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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 |
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RNS Number:2646P
Brammer PLC
02 September 2003
FROM CITIGATE DEWE ROGERSON FOR
PRESS RELEASE Brammer
FOR IMMEDIATE RELEASE 2 September 2003
2003 INTERIM RESULTS
EXTENSIVE COST REDUCTIONS TO UNDERPIN PROFITABILITY
Brammer plc, the European industrial services group, today announces its results
for the six months ending 30 June 2003.
FINANCIAL HIGHLIGHTS
2003 2002
Revised
#m #m Change
Turnover 178.8 171.7 +4%
Loss before tax (4.0) (4.2) +5%
Profit before goodwill, exceptional items, interest and tax 4.4 6.9 -36%
Profit before goodwill, exceptional items and tax 2.6 4.8 -46%
Movement in net debt (4.5) 15.7
Net debt (67.3) (66.7)
Shareholders' equity 56.0 75.8
pence pence
Earnings per share
Basic (6.0) (7.2) +17%
Diluted (6.0) (7.2) +17%
Before amortisation of goodwill and exceptional items 4.4 8.3 -47%
Dividend per share 1.5 1.5 +0%
* Brammer Industrial Services increased both sales and operating profits by
12% reflecting market share gains and tight cost control
* In Livingston, the calibration businesses improved profits on similar
turnover; the equipment rental businesses rate of loss is now reduced and
revenues have stabilised
* Further action has been taken to reduce costs and position businesses for
current market conditions, particularly in Livingston's rental businesses
* The group continued to generate good cash flow from operations
David Dunn, chairman, said:
"Market conditions for BIS remain challenging for the second half-year, but
market share gains are expected to continue which will enable the business to
offset the general slowness.
Livingston calibration is currently trading satisfactorily and prospects for the
second half are encouraging. The story on rental continues with little prospect
evident of any upturn in either telecoms or computers.
Nevertheless, the extensive cost reductions undertaken across the group will
help to protect profitability."
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
2003 PRELIMINARY RESULTS
CHAIRMAN'S STATEMENT
Overview
Against a background of generally poor market conditions progress has been made
in improving Brammer's businesses in the first six months of 2003. Compared to
the same period of a year ago Brammer Industrial Services has increased both
sales and operating profits and the calibration businesses of Livingston,
operating off a lower cost base, have also reported an encouraging improvement
in profits on flat sales levels. However, the Livingston equipment rental
businesses continue to be loss-making. The equipment rental businesses reported
a small profit for the same period last year but the rate of loss is now reduced
from those incurred in the second half of last year as we restructure the
business and reduce its cost base.
Group sales for the half-year to 30 June increased by 4% to #178.8 million and
the loss before tax reduced from #4.2 million to #4.0 million. Group profit
before goodwill, exceptional items, interest and tax fell 36% to #4.4 million.
Earnings per share before goodwill and exceptional items was 4.4 pence, a
reduction of 47% on the same period last year.
Reported net debt at 30 June was #67.3 million compared to #66.7 million a year
ago and #62.8 million at 31 December 2002. The increase is accounted for by an
adverse exchange movement in the six months of #5.2 million and the assumption
of #3.2 million of additional debt arising from the acquisition in April of the
remaining 51% of the Dutch specialist industrial services business KNS. The
business therefore continues to generate good cash flow from operating
activities (after net capital expenditure) of #6.5 million (2002 #19.5 million).
In our 2002 annual report we were hopeful that market conditions would be stable
during 2003. Unfortunately this has not been the case and we have had to take
further action on costs particularly in our rental businesses. As previously
announced at the time of our annual general meeting in May we have taken an
exceptional cost of #5.2 million to carry out the necessary actions to reduce
operating expenses.
The board has declared an interim dividend of 1.5p (2002 1.5p) which will be
paid on 6 November 2003 to shareholders on the register at the close of business
on 10 October 2003.
Brammer Industrial Services
Sales in BIS grew by 12% to #133.9 million and profit before goodwill,
exceptional items and interest grew by 12%. These results reflect market share
gains in each of our territories against a backdrop of deteriorating market
conditions. Sales per working day ("SPWD") in constant currency (excluding the
effect of KNS) grew by 2.4%. Sales of our core products of bearings and power
transmission declined slightly, whilst we maintained good growth in our newer
product ranges of fluid power, seals and tools. Revenues through Insites
increased by 16.3% to #7.2 million, our corporate account revenues (both
national and pan-European accounts) grew by 10.5% to #13.7 million and sales in
our base business, excluding KNS, increased by 7.0% to #108.6 million. We
believe this represents an improvement compared with the markets in which we
operate.
In the UK our revenues grew by 2.5% on a SPWD basis as we continued to develop
our national and pan-European account opportunities. This represents a
significant market share gain, manufacturing output having declined by 0.7%.
Insite sales grew by 16.5% and three new pan-European accounts were won.
Significant national accounts were won with Mondi packaging, Rolls Royce and
Yorkshire Water. Revenue growth and cost reductions combined to produce a
significant increase in operating profit.
In Germany revenues grew 3.4% on a SPWD basis with corporate account
development, both national and pan-European, driving excellent market share
gains against a backdrop of a reduction of 1.3% in manufacturing output. New
contracts were won with Lafarge, Daimler Chrysler and Kali und Salz and revenue
growth was also boosted by the implementation of the national and pan-European
contracts won last year. The action we took to reduce the cost base (headcount
reduced by 8% compared with 30 June 2002), combined with sales growth and stable
gross profit margins, led to a significant recovery in operating profit.
In France SPWD declined by 1.5% against a decline in manufacturing output of
1.3%. Market share gain through corporate account development and Insites (now
numbering nine), as well as good growth in the new product areas of fluid power
and seals, were insufficient to counteract the revenue declines arising from our
significant exposure to a deteriorating automotive sector. Nevertheless, we
have won new contracts with St Gobain and Bongrain and extended our relationship
with Kappa Packaging.
In Spain we continued our long-term trend of good organic growth, SPWD growing
by 3.2%, somewhat better than the 2.2% increase in industrial production. We
have made positive progress in the maintenance, repair and operations (MRO)
market with growth of over 7%, but our original equipment manufacturing (OEM)
business (typically small machine tool manufacturers), which represents
approximately a third of our business, is down slightly as this market has come
under pressure as a result of the higher euro. We have held gross margins in
highly competitive market conditions and have improved trading profit in line
with sales growth.
In summary, despite difficult market conditions, BIS has continued to develop
its pre-eminent market position in Europe, increasing its share and developing
extensive pan-European relationships with both major customers and many
suppliers. In the first half we won four pan-European contracts with European
multi-nationals, covering nearly 200 sites and representing a revenue
opportunity of over #10 million per annum when fully implemented. We have
maintained our focus on productivity improvement and cost reduction. Since 30
June 2002 our headcount (excluding KNS) has reduced by over 180 (10%) and
productivity, as measured by sales per head, has increased by 20%. BIS has
continued to focus on a clear strategy designed to leverage further growth out
of our European leadership position. Significant market share has been taken,
and tight control of costs has resulted in an operating profit improvement of
12% to #6.1 million (2002 #5.5 million).
Livingston
The first half of 2003 remained difficult in Livingston's markets and there has
been no evidence of any improvement in either the telecom or the IT sectors.
Revenues declined 14% to #44.9 million, and profit before goodwill, exceptional
items and interest declined to a loss of #1.7 million. The first half revenue
was down 4% compared with the second half of 2002, whilst the operating loss was
#0.3 million better than the second half of 2002.
In our calibration and measurement services businesses we won a number of new
contracts in the aerospace, defence and industrial electronics sectors and
revenue increased by 2%. Profitability improved as a result of reduced costs.
In particular, Climats and Sapratin performed well with revenue growth of 16%
and operating profit growth of 161% to #1.2 million.
Rental revenues in our computer products business declined 23% compared to the
first half of 2002, but have now been stable at around #2.5 million per month
for some time. We have continued to dispose of excess equipment in order to
increase utilisation and have been able, to a limited extent, to raise prices in
the marketplace.
In our test equipment management services business the ongoing weakness in the
telecom sector resulted in further revenue decline. Revenues fell 46% compared
with the first half of 2002 to #6.9 million, and now appear stable at around #1
million per month.
Operating cash flow was positive at #1.6 million as we reduced net expenditure
on rental assets to #4.9 million, and reduced the gross book value of rental
assets to #39.4 million (2002 #63.7 million), with net book value after
provisions reducing to #30.8 million (2002 #51.6 million).
The priority within Livingston has been to reduce financial risk by liquidating
excess inventory and to ensure our cost base is at a level consistent with
current and future revenues. The #5.2 million exceptional charge we have taken
is associated with a reduction in headcount across Livingston of 116 and a
saving in operating costs of over #5 million per annum.
In summary, our calibration business is performing well with stable revenues and
improving profits, whilst our rental businesses appear to have stabilised at
total revenue of #3.5 million per month. We will continue to refine our strategy
for Livingston to maximise shareholder value in light of the challenging market
conditions which it faces. Considerable action has already been taken to reduce
the cost base throughout Livingston and the business is positioned to return to
profitability without requiring an improvement in market conditions.
Financial review
Group sales increased by 4% to #178.8 million, after taking into account the
acquisition of KNS on 1 April 2003 (#4.4 million). This reflects an increase of
6% in continental Europe and 1% in the UK. Our sales split is now 65% (2002
64%) from the continent and 35% (2002 36%) from the UK. In BIS sales increased
by 12% to #133.9 million (including KNS) and Livingston turnover declined by 14%
to #44.9 million.
Profit before tax, goodwill and exceptional items was down 46% at #2.6 million.
Earnings per share before goodwill and exceptional items declined by 47% to
4.4p. In BIS, profit before goodwill, exceptional items and interest rose by
12% to #6.1 million and in Livingston fell from a profit of #1.4 million to a
loss of #1.7 million.
Compared to the first half of 2002 the group's interest charge has reduced by
16% to #1.8 million due mainly to the lower average net borrowings in the
period, more efficient use of cash through bank pooling arrangements and
slightly lower interest rates.
In Livingston, investment in new rental assets reduced by #3.2 million to #10.3
million (#4.9 million net of disposals). Livingston continued to reduce trade
working capital whilst the increase in BIS was mainly due to the acquisition of
KNS. Both divisions generated positive operational cash flows.
In the six month period to 30 June 2003, #5.2 million has been charged to the
accounts as an exceptional restructuring item. The majority of the cost relates
to redundancy charges. Annualised savings of approximately #5.4 million are
expected to accrue from the programme when complete.
The board has reviewed the group's hedging policy for euro denominated assets
and liabilities and has decided to change its accounting policy to denominate
goodwill as a currency asset and to take only a partial hedge against currency
net assets. This has resulted in a prior year adjustment which has increased
reserves by #1.8 million (at 30 June 2002) and #1.6 million (at 31 December
2002) and has the effect of improving loss before tax for the year ended 31
December 2002 by #0.6 million to a loss of #4.6 million.
Current trading
Market conditions for BIS remain challenging for the second half-year, but
market share gains are expected to continue which will enable the business to
offset the general slowness.
Livingston calibration is currently trading satisfactorily and prospects for the
second half are encouraging. The story on rental continues with little prospect
evident of any upturn in either telecoms or computers.
Nevertheless, the extensive cost reductions undertaken across the group will
help to protect profitability.
David Dunn
Chairman
2 September 2003
Brammer CONSOLIDATED PROFIT AND LOSS ACCOUNT
the unaudited group results for the six months
Six months to 30 June 2003 Six months Full year
Existing Exceptional Total to 30 June
before items 2002 2002
exceptional Acquired Revised Revised
items companies Total Total
#'000 #'000 #'000 #'000 #'000 #'000
Turnover 174,434 4,370 - 178,804 171,690 337,991
Cost of sales (118,201) (2,816) - (121,017) (110,000) (226,768)
Exceptional items - - (1,958) (1,958) (1,026) (3,538)
Total cost of sales (118,201) (2,816) (1,958) (122,975) (