continuing their profitable growth. Group turnover increased to #111.9 million, some 8.9% higher than in the first half of the previous year. Profit before tax was 9.9% ahead at #14.0 million, while earnings per share rose by 13.5% to 21.0p. Although encouraging, this outcome significantly understates the real performance of our businesses whose results on translation have been reduced by the strength of sterling. At constant exchange rates the turnover increase would have been 16.2%, profit before tax would have risen by 15.2% and earnings per share by 20.0%. In order to facilitate comparative analysis we have included figures, where appropriate, adjusted to eliminate the effects of exchange rate movements during the period. Our control of working capital remained good, although net borrowings increased during the half year from #0.4 million to #4.7 million after early payment of a dividend of #4.8 million, which normally falls in the second half year, and cash payments for acquisitions of #3.8 million. Dividend We have declared an interim divided of 5.6p per share, an increase of 6.7% over the 1996 figure. This will be paid on 11 November 1997 to all shareholders on the register at the close of business on 19 September 1997. As usual, we are offering a scrip alternative. Business highlights We continued to make good progress, pushing forward with our strategy of growing and developing our core business in distribution and electronic equipment services in a European context. Distribution During the period our distribution business advanced with sales and profits increasing, at constant exchange rates, by 15.6% to #91.7 million and 13.0% to #11.0 million respectively. The European bearings market has been extremely competitive with the principal manufacturers all seeking to increase their market shares at a time of sluggish demand. Power transmission products have generally enjoyed better market conditions and we have increased our share in this sector, particularly in France. New additions to our product range have also done well. We have substantially increased our business in seals following the acquisitions of Abec and Mecro; and BSL is now the leading UK distributor. Also BSL has recently launched a new range of more than 8,000 industrial tools in response to our customers' demand for "one stop shopping". We are pleased with our recent acquisitions. Mecro has been smoothly integrated with BSL and at nine locations we have already merged the two operations. Abec was initially more difficult, but we are now benefiting from Abec's know-how in seals and other fields such as industrial tools and motion control. BSL Engineering has had a good first half continuing to progress our motion control business and commencing delivery of important aerospace orders referred to at last year end. The added value brought to our distribution business by BSL Engineering, through our gearbox rebuilding and other specialised services, is of growing importance. In France at Roulement Service, despite a tough economic environment, both sales and profits have moved ahead, while we have taken steps to increase our penetration of the very large market in Ile-de-France. In Spain we have continued to invest to bring Rodamientos fully into the group fold. We have moved into more appropriate new offices on the same site as our warehouse and we have been busy preparing for the new IT system which is due to be installed early next year. Our progress can be measured by the fact that we now have 176 customer service centres in the UK, France and Spain, compared to 150 this time last year. In March we took the important step of adopting a common house style across our European distribution business, using the distinctive genie logo to project our message of quality and customer service. This is already bringing benefits in terms of marketing, customer recognition and employee motivation. Our strategy remains to build a specialised European network, taking advantage of increasing economies of scale, handling more of the supply chain for our customers and strengthening our leadership position. Electronic equipment services Livingston, our electronic equipment services business, made excellent progress in the first half year. Sales and profits, at constant exchange rates, were up 19.2% to #20.2 million and 39.6% to #3.2 million respectively. Our new business in Holland which we acquired in July 1996 contributed significantly to these pleasing figures, while in both the UK and France we performed well. In Germany the results were below those of the previous year, but important new contracts have been secured which will lead to improved trading in the second half year. Very much in line with Livingston's strategy for growing its business with Europe's leading high technology companies we have contracted with a number of leading companies in several different countries for both the calibration and the