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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 Number:2138J Brammer PLC 02 March 2005 PRESS RELEASE FOR IMMEDIATE RELEASE 2 March 2005 2004 PRELIMINARY RESULTS CONTINUING PROGRESS Brammer plc, the European services group, today announces preliminary results for the year ended 31 December 2004. Highlights 2004 2003 Change Turnover #290m #349m -17% Profit / (loss) on ordinary activities after tax #0.9m #(36.3)m Profit before goodwill, exceptional items and tax #9.5m #7.0m +36% Movement in net debt #22.7m #(17.0)m Net debt #(57.0)m #(79.7)m Equity shareholders' funds #16.3m #20.2m Earning per share Basic 1.9p (75.9)p Diluted 1.9p (75.9)p Before amortisation of goodwill and exceptional items 13.8p 11.8p +17% Dividend per share 4.8p 4.5p +7% * Profit before goodwill, exceptional items and tax up 36% at #9.5 million * Earnings per share before amortisation of goodwill and exceptional items up 17% * Dividend increased by 7% to 4.8p * Net debt reduced by #22.7 million to #57.0 million * Livingston disposal completed in March 2004 * Continuing business revenues increased by 3% to #270.8 million, whilst operating profit before goodwill, exceptional items and interest increased by 9% to #10.5 million * Significant market share gains achieved, particularly in the second half of the year * Operating profits improved significantly on the continent, growing by 24% in Germany and 27% in France * After a poor first half, the UK is now seeing continuing improvement with second half growth in revenues of 4% on a sales per working day basis * Key account business enjoyed excellent growth David Dunn, chairman, said: "I believe the future for Brammer is bright after several difficult years. Our performance in the second half of 2004 was on an improving trend and the evidence to date in 2005 leads us to believe we shall be able to demonstrate further good progress this year." Enquiries: Brammer plc 020 7638 9571 (8.00am - 1.00pm) 0161 902 5599 (1.00pm - 4.30pm) David Dunn, chairman Ian Fraser, chief executive Paul Thwaite, finance director Issued: Citigate Dewe Rogerson Ltd 020 7638 9571 Martin Jackson Anthony Kennaway Brammer plc 2004 PRELIMINARY RESULTS Chairman's statement Overview Following the positive results and outlook I was able to refer to in the 2004 interim report, I am pleased to indicate further good progress in the second half of the year. Profit on ordinary activities before tax for the twelve months to 31 December 2004 was #3.6 million compared to a loss of #29.2 million last year which was adversely affected by the disposal of our Livingston businesses. The profit before goodwill and exceptional items was #9.5 million compared to #7.0 million last year. The figures include part-year contributions from the Livingston businesses which were disposed of at the end of March. For the three month period in 2004 prior to disposal the profit for Livingston before goodwill, exceptional items and interest was #1.6 million compared to a full twelve months contribution in 2003 of #0.8 million. Basic earnings per share were 1.9p compared to a loss of 75.9p in 2003. Earnings per share before goodwill and exceptional items amounted to 13.8p against 11.8p last year. Exceptional costs in both years were largely associated with the restructuring and, ultimately, the sale of the Livingston businesses. Net debt fell from #79.7 million to #57.0 million benefiting from the proceeds of the sale of Livingston and good operational cash flow from the continuing operations. Strategy As previously stated we shall concentrate on the development of the continuing operations where we see many opportunities for profitable growth. The European spread of our business provides an excellent platform to service large international customers in particular those who are seeking to partner with suppliers who are capable of delivering their needs across a wide product and geographic spectrum. As described in the chief executive's review our key accounts business has enjoyed excellent growth in 2004 and this was clearly evidenced in the second half year where we saw increasing sales in each of our geographic locations. We have put a number of initiatives in place in the second half which will enhance our service to our customers. We now have a settled and first class management team with clear strategic objectives. We have established a 'one Brammer' approach which all management have accepted and are implementing across Europe. This includes branding, systems, and logistics. Our strategy has been formulated across the headings of growth, costs, synergies and capability with clear