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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:7045Q Brammer PLC 30 January 2002 The issuer advises that the following replaces the trading statement announcement released today at 07.30 under RNS number 7005Q. The original announcement contained formatting errors. The full corrected version is shown below. Brammer plc - Trading update The Board of Brammer has noted the recent decline in its share price and confirms that as part of its annual reporting cycle it is reviewing current trading and the Group's performance for the 12 months ending 31 December 2001. The Board now estimates that profit before tax, goodwill amortisation (£2.4m) and exceptional costs for the period will be between £19m and £20m. However, in light of trading in the last two months of 2001 and poor indications for the start of 2002 at Livingston, the Board now anticipates reporting an exceptional charge of between £21m and £24m. This charge reflects an impairment (net of profits on disposal) relating to Livingston rental inventory of £20m to £23m of which approximately £1.5m reflects the reallocation of a provision taken in the first half of 2001, which will now be treated as an exceptional item in the results for the full year. £1m of the exceptional charge relates to the termination of our Spindles business. The vast majority of the exceptional charge will be non-cash. As well as deciding to downsize Livingston's rental inventory the Board has decided to seek to increase the services element of this business, thereby reducing the proportion of rental revenues and associated capital investment. Whilst difficult markets persist we shall continue to manage Livingston to produce cash. Total investment in Livingston rental assets in the year was £72m. This comprised investment in the first half of £50m, £16m in the third quarter and £6m in quarter four. In the first half the Group absorbed cash of £7m from operating activities net of capital expenditure, £4m in the third quarter and generated £19m of cash in the fourth quarter. Year-end net debt was £82 million. Brammer Industrial Services performed slightly better than anticipated in the final two months of the year. The Board anticipates releasing the preliminary results for the year ended 31 December 2001 before the end of February 2002. Enquiries: Brammer plc 0161 928 3363 Ian Fraser, Chief Executive John Cumming, Finance Director Issued by: Citigate Dewe Rogerson 020 7638 9571 Martin Jackson/Nita Shah This information is provided by RNS The company news service from the London Stock Exchange
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