management of their inventories of specialist electronic equipment. We are confident that more business will flow from these partnerships enabling us to continue to widen the range of services that we offer. Current trading and prospects We continue to trade ahead of last year's levels. Market conditions in the UK remain more subdued than we would like but we are giving a good account of ourselves. In Spain and Holland we are producing very satisfactory results and there are welcome signs of improvement in both France and Germany. If these conditions continue we would expect to make further progress in the remainder of the year. Hugh Lang Brammer Consolidated profit and loss account The unaudited group results for the six months Six months Six months Full year Six months Full year to 30 June to 30 to 30 June June 1997 1996 1996 1996 1996 Proforma Proforma #'000 #'000 #'000 #'000 #'000 Turnover Continuing 111,911 91,855 180,059 97,302 184,671 operations Acquisitions - 4,429 18,687 5,442 20,132 _______ _______ _______ _______ _______ Total turnover 111,911 96,284 198,746 102,744 204,803 Cost of sales (68,580) (59,567) (120,598) (63,589) (124,294) _______ _______ _______ _______ _______ Gross profit 43,331 36,717 78,148 39,155 80,509 Distribution costs (19,530) (15,193) (32,302) (16,403) (33,570) Administrative (9,909) (9,834) (18,661) (10,511) (19,437) expenses _______ _______ _______ _______ _______ Operating profit _______ _______ _______ _______ Continuing 10,914 24,256 11,273 24,316 operations Acquisitions 776 2,929 968 3,186 _______ _______ _______ _______ Total operating 13,892 11,690 27,185 12,241 27,502 profit Profit on sale of 361 377 779 431 836 fixed assets _______ _______ _______ _______ _______ Profit on ordinary activities before interest 14,253 12,067 27,964 12,672 28,338 Net interest (211) (144) (415) (161) (439) _______ _______ _______ _______ _______ Profit on ordinary activities after interest 14,042 11,923 27,549 12,511 27,899 Share of - 266 280 266 280 associate's pre- tax profit _______ _______ _______ _______ _______ Profit on ordinary 14,042 12,189 27,829 12,777 28,179 activities before tax Tax (4,364) (4,226) (9,446) (4,376) (9,574) _______ _______ _______ _______ _______ Profit on ordinary activities after tax being profit 9,678 7,963 18,383 8,401 18,605 for the financial period Dividends (2,624) (2,389) (7,358) (2,389) (7,358) __________________ _______ _______ _______ _______ _______ Profit for the period retained in the business 7,054 5,574 11,025 6,012 11,247 __________________ _______ _______ _______ _______ _______ Earnings per share 21.0p 17.5p 40.3p 18.5p 40.7p __________________ _______ _______ _______ _______ _______ Dividend per share 5.60p 5.25p 16.00p 5.25p 16.00p __________________ _______ _______ _______ _______ _______ The proforma figures for 1996 represent the group's results for 1996 translated at the rates of exchange which ruled as at 30 June 1997. During 1997, apart from Mecro (see note 3), the group consisted of only continuing businesses. There is no significant difference between the results as disclosed above and the results on an unmodified historic cost basis. Brammer Consolidated balance sheet The unaudited group financial position as at 30 June 30 June 31 Dec 30 June 31 Dec 1997 1996 1996 1996 1996 Proforma Proforma #'000 #'000 #'000 #'000 #'000 Fixed assets Tangible assets 37,577 28,660 32,160 30,819 33,373 ______ ______ ______ ______ ______ Current assets Stock 30,607 29,663 31,355 31,845 32,258 Debtors 53,761 45,876 47,050 49,866 48,766 Cash and deposits 15,428 24,447 20,158 25,107 20,642 ______ ______ ______ ______ ______ 99,796 99,986 98,563 106,818 101,666 Creditors - due (66,324) (60,707) (64,743) (64,317) (66,477) within one year Net current assets ______ ______ ______ ______ ______ 33,472 39,279 33,820 42,501 35,189 ______ ______ ______ ______ ______ Total assets less 71,049 67,939 65,980 73,320 68,562 current liabilities Creditors - due (19,895) (15,152) (19,262) (20,245) (21,597) after one year Provisions for (2,135) (2,811) (2,205) (2,881) (2,242) liabilities and charges __________________ ______ ______ ______ ______ ______ Net assets 49,019 49,976 44,513 50,194 44,723 employed __________________ ______ ______ ______ ______ ______ Capital and reserves Called up share 9,274 9,102 9,202 9,102 9,202 capital Shares to be 45 57 52 57 52 issued Share premium 12,290 10,967 11,454 10,967 11,454 account Revaluation 75 75 75 75 75 reserve Merger reserve (18,070) (6,628) (18,070) (6,628) (18,070) Profit and loss 45,405 36,403 41,800 36,621 42,010 account __________________ ______ ______ ______ ______ ______ Shareholders' 49,019 49,976 44,513 50,194 44,723 equity __________________ ______ ______ ______ ______ ______ Brammer Consolidated cash flow statement The unaudited group cash flow for the six months Six months Six months Full year Six months Full year to 30 June to 30 June to 30 June 1997 1996 1996 1996 1996 