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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 | |
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0.00 | 0.00% | 164.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:5440I Brammer PLC 11 March 2003 FROM CITIGATE DEWE ROGERSON FOR PRESS RELEASE Brammer FOR IMMEDIATE RELEASE 11 March 2003 2002 PRELIMINARY RESULTS COSTS AND CASH THE MAJOR PRIORITY Brammer plc, the European services group, today announces preliminary results for the year ended 31 December 2002. Highlights 2002 2001 Increase Turnover #338m #372m -9% Profit before goodwill, exceptional items, #10.2m #24.4m -58% interest and tax Profit before goodwill, exceptional items, and #6.0m #19.3m -69% tax Loss on ordinary activities after tax #(3.7)m #(6.8)m +46% Movement in net debt #19.6m #(44.1)m +144% Net debt #(62.7)m #(82.3)m Shareholders' equity #60.8m #78.4m Earnings per share Before amortisation of goodwill and exceptional 9.7p 28.1p -65% items Basic (7.7)p (14.3)p +46% Diluted (7.7)p (14.3)p +46% Dividend per share 4.5p 19.3p -77% * Management continued to reduce costs in highly competitive and weak markets, while maintaining its strategic focus on pan-European leadership and the sustained ability to add value to customers * Brammer Industrial Services made good progress in difficult markets with market share gains arising from new national and pan-European contracts. Sales grew 3% in the final quarter and in the first two months of 2003 * Livingston now right-sized to meet current market conditions * Net cash inflow was #19.6 million (2001 outflow of #44.1 million) reducing net debt to #62.7 million after exchange rate movements David Dunn, chairman, said: "Overall, Brammer is more stable than twelve months ago and provided our markets reflect a similar stability during 2003, we would expect to make progress in achieving our strategic goals in the coming year." Enquiries: Brammer plc 020 7638 9571 (8.00am - 1.00pm) 0161 928 3363 (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 2002 PRELIMINARY RESULTS Chairman's statement Overview 2002 was one of the most difficult years in Brammer's history. In Brammer Industrial Services we made good progress in difficult markets across Europe. In Livingston we continued to suffer from the unprecedented decline in the technology and telecom markets, and reduced our rental business significantly in the expectation that improvement in these markets continues to be some way off. Consequently cost reduction and cash production were major priorities in the year and an exceptional charge of #8.7 million was incurred in restructuring the business. Group turnover for the year was down 9% at #338.0 million (2001 #372.3 million). Turnover at Brammer Industrial Services declined just 1% to #238.8 million whilst Livingston was 25% down at #99.1 million. Group profit before goodwill, exceptional items and tax declined 69% to #6.0 million (2001 #19.3 million). The loss on ordinary activities before tax but after goodwill and exceptional items was #5.2 million (2001 #6.8 million). Earnings per share before goodwill and exceptional items was 9.7p (2001 28.1p) but at the basic level, after accounting for these items, was a loss of 7.7p (2001 14.3p loss). Net cash inflow in the year, on a constant exchange rate basis, was #24.1 million. After exchange rate movements, net cash flow was #19.6 million which compares to an outflow of #44.1 million in 2001, reducing net debt to #62.7 million at the end of 2002. Strategy Brammer's overall strategy is to deliver satisfactory returns to its shareholders and we are deeply conscious that, as a result of the events of the past two years, we have failed to do this. In Brammer Industrial Services we have a high quality business and a leading position in Europe in the markets which we cover. Our strategy is to fully exploit this leading position through unique customer service and product offerings. Pan-European market coverage and a wide and comprehensive product range allow us to achieve economies of scale for the benefit of our customers, suppliers and our shareholders. There is still a great deal of potential to exploit in this business and we are encouraged by our growing market share and our success to date. In Livingston our strategy has changed from one of growth to right-sizing the business to meet current market conditions as our primary IT and telecom rental markets have been subjected to unprecedented declines. Our strategic priority has been to de-risk the business as quickly as possible. Our calibration businesses remain a dependable source of income within Livingston and the rental businesses have been downsized and refocused on less volatile market segments. These tasks will continue in 2003 as we endeavour to create a more predictable and stable business capable of delivering a consistent return. Dividend The board recommends a final dividend of 3.0p (2001 12.6p) making a total for the year of 4.5p (2001 19.3p). The dividend is covered 2.2 times by profit after tax but before goodwill and exceptional items. The final dividend, if approved, will be payable on 2 July 2003 to shareholders on the register on 30 May 2003. Board changes On 26 July 2002 John Cumming retired having been group finance director for 14 years. We thank John for his contribution over the years and wish him well in his retirement. Paul Thwaite became group finance director on 30 May 2002. In addition, on 11 March 2003, Mel Porter, the divisional director responsible for the Livingston business, resigned from the board and will be leaving the group. Ian Fraser, the group chief executive, has assumed direct responsibility for Livingston. People On behalf of the board, I wish to thank all of our employees for their commitment and flexibility over the last twelve months in dealing with the many challenges in this turbulent year. Outlook In Brammer Industrial Services our markets remain tough, as economic conditions throughout Europe show no signs of improvement. Nevertheless, having grown sales per working day 3% in the last quarter of 2002 we grew 3% in the first 2 months of 2003 and are confident we can continue to gain market share through the provision of excellence in customer service and the development of our pan-European initiatives. Profitability improvement is aided by the fact that our sales, distribution and administration costs in January and February 2003 were 3% or #346,000 below the corresponding period in 2002. In Livingston our computer rental business seems to have stabilised at approximately #2.6 million revenue per month. We do not see this recovering to any great extent in the current year and have sized the cost base accordingly. Our test equipment management services business is now running at a revenue of circa #1.2 to #1.4 million per month and, despite extensive efforts to develop our business outside of the telecom markets, we do not expect revenues to increase until 2004. Our calibration business has proved to be more resilient than our rental business, and has been stable for some time at #3.3 to #3.5 million per month. Overall the group is more stable than twelve months ago and provided our markets reflect a similar stability during 2003, we would expect to make progress in achieving our strategic goals in the coming year. Chief executive's review Overview In each division we continued to reduce costs in highly competitive and weak markets, at the same time ensuring we maintained our strategic focus and sustained our ability to add value to our customers. Brammer Industrial Services Brammer Industrial Services is the leading European supplier of technical components and related services to the maintenance repair and operations markets. In 2002 we extended our leadership position in the supply of bearings, mechanical and electrical power transmission, seals, gearboxes and value added engineering and support services. We ended the year with 1,800 employees working in 270 locations serving 105,000 customers. The UK saw double digit declines in sales of traditional product lines of bearings and mechanical power transmission products, partly offset by good growth in fluid power, tools, and industrial automation. Insites grew from 27 to 32, and a number of major contracts were won including BNFL, Rolls Royce, Unilever, American Standard and Kerry Foods. France benefited from the introduction of new product groups of pneumatics and seals. New contracts were won with St Gobain, and Crown Cork and Seal. Four more Insites were started bringing the total to five. Germany experienced very difficult trading conditions with the machine tool industry. Nevertheless we acted early to cut costs and headcount was reduced by 12%. New contracts were won with Kamps Bakery Group and the Berlin Public Transportation Company. In Spain we are the clear market leader, with revenues roughly double the next largest player. Operating profit as a percentage of sales remained high at 11%. Rolamentos in Portugal, where we own 25%, performed poorly. Our Benelux business, KNS (49% owned), made good progress in 2002 in increasingly difficult markets. We opened one Insite. Our strategy to leverage off our European presence continued. We focused on three areas where our pan-European organisation could bring efficiencies * development of additional sales and market share gain by helping both national and pan-European customers achieve efficiency savings, * providing a pan-European distribution outlet in partnership with our suppliers, and establishing greater purchasing power, * capitalising on the opportunity to develop best practice across our European operations and achieve the significant synergies available to us. Sales development Overall our revenue was down just 1% on a sales per working day ("SPWD") basis. However the first half was down 3% on SPWD, whilst in the second half market share gains arising from both national and pan-European contracts helped us grow SPWD by 2%. At the year-end we had signed five pan-European contracts covering over 300 locations. Revenues emanating from the 39 multi-national customers, with whom we trade in 3 or more countries, grew by 13% as we gained more share. These customers typically want us to be local to their plants across Europe, to be able to supply the full range of bearings, power transmission products and associated services, and to help them reduce their cost of acquisition by rationalising their supplier base and providing value added services. Supplier partnership Our focus on achieving closer partnership with a limited number of suppliers for each product line helped us protect gross margins in challenging markets. Our strategy is to concentrate on our chosen product range of bearings and power transmission products, providing a focused, relatively narrow, but deep product range to our customers, and ensuring our ability to provide added value by both technical product support as well as extensive supply chain advice. Our buying power is evidenced by the fact that we now purchase over Euro125 million of bearings per annum from a relatively small number of suppliers. This represents more than 10% of purchases by distributors in western Europe. We are typically the largest customer of most of our strategic suppliers, and these partners aim to grow with us as we consolidate the European market. European synergies Further progress was made during 2002 in developing best practice and European synergies. The Insite concept was further developed, and we ended the year with 32 Insites in the UK, 5 in France and 1 in Belgium. The total revenues through Insites grew by 30% over 2001 to #11.5 million. We further developed our e- commerce capability and, for the first time, each of our main operations can view and order from the entire European inventory, thus providing approximately #50 million of inventory (including associates) for our customers. In addition, this development aided our inventory management and an increasing amount of inventory is now sourced internally from within our European operations which would previously have been sourced externally. Many more products are being purchased on a European basis, providing both process cost and product cost benefits, and we have made good progress on our supply chain project designed to extract both inventory and logistics efficiencies. In summary, we believe we are making market share gains by winning both national and pan-European contracts, our gross margins are protected in difficult market conditions through improved purchasing power and supply chain efficiencies, and good progress has been made in establishing one Brammer Industrial Services model across Europe. Our goal is to be seen as local by our customers in terms of sales and technical support, whilst, at the same time, being able to provide, more cost effectively than our competition, the scale, support and economic benefits which derive from being the European leader in the supply of technical components and value added services. Livingston Livingston outsources the management of high technology tools, equipment and related testing and measurement services through a range of management services, asset management and rental programmes. Overall 2002 has been the most difficult year in Livingston's history, with 9 of our top 10 customers experiencing extremely difficult market conditions. We focused on reducing our cost base and producing cash. In our rental businesses we reduced the cost base by 35%, and produced #19.0 million of operating cash flow. Rental inventory We have significantly reduced our rental inventory from a gross book value of #133.8 million at 31 December 2001 to #96.5 million at 31 December 2002 with consequent benefits in future depreciation charges. The net book value after depreciation and impairment provisions is #35.6 million. Market focus Test equipment management services Where possible we diverted activity away from some of our traditional market sectors which had suffered decline and sought to develop more contracts in the aerospace, defence, and industrial electronics markets. Nevertheless, the massive decline in rental revenues from telecom manufacturers engaged in the installation of optical fibre networks resulted in a low utilisation of optical test equipment. We have therefore mothballed #29.4 million of optical test equipment and provided against this to a net value of #8.1 million, our assessment of its current market value. The slowdown in this marketplace has resulted in limited product development and increased utilisation life of current technology. We expect demand for these assets to recover in 2004 and 2005. We saw reduced benefits from our outsourcing contracts with KPN, Nortel and Lucent. We did, however, make good progress in extending our test equipment management contract with Thales in France, where we now have over 40,000 assets under management. Computer products In our computer products rental business we further reduced our dependency on Sun and developed new relationships with Fujitsu Siemens in the UK and extended our relationship with IBM across the group. We have worked hard to improve the returns and remove the financial risk from our computer rental business. During the year our entire excess Sun computer inventory has been disposed. We purchased #20.9 million of new inventory in 2002 (2001 #41.7 million) and have reduced inventory asset lives by between 3 and 6 months. At the same time, we have increased the required rental rates to take account of the resulting higher depreciation costs. As a consequence, in the last quarter of 2002, we experienced much improved financial utilisation ratios. In both rental businesses we have developed attractive medium term leasing packages which will help our customers in this period of tight capital constraints. Calibration and measurement services In our calibration and measurement services businesses we were able rapidly to replace reductions in demand from our telecom customers with new business from other sectors. Across Europe we saw a reduction in demand from telecom customers of 43% from #13.2 million to #7.5 million. We replaced this at least in part by increasing our revenues from defence, aerospace, and biomedical customers by #3.5 million. Productivity improvements During 2002 we completed the roll out of our pan-European IT system for our rental operations. This has enabled us to accelerate the centralisation of financial controls, in particular in the areas of rental asset investment and price management. We have also started to see benefits from increased inter-company sub-rental of equipment, which will lead to better inventory utilisation. We have also made progress in harmonising our calibration IT systems, and have been able to introduce better workload planning across our European branches. This, in turn, is leading to improved operational productivity. Financial review Overview Many parts of our business, particularly Brammer Industrial Services and the calibration and management services businesses in Livingston are producing encouraging results in difficult market conditions, however further deterioration has been evident in Livingston's rental markets. We re-sized our rental inventory throughout the year, reducing the gross book value of rental inventory by 28%, generating cash and reducing net borrowings by #19.6 million. Turnover Our turnover has reduced by 9% in the year of which continental Europe accounted for a 6% fall and the UK a 3% fall. Goodwill Goodwill in the balance sheet stands at #43.9 million at the end of the year (2001 #44.9 million). This increased by #1.5 million of acquired goodwill in respect of the Awexim and Britannia acquisitions and reduced by #2.5 million of amortisation. Profit The result for the year was a loss on ordinary activities after tax of #3.7 million (2001 #6.8 million loss). Group profit before goodwill, exceptional items and interest was down 58% in the year at #10.2 million. Brammer Industrial Services was down 19% on 1% lower turnover. Livingston made a #0.6 million loss on 25% lower turnover. Group profit before goodwill and interest but after exceptional costs was up #0.8 million at #1.5 million. Exceptional charges As reported at the half year, in order to protect profitability, we have taken decisive action to size our overheads to match current levels of revenue. Accordingly we have taken an #8.7 million exceptional charge to cover the cost of this restructuring and to cover losses on disposal of assets. At the year-end we have utilised #5.8 million of this exceptional provision, reducing overhead run-rate by 9%. During the year we have utilised #16.0 million of the impairment provision at the end of 2001 on losses on disposal principally in our computer products divisions and the write downs of assets. Trading during the year Group turnover fell year on year, but the rate of decline has slowed. Our underlying profit before goodwill, exceptional items, interest and tax in the second half year was #3.3 million - 48% of the first half year. The Brammer Industrial Services and Livingston half year split of turnover and underlying profit was as follows Brammer Industrial Services Livingston First Second Full First Second Full half half year half half year #'m #'m #'m #'m #'m #'m 2002 Turnover 119.3 119.5 238.8 52.4 46.7 99.1 Underlying profit 5.5 5.3 10.8 1.4 (2.0) (0.6) 2001 Turnover 124.6 116.1 240.7 67.1 64.5 131.6 Underlying profit 7.9 5.4 13.3 6.7 4.4 11.1 Brammer Industrial Services' second half turnover is 3% up on second half 2001 and profit is down 1% on the comparable period. This is a good recovery following the 4% decline in turnover and 31% decline in profit in the first half (compared to the first half of 2001). Livingston turnover is down 11% in the second half of 2002 compared to the first half of 2002. This is a slowing of the decline from the 19% drop seen in the first half 2002 against second half 2001. The #5.7 million lower turnover results in a profit before goodwill, exceptional items, interest and tax down #3.4 million in the second half. Most fundamentally, the group has suffered from the heavy operational gearing present in our rental business. Interest The interest charge for the year of #4.1 million reflects the reduction in net borrowings through the year. Our profit before goodwill and exceptional items cover of interest is 2.5x and represents an effective interest rate of 5.2% (2001 5.7%). Tax The tax credit for the year of #1.5 million includes a #3.5 million refund being tax reclaimed for prior years. We have adopted FRS 19 and fully recognised deferred tax assets where appropriate. Cash flow We have reduced net debt from #82.3 million at the end of 2001 to #58.2 million on a constant exchange rate basis (#62.7 million at closing rates) at the end of 2002. We generated #14.0 million of cash through rental asset disposals (2001 #22.2 million) and reduced rental asset purchases from #71.8 million in 2001 to #22.7 million in 2002. Treasury One of our measures is "EBITDA" (earnings before interest, tax, depreciation, amortisation and exceptional items and after associates). This reduced to #51.1 million for the year (2001 #75.0 million). In December 2002 the group successfully concluded negotiations regarding its banking facilities with HSBC and Royal Bank of Scotland. The new facilities are a #60.0 million four year term loan and a #40.0 million revolving 365 day facility convertible to a one year term loan. We are trading comfortably within the limits of the covenants included in these facilities. Net operating assets and financing by currency at 31 December 2002 were as follows Currency Net operating assets Financing Net assets employed #'m #'m #'m Sterling 77.6 2.0 79.6 Euro 45.9 (64.7) (18.8) 123.5 (62.7) 60.8 Taxation (2.1) 2.1 0.0 Dividends 1.4 (1.4) 0.0 Goodwill (43.9) 43.9 0.0 78.9 (18.1) 60.8 We had net borrowings of #62.7 million at 31 December 2002, equal to 1.23 EBITDA. The consolidated trading profit before goodwill, exceptional items and interest covers the net interest payable 2.5 times, and tangible net worth is #60.8 million. We will continue to focus on generating cash. Brammer Preliminary results announcement Consolidated profit and loss account for the year ended 31 December 2002 2002 2002 2002 2001 Exceptional items Total Total #'000 #'000 #'000 #'000 Turnover 337,991 0 337,991 372,284 Cost of sales, including an exceptional charge of (226,768) (3,538) (230,306) (260,116) #22.7m in 2001 Gross profit 111,223 (3,538) 107,685 112,168 Selling and logistics expenses (64,775) (3,078) (67,853) (73,152) Administrative expenses Before amortisation of goodwill (36,861) (2,084) (38,945) (37,946) Amortisation of goodwill (2,490) 0 (2,490) (2,335) Total administrative expenses (39,351) (2,084) (41,435) (40,281) Operating profit / (loss) 7,097 (8,700) (1,603) (1,265) Loss on termination of operations 0 0 0 (1,000) Share of associates' operating profit 609 0 609 606 Amortisation of goodwill in associates (62) 0 (62) (61) Profit / (loss) on ordinary activities before 7,644 (8,700) (1,056) (1,720) interest Net interest payable (4,147) (5,097) Profit on ordinary activities before goodwill, exceptional items and interest 10,196 24,402 Goodwill (2,552) (2,396) Exceptional items (8,700) (23,726) Interest (4,147) (5,097) Loss on ordinary activities before tax (5,203) (6,817) Tax credit / (charge) on loss on ordinary activities 1,503 (19) Loss on ordinary activities after tax (3,700) (6,836) Dividends (2,154) (9,253) Retained loss for the financial year (5,854) (16,089) Earnings per share Basic before goodwill amortisation and exceptional items 9.7 p 28.1 p Basic (7.7)p (14.3)p Diluted (7.7)p (14.3)p Dividend per share 4.5 p 19.3 p The above results for both years relate entirely to continuing operations. Brammer Consolidated statement of total recognised gains and losses for the year ended 31 December 2002 2002 2001 #'000 #'000 Loss for the financial year (3,700) (6,836) Exchange differences on foreign currency net investments 0 (208) Total recognised gains and losses for the period (3,700) (7,044) Consolidated balance sheet for the year ended 31 December 2002 2002 2001 #'000 #'000 Fixed assets Intangible assets 43,921 44,924 Tangible assets Rental inventory 35,616 59,430 Other fixed assets 19,823 21,222 Investment in associates 2,008 1,979 101,368 127,555 Current assets Stock 46,073 45,877 Debtors 73,788 76,896 Cash and deposits 11,869 10,576 131,730 133,349 Creditors - due within one year (101,548) (95,211) Net current assets 30,182 38,138 Total assets less current liabilities 131,550 165,693 Creditors - due after more than one year (67,899) (87,283) Provisions for liabilities and charges (2,855) 0 Net assets employed 60,796 78,410 Capital and reserves Called up share capital 9,573 9,573 Share premium account 3,552 3,552 Shares to be issued 3,217 14,977 Profit and loss account 44,454 50,308 Shareholders' equity 60,796 78,410 Brammer Consolidated cash flow statement for the year ended 31 December 2002 2002 2001 #'000 #'000 Loss on ordinary activities before interest (1,056) (1,720) Accrued element of exceptional items 2,855 0 Depreciation and impairment of tangible fixed assets 39,532 74,663 Amortisation of goodwill 2,552 2,396 43,883 75,339 Associates (609) (606) Loss / (profit) on sale of fixed assets 1,331 (1,357) 44,605 73,376 Movement in working capital 6,372 (3,154) Net cash inflow from operating activities 50,977 70,222 Returns on investments and servicing of finance Interest received 214 411 Interest paid (5,130) (4,982) (4,916) (4,571) Tax received / (paid) 2,382 (10,985) Capital expenditure Purchase of tangible fixed assets (30,332) (84,674) Sale of tangible fixed assets 16,787 22,548 (13,545) (62,126) Acquisitions and disposals Purchase of subsidiaries and businesses (828) (18,489) Net cash acquired 191 (8,441) (637) (26,930) Repayment of loan by associate 311 0 (326) (26,930) Deferred consideration paid (2,879) (1,047) (3,205) (27,977) Equity dividends paid (6,749) (9,236) Net cash inflow / (outflow) before management of liquid resources and financing 24,944 (44,673) Management of liquid resources Deposits (559) 14,075 Financing Shares issued 0 455 (Repayment of loans) / new loans taken out (15,289) 22,479 Capital element of finance leases (140) (98) (15,429) 22,836 Increase / (decrease) in cash 8,956 (7,762) Cash movement from increase / (decrease) in debt and lease financing and 15,988 (36,456) liquid resources 24,944 (44,218) New finance leases 0 (180) Loans acquired (835) (1,394) Exchange movements (4,538) 1,661 Movement in net debt 19,571 (44,131) Net debt at 31 December 2001 (82,321) (38,190) Net debt at 31 December 2002 (62,750) (82,321) Brammer Notes to the accounts 1. Segmental analysis Brammer Industrial Livingston Total Services 2002 2001 2002 2001 2002 2001 #'000 #'000 #'000 #'000 #'000 #'000 Turnover 238,845 240,650 99,146 131,634 337,991 372,284 Profit / (loss) before goodwill, 10,839 13,310 (643) 11,092 10,196 24,402 exceptional items and interest Exceptional items (2,045) (1,000) (6,655) (22,726) (8,700) (23,726) Goodwill (1,864) (1,714) (688) (682) (2,552) (2,396) Profit / (loss) before interest 6,930 10,596 (7,986) (12,316) (1,056) (1,720) Interest (4,147) (5,097) Loss before tax (5,203) (6,817) Net operating assets excluding 54,274 61,057 43,047 66,546 97,321 127,603 goodwill and deferred consideration Capitalised goodwill 32,030 32,375 11,891 12,549 43,921 44,924 Deferred consideration (15,444) (3,139) (2,983) (5,147) (18,427) (8,286) Net operating assets 70,860 90,293 51,955 73,948 122,815 164,241 Net debt (62,750) (82,321) Dividends (1,436) (6,031) Net tax 2,167 2,521 Net assets employed 60,796 78,410 2. Exceptional items The major items treated as exceptional items relate to the restructuring of the Brammer Industrial Services and Livingston divisions (#6,280,000) and additional net losses on sale of rental inventory and other assets (#2,206,000). 3. Preliminary announcement A copy of the preliminary announcement is available for inspection at the registered office of the company, Station House, Stamford New Road, Altrincham, Cheshire, WA14 1EP 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.plc.uk, from 18 March 2003. 4. Final dividend Relevant dates concerning the payment of the final dividend are Annual general meeting 29 May 2003 Record date 30 May 2003 Payment date 2 July 2003 5. Statutory accounts This preliminary announcement is not the statutory accounts. The statutory accounts have not yet been delivered to the Registrar of Companies. This information is provided by RNS The company news service from the London Stock Exchange END FR ILFSTVRIILIV
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