performance benchmarks over specific timescales. We have set out short and longer term objectives with an overall time horizon of some five years. Dividend The board is recommending a final dividend of 3.3p (2003 3.0p). This makes a total for the year of 4.8p (2003 4.5p) which is covered 2.4x by profit after tax but before goodwill and exceptional items in respect of the continuing operations (3.0x if Livingston's profit contribution is included). The final dividend will be payable on 4 July 2005 to shareholders on the register at the close of business on 10 June 2005. People I referred in the interim report to the board changes made earlier in the year and I again state our gratitude to David Hollywood and Jean-Marie Fink who both retired following many years of service to the group. Terry Garthwaite joined us as a new independent non-executive director and we are already benefiting from his considerable experience. The board recently reviewed the results of an employee survey conducted across the continuing operations and we were most encouraged by the improvements and attitudes evident at all levels of the business. There is still much we can do to improve further but I would like to express the board's appreciation to all of our employees for their contribution and efforts throughout 2004. The future As this report indicates I believe the future for Brammer is bright after several difficult years. Our performance in the second half of 2004 was on an improving trend and the evidence to date in 2005 leads us to believe we shall be able to demonstrate further good progress this year. Chief executive's review Overview During 2004 we continued to strengthen the leading position of Brammer in the European market. Following the disposal of the Livingston businesses at the end of the first quarter of 2004 we have been able to concentrate on the exciting opportunities available to us, supported by a stronger balance sheet and enhanced management focus. Continuing operations Formerly known as Brammer Industrial Services, and now branded "Brammer" across Europe, our operating business is the leading European supplier of technical components and related services to the maintenance, repair and operations ("MRO ") markets. During 2004, revenues in our continuing business increased by 3% to #270.8 million, whilst underlying profit (operating profit before goodwill, exceptional items and interest) increased by 9% to #10.5 million. Profits improved significantly on the continent but declined in the UK where, after a poor first half, we are now seeing welcome improvement with second half growth in revenues of 4% on a sales per working day ("SPWD") basis. Cash inflow from continuing operating activities in 2004 was #12.7 million. Net operating assets employed (excluding goodwill and deferred consideration) reduced by #4.1 million to #48.2 million as we continued our planned reduction in working capital, largely through an improvement in inventory turn. We expect to be able to continue to generate more operating cash flow than operating profit for the next several years as we improve inventory turn through managing our inventory on a European basis. Operating margins increased despite price pressure in the market, and significant increases in input costs due to price increases in steel and energy. At the end of the year headcount in continuing operations was 1,845, which was 54 higher than at the same time last year, having welcomed 13 new staff following the acquisition of our Hungarian operation. Revenues per head increased by 2% to #149,000 for the full year, following a 16% improvement last year. In the UK, although SPWD revenues declined by 3% for the year as a whole, as weaker market conditions continued through the first half, management actions stabilised the business with like-for-like turnover increasing steadily through the balance of the year. Capital employed reduced by #2.6 million (15%) due to improvements in inventory efficiency and the provision of service stock by suppliers. We executed plans to improve the profitability of the Insites and, as a result, the total contribution from Insites increased by 14%. Several new contracts were won with customers such as Severn Trent Water, Lafarge, Smurfit, Cegelec, Dalkia and Peugeot. Despite a difficult economic climate, Germany's SPWD grew by 6% with an improving trend throughout the year. Careful control of the cost base helped increase operating profit by 24% compared with last year. Good progress was made on key accounts, with revenues in this segment up 25%. We won a significant pneumatics contract with Volkswagen across six locations and additional contracts with Harry Brot, TRW, Smurfit and GKN. We continued to broaden our product range across the whole customer base with mechanical power transmission products growing by 24% and linear motion by 31%. Further headcount reductions of 17 to 388 resulted in productivity improvement of 12% as measured by sales per head. In France, SPWD increased by 4% as the investment made last year in new product introduction and Insites began to take effect. Key accounts grew by 9%, contract wins with GKN, Smurfit, Fromageries Bel, Nestle and Lactalis making a significant contribution. Fluid power continued to contribute to our growth, being 37% up on 2003. This growth, together with the effect of cost reduction measures taken in 2003, helped increase operating profit by 27%. We increased our Insites from 10 to 13 and revenues through Insites increased by 17% compared with 2003. In Spain, despite the planned shedding of low margin original equipment manufacturers ("OEM") business, SPWD grew 4%, again with an improvement in the rate of growth throughout the year. We continued to increase our sales to the MRO market (up 6%) reducing further our exposure to the more cyclical OEM marketplace (down 0.2%). New contracts were won with Coagro, Robert Bosch, Cervezas Damm, GKN and Smurfit. Sales of the seals product group grew by 31% and, at the year end, we reinforced the pneumatics range, as a development of our first pan-European supply contract with SMC the Japanese pneumatics manufacturer. In the Netherlands SPWD were up 2%, with good growth in MRO sales contributing to a 4 percentage point improvement in the gross profit margin. Several new contracts were won including Smurfit, Kamp's bakery, SEW, Corus and the Dutch Railway. We introduced pneumatics along with a number of other smaller product ranges. A new branch was opened at Spankeren. Strategy We have established a strategic plan and detailed objectives for the next 24 months under the following headings Growth * Our first priority is growth to build on our strong market position - we have twice the revenues of our nearest competitor. We believe we have a 10% share of the Euro2 billion Western European MRO aftermarket for bearings. By contrast, we have a little over 1% of the Euro18 billion aftermarket represented by the rest of our product range. In total, we believe that this translates to around 2% market share of our chosen market place, and represents an attractive cross-selling opportunity to broaden the range of products supplied to our major bearing customers. In addition we are the only company which can offer a "one stop shop" European supply position to both our customers and suppliers. * We seek to build customer relationships with the increasing number of major European groups which are focusing on supplier rationalisation to establish a single source of supply across Europe. Revenues through our contracted European accounts grew 21%. In addition the two new contracts with Smurfit and GKN produced additional revenues in the second half, with significant further growth available through to 2006. We strengthened our key account business development team in the centre as well as within each country. * We have now built teams in each country to develop the Insites strategy and provide added value opportunities for our customers. * We continue to refine our marketing approach as the national and European expert in each of the most attractive market segments in our industry. * We continue to seek attractive acquisition candidates which will bolt on to our existing operations. Costs * Our new European purchasing director has continued to build strong relationships with our suppliers. We are concentrating our purchases with a smaller number of suppliers, thereby gaining price improvements as well as enhanced supplier marketing support in the field. * We established our first pan-European partnership agreement with SMC, the Japanese pneumatics manufacturer. Total pneumatics sales grew 23%. This relatively new product range now accounts for 5% of revenues. * We are now sourcing basic ironware products direct from China for distribution throughout Europe. * We have set up a cross functional team to identify and roll out best practice in all of our operations, continuing our quest to improve productivity and reduce costs as a percentage of revenues. Synergies * We have embarked on a programme to standardise our approach at each location in Europe in all areas from product range, through sales and customer service skills, to branding and marketing. Each of our businesses will associate the Brammer brand with the local name during 2005 and, during 2006, businesses in each country will be renamed Brammer. * We continue to evolve our system of key performance indicators which will lead to best practice being introduced in each branch, and a more homogeneous level of service in each territory, with resultant productivity improvements and quality of service assurance. * Our Master Data Management team, led by our European IT director, has begun the process of establishing one common European unique part number for each of over two million part numbers in our range, further enhancing our ability to manage, sell and distribute our inventory on a European basis. This work will provide the foundation for one integrated European IT and supply chain system. * The value of "Brammer Inline", our system which allows product matching, stock visibility and internal procurement was demonstrated by over 20,000 internal transactions being made from a matched database of over 150,000 products, saving on both procurement costs and purchase price and ultimately reducing inventory levels. Capability * All of our people have access to a purpose built e-learning programme which * Informs them of the strategy and priorities of the business * Introduces all the businesses across the group * Introduces them to key customers and suppliers * Provides a basic knowledge of all of our products and services Already over 50% of our staff have started this programme, which we expect to help significantly improve our technical and selling skills. * Our key account toolkit covering strategy, processes, customer management tools, relationship management and user accreditation is now being used in all territories to win new business and add value to existing customer relationships, and is about to be introduced as an e-learning module. * Our annual opinion survey carried out in November registered significant improvements in the areas of Job Satisfaction and Leadership and Communication following the implementation of intensive action plans derived from the results of the 2003 survey. The future We continue to build on our strong presence within Europe and anticipate further gains in market share in an otherwise fragmented market place. Growth in European wide key accounts and new product launches should ensure we continue to grow at a faster rate than the market. In addition, we expect our cash flow to continue to exceed our operating profit, providing the ability to take advantage of the acquisition opportunities available to us as we lead the market consolidation. Financial review Overview Having completed the restructuring of the group through the disposal of the Livingston businesses our clear focus is on the development of the Brammer distribution business. Our continuing operations have improved further on the encouraging results reported on at the half year. Disposal of businesses On 31 March 2004 the group completed the disposal of the European Livingston Calibration business to Air Liquide for a consideration of Euro31.0 million (#20,653,000) after adjustments for debt and cash. Also on 31 March 2004 the group completed the disposal of Livingston Rental for an initial cash consideration of #6.9 million, deferred cash payments of #3.0 million receivable 13 months after completion and #2.5 million receivable 18 months after completion, and a further amount (up to #2.8 million) depending on the proceeds of sale of impaired assets. The group also retained a 25% stake in Livingston Rental, which the buyer has a right to redeem at between #0.5 million and #2.0 million depending on the date of the actual repayment of the #2.5 million deferred cash payment. The group took exceptional charges in 2003 for asset write-downs in respect of these disposals and there are further charges in 2004 primarily for deal fees and restructuring the residual business. Turnover Our turnover decreased by 17% in the year due to the disposal of the Livingston businesses. Turnover of the continuing operations increased by 3% of which continental Europe accounted for a 7% increase and the UK a 2% fall. At constant exchange rates our continuing business turnover increased by 4%. Profit The result for the year was a profit on ordinary activities after tax of #0.9 million (2003 #36.3 million loss). Group profit before goodwill, exceptional items and after interest was up 36% in the year at #9.5 million (2003 #7.0 million). Exceptional charges This year's accounts include an exceptional charge of #3.7 million as shown below. #'m Restructuring - continuing operations 0.9 Disposal costs / loss on disposal - Livingston 2.8 Total exceptional 3.7 The restructuring of #0.9 million results from action to re-size overheads, particularly for central functions, to reflect a simplified group structure following the sale of Livingston. Goodwill Goodwill in the balance sheet stands at #35.2 million at the end of the year (2003 #49.6 million). In 2004, goodwill increased by #1.1 million in respect of acquisitions, reduced by #2.3 million of amortisation, #12.9 million in respect of disposals and a further #0.3 million of exchange. Trading during the year Group turnover decreased by 17% during the year. Group profit before goodwill, exceptional items, interest and tax ("underlying profit") was #12.1 million (2003 #10.5 million), of which #6.7 million was delivered in the first half and #5.4 million in the second half (see below). Continuing operations Livingston First Second Full First Second Full half half year half half year #'m #'m #'m #'m #'m #'m 2004 Turnover 136.9 133.9 270.8 19.3 0.0 19.3 Underlying profit 5.1 5.4 10.5 1.6 0.0 1.6 2003 Turnover 133.9 128.6 262.5 44.9 42.1 87.0 Underlying profit 5.3 4.4 9.7 (0.9) 1.7 0.8 In 2004 all the on-going costs incurred by the central functions have been allocated to continuing operations as this reflects the future structure of the group. The comparatives for 2003 have been revised accordingly. Continuing operations turnover was up 3% on 2003 and underlying profit was up 9% in the year. For the second half continuing operations turnover was up 4% with a 23% increase in underlying profit. Interest The interest charge for the year of #2.6 million (2003 #3.5 million) represents an effective interest rate on average net borrowings of 4.2% (2003 4.7%). Our profit before goodwill, exceptional items and tax cover of interest is 4.6x compared to 3.0x in 2003. Tax The tax charge for the year is #2.7 million. The tax effect of expenses not allowable for tax purposes amounted to #2.1 million and resulted principally from goodwill and fees incurred in the disposal of the Livingston businesses. Cash flow 2004 2003 #'m #'m Net cash inflow from operating activities 18.7 29.4 Net capital expenditure (purchases net of disposals) (6.2) (8.9) Operational cash generation 12.5 20.5 Acquisitions (0.1) (0.4) Deferred consideration (4.1) (20.7) Disposals 18.6 0.4 Exchange (2.4) (6.7) Interest, tax, dividends and other (1.8) (10.0) Movement in net debt 22.7 (16.9) Net debt decreased by #22.7 million from #79.7 million to #57.0 million, as shown above. Net cash inflow from operating activities of #18.7 million (including a working capital reduction of #3.3 million) was reduced by #6.2 million of net purchases of tangible fixed assets (2003 #8.9 million), increased by the receipt of a net #18.7 million from the disposal of Livingston and reduced by a payout of #4.1 million for deferred consideration, primarily for KNS, and #0.2 million for other acquisitions. Average net borrowings in 2004 were #62.7 million compared to #74.6 million in 2003. Treasury The group does not enter into speculative currency transactions but from time to time will use derivative financial instruments to hedge particular transactions back into operating companies' domestic currencies. The companies in the group mostly trade within their domestic markets in their local currency. Where companies trade into export markets, this is generally at the behest of domestic customers who trade globally. Group companies account in their local currency, principally either sterling or euros, and at 31 December 2004 #8.3 million (11%) of the group's tangible operating assets were held in sterling and #65.1 million (89%) in euros. Net operating assets and financing by currency at 31 December 2004 were as illustrated below. Currency Net operating assets Financing Net assets employed #'m #'m #'m Sterling 8.3 0.0 8.3 Euro 65.1 (57.1) 8.0 73.4 (57.1) 16.3 The consolidated net trading profit before goodwill, exceptional items and interest covers the interest payable 4.6x and net worth is #16.3 million (2003 #20.2 million). The directors consider the group to have adequate resources to continue operations for the foreseeable future and therefore continue to use the going concern basis in the preparation of the financial statements. We will continue to focus on generating cash to enable us to expand operations in Europe, organically and by acquisition. Earnings per share Earnings per share before goodwill, amortisation and exceptional items rose from 11.8p in 2003 to 13.8p in 2004. Basic earnings per share were 1.9p (2003 75.9p loss). International Financial Reporting Standards ("IFRS") All European Union listed companies are required to prepare their consolidated financial statements in accordance with IFRS for accounting periods beginning on or after 1 January 2005. The group will therefore adopt IFRS for the financial year ended 31 December 2005 including the 2005 interim accounts. The areas of greatest impact on the group have been identified as the non-amortisation of goodwill, pensions, share based payments and the treatment of accrued dividends. The group has conducted training, assigned resources and has a procedure in place to ensure full compliance with IFRS. Brammer Preliminary results announcement Unaudited consolidated profit and loss account for the year ended 31 December 2004 2004 2004 2004 2003 2003 2003 Continuing Discontinued Total Continuing Discontinued Total Businesses Businesses Businesses Businesses #'000 #'000 #'000 #'000 #'000 #'000 Turnover 270,786 19,305 290,091 262,512 86,960 349,472 Cost of sales (189,337) (11,710) (201,047) (182,040) (55,088) (237,128) Exceptional items - - - - (25,178) (25,178) Total cost of sales (189,337) (11,710) (201,047) (182,040) (80,266) (262,306) Gross profit 81,449 7,595 89,044 80,472 6,694 87,166 Distribution costs (56,700) (626) (57,326) (55,200) (12,864) (68,064) Exceptional items - - - - (1,147) (1,147) Total distribution costs (56,700) (626) (57,326) (55,200) (14,011) (69,211) Administrative expenses before amortisation of goodwill (14,147) (5,331) (19,478) (15,758) (18,191) (33,949) Exceptional items (850) - (850) (2,235) (4,720) (6,955) (14,997) (5,331) (20,328) (17,993) (22,911) (40,904) Amortisation of goodwill (2,089) (201) (2,290) (2,046) (904) (2,950) Total administrative expenses (17,086) (5,532) (22,618) (20,039) (23,815) (43,854) Net operating expenses (73,786) (6,158) (79,944) (75,239) (37,826) (113,065) Operating profit / (loss) 7,663 1,437 9,100 5,233 (31,132) (25,899) Loss on disposal of discontinued operations (2,833) - Share of associates' operating (loss) / profit (92) 149 Amortisation of goodwill in associates (2) (10) Profit / (loss) on ordinary activities before interest 6,173 (25,760) Net interest payable (2,621) (3,471) Profit on ordinary activities before goodwill, 12,148 10,480 exceptional items and interest Interest (2,621) (3,471) 9,527 7,009 Goodwill (2,292) (2,960) Exceptional items (3,683) (33,280) Profit / (loss) on ordinary activities before tax 3,552 (29,231) Tax charge on profit / (loss) on ordinary activities (2,660) (7,086) Profit / (loss) on ordinary activities after tax 892 (36,317) Dividends (2,261) (2,117) Retained loss for the financial year (1,369) (38,434) Earnings per share Basic 1.9p (75.9)p Diluted 1.9p (75.9)p Basic before goodwill amortisation and exceptional items 13.8p 11.8p Dividend per share 4.8p 4.5p Brammer Unaudited statement of group total recognised gains and losses for the year ended 31 December 2004 2004 2003 #'000 #'000 Profit / (loss) on ordinary activities after tax 892 (36,317) Exchange differences on foreign currency net investments (2,421) 7 Total recognised losses for the year (1,529) (36,310) Prior year adjustment - 1,579 Total losses recognised since last annual report (1,529) (34,731) Unaudited consolidated balance sheet at 31 December 2004 2004 2003 #'000 #'000 Fixed assets Intangible assets 35,216 49,569 Tangible assets 11,924 23,783 Investment in associates - 478 47,140 73,830 Current assets Stock 45,862 51,018 Debtors 57,069 70,961 Cash and deposits 8,320 12,740 111,251 134,719 Creditors - due within one year (86,623) (118,465) Net current assets 24,628 16,254 Total assets less current liabilities 71,768 90,084 Creditors - due after more than one year (51,996) (64,224) Provisions for liabilities and charges (3,427) (5,707) Net assets employed 16,345 20,153 Capital and reserves Called up share capital 9,573 9,573 Share premium account 3,552 3,552 Profit and loss account 3,220 7,028 Equity shareholders' funds 16,345 20,153 Brammer Unaudited consolidated cash flow statement for the year ended 31 December 2004 2004 2003 #'000 #'000 Profit / (loss) on ordinary activities before interest 6,173 (25,760) Accrued element of exceptional items - 2,474 Depreciation and impairment of tangible fixed assets 2,806 45,450 Amortisation of goodwill 2,292 2,960 Charge in respect of own shares 169 193 11,440 25,317 Share of associates' operating (loss) / profit 92 (149) Loss on sale of investment 2,833 - Loss / (profit) on sale of fixed assets 1,040 (1,422) 15,405 23,746 Movement in working capital 3,302 5,631 Net cash inflow from operating activities 18,707 29,377 Returns on investments and servicing of finance Interest received 336 126 Interest paid (2,843) (3,479) (2,507) (3,353) Tax received / (paid) 2,795 (567) Capital expenditure Purchase of tangible fixed assets (8,760) (23,758) Sale of tangible fixed assets 2,564 14,848 (6,196) (8,910) Acquisitions and disposals Purchase of subsidiaries and businesses (58) (59) Net cash acquired (86) 213 (144) 154 Investment in associated undertaking - (520) Deferred consideration paid (4,061) (20,729) (4,205) (21,095) Disposal of interest in associated undertaking - 377 Disposal of interest in subsidiaries 25,431 - Net cash sold (6,781) (37) 14,445 (20,755) Equity dividends paid (2,117) (2,117) Net cash inflow / (outflow) before management of liquid resources and financing 25,127 (6,325) Management of liquid resources Deposits 111 (2,091) Financing (Repayment of loans) / new loans taken out (24,803) 5,607 Capital element of finance leases (533) (158) Purchase of own shares (187) (771) Net cash (outflow) / inflow from financing (25,523) 4,678 Decrease in cash (285) (3,738) Cash movement from increase / (decrease) in debt and lease financing and liquid resources 25,225 (3,358) 24,940 (7,096) New finance leases (144) (87) Loans sold / (acquired) 271 (3,074) Exchange movements (2,389) (6,712) Movement in net debt 22,678 (16,969) Net debt at 31 December 2003 (79,719) (62,750) Net debt at 31 December 2004 (57,041) (79,719) Notes to the accounts 1 Segmental analysis Continuing operations Livingston Total 2004 2003 2004 2003 2004 2003 Restated Restated Restated #'000 #'000 #'000 #'000 #'000 #'000 Turnover 270,786 262,512 19,305 86,960 290,091 349,472 Profit before goodwill, exceptional 10,510 9,663 1,638 817 12,148 10,480 items and interest Goodwill (2,091) (2,056) (201) (904) (2,292) (2,960) Exceptional items (850) (2,235) (2,833) (31,045) (3,683) (33,280) Profit / (loss) before interest 7,569 5,372 (1,396) (31,132) 6,173 (25,760) Interest (2,621) (3,471) Profit / (loss) before tax 3,552 (29,231) Net operating assets excluding goodwill 48,197 52,326 - 11,054 48,197 63,380 and deferred consideration Capitalised goodwill 35,216 36,065 - 13,504 35,216 49,569 Deferred consideration (2,961) (7,166) - - (2,961) (7,166) Net operating assets 80,452 81,225 - 24,558 80,452 105,783 Net debt (57,041) (79,719) Dividends (1,580) (1,436) Net tax (5,486) (4,475) Net assets employed 16,345 20,153 In 2004 all the on-going costs incurred by the central functions have been allocated to continuing operations as this reflects the future structure of the group. The comparatives for 2003 have been revised accordingly. 2 Exceptional items The items treated as exceptional items (#3,683,000) relate to the loss on the sale of the Livingston businesses (#2,833,000) and restructuring (#850,000) resulting from action to re-size overheads, particularly for central functions, to reflect a simplified group structure following the sale of Livingston. 3 Earnings per share 2004 2003 Earnings Weighted Earnings / Earnings Weighted Earnings / average (losses) per average (losses) per number of share number of share shares shares #'000 '000 Pence #'000 '000 Pence Profit for the financial year before 6,616 5,632 exceptional items and amortisation of goodwill Average number of shares in issue 47,865 13.8 47,865 11.8 Exceptional items (3,683) (7.6) (33,280) (69.6) Taxation adjustment on exceptional 251 0.5 (5,709) (11.9) items Amortisation of goodwill (2,290) (4.8) (2,950) (6.2) Amortisation of goodwill - associates (2) - (10) - Profit / (loss) for the financial 892 1.9 (36,317) (75.9) year Average number of shares in issue 47,865 1.9 47,865 (75.9) Dilutive effect of options 66 - 47,931 1.9 47,865 (75.9) Supplementary basic earnings per share figures have been calculated to exclude the effect of exceptional items and goodwill amortisation. The adjusted numbers have been provided in order that the effects of exceptional items and goodwill amortisation on reported earnings can be fully appreciated. 4 Preliminary announcement A copy of the preliminary announcement is available for inspection at the registered office of the company, Claverton Court, Claverton Road, Wythenshawe, Manchester, M23 9NE and the offices of Citigate Dewe Rogerson Ltd, 3 London Wall Buildings, London Wall, London, EC2M 5SY. It will also be available on the company's web site, www.brammer.biz, from 7 March 2005. 5 Final dividend Relevant dates concerning the payment of the final dividend are Annual general meeting 18 May 2005 Record date 10 June 2005 Payment date 4 July 2005 6 Statutory accounts This unaudited preliminary announcement is not the statutory accounts. The statutory accounts for the year ended 31 December 2004 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the company's annual general meeting. This information is provided by RNS The company news service from the London Stock Exchange END FR ILFETVRILIIE
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