Proforma Proforma #'000 #'000 #'000 #'000 #'000 Operating profit 13,892 11,690 27,185 12,241 27,502 Loss on sale of - - 339 - 339 subsidiary Depreciation of 7,228 5,693 12,364 6,144 12,848 tangible fixed assets Movement in (7,849) (6,168) (2,376) (7,728) (2,977) working capital Net cash inflow ______ ______ ______ ______ ______ from operating activities 13,271 11,215 37,512 10,657 37,712 Returns on ______ ______ ______ ______ ______ investments and servicing of finance Interest received 244 865 1,386 874 1,390 Interest paid (528) (906) (1,587) (938) (1,615) ______ ______ ______ ______ ______ (284) (41) (201) (64) (225) ______ ______ ______ ______ ______ Tax paid (1,104) (337) (8,184) (433) (8,226) Capital ______ ______ ______ ______ ______ expenditure and financial investment Purchase of (13,955) (7,949) (18,998) (8,236) (19,731) tangible fixed assets Sale of 3,362 2,957 6,469 2,939 6,812 tangible fixed assets ______ ______ ______ ______ ______ (10,593) (4,992) (12,529) (5,297) (12,919) Acquisitions and ______ ______ ______ ______ ______ disposals Purchase of (2,730) (8,147) (18,745) (8,147) (18,745) business Net cash acquired (43) - 2,132 - 2,132 ______ ______ ______ ______ ______ (2,773) (8,147) (16,613) (8,147) (16,613) Disposal of - - 128 - 128 subsidiary Deferred (996) - - - - consideration ______ ______ ______ ______ ______ (3,769) (8,147) (16,485) (8,147) (16,485) ______ ______ ______ ______ ______ Equity dividends (4,796) - (6,334) - (6,334) paid ______ ______ ______ ______ ______ Net cash outflow before management of liquid resources and financing (7,275) (2,302) (6,221) (3,284) (6,477) ______ ______ ______ ______ ______ Financing Share options 721 207 326 207 326 SAYE scheme - - 1 - 1 Deposits (1,669) - - - - Loans less than (6) 655 (2,315) 805 (1,709) one year Loans greater 1,452 (4,231) (3,286) (2,937) (1,168) than one year Finance leases (61) (56) (132) (67) (142) ______ ______ ______ ______ ______ 437 (3,425) (5,406) (1,992) (2,692) ______ ______ ______ ______ ______ Decrease in cash (6,838) (5,727) (11,627) (5,276) (9,169) ______ ______ ______ ______ ______ Brammer Notes to the accounts 1.Comparative results Comparative figures for the year ended 31 December 1996 are taken from the company's statutory accounts which have been delivered to the Registrar of Companies with an unqualified audit report. The proforma figures for 1996 represent the group's results for 1996 translated at the rates of exchange which ruled as at 30 June 1997. 2.Segmental analysis Six months ended 30 June Turnover Profit before interest 1997 1996 1996 1997 1996 1996 Proforma Proforma #'000 % #'000 % #'000 % #'000 % #'000 % #'000 % Business Distr- 91,722 82 79,341 82 83,952 82 11,016 77 9,749 81 10,129 80 ibution Electronic equipment services 20,189 18 16,943 18 18,792 18 3,237 23 2,318 19 2,543 20 _____ __ _____ __ _____ __ _____ __ _____ __ _____ __ 111,911 100 96,284 100 102,744 100 14,253 100 12,067 100 12,672 100 _____ __ _____ __ _____ __ _____ __ _____ __ _____ __ Geographic United 75,928 68 67,380 70 67,380 66 10,640 75 9,699 80 9,699 77 Kingdom Other 35,983 32 28,904 30 35,364 34 3,613 25 2,368 20 2,973 23 Europe _____ __ _____ __ _____ __ _____ __ _____ __ _____ __ 111,911 100 96,284 100 102,744 100 14,253 100 12,067 100 12,672 100 _____ __ _____ __ _____ __ _____ __ _____ __ _____ __ 3.Acquisitions On 27 January 1997 the group acquired the assets and business of the Mecro Group Limited ("Mecro"). As the business of Mecro was immediately absorbed by BSL Limited it is not possible to separately identify their results. 4.Reconciliation of net cash flow to movement in net debt Six months Six months Full year Six months Full year to 30 June to 30 June to 30 June 1997 1996 1996 1996 1996 Proforma Proforma #'000 #'000 #'000 #'000 #'000 Decrease in cash (6,838) (5,727) (11,627) (5,276) (9,169) in the period Cash inflow from increase in debt and lease 284 3,632 5,733 2,199 3,019 financing _____ _____ _____ _____ _____ (6,554) (2,095) (5,894) (3,077) (6,150) Loans acquired - - (3,542) - (3,542) with subsidiaries Translation 2,267 5,433 6,517 1,626 4,676 differences _____ _____ _____ _____ _____ Movement in net (4,287) 3,338 (2,919) (1,451) (5,016) funds _____ _____ _____ _____ _____ Net funds at 31 (426) 4,590 4,590 4,590 4,590 December 1996 _____ _____ _____ _____ _____ Net funds at 30 (4,713) 7,928 1,671 3,139 (426) June 1997 _____ _____ _____ _____ _____ 5.A copy of the interim announcement is available for inspection at the registered office of the company, 1 Tabley Court, Victoria Street, Altrincham, Cheshire WA14 1EZ and the offices of Dewe Rogerson Ltd, 3 1/2 London Wall Buildings, London Wall, London EC2M 5SY, and will be posted to shareholders. 6.Relevant dates concerning the payment of the interim dividend are: Record date 19 September 1997 Payment date 11 November 1997 END
1 Year Brammer Chart |
1 Month Brammer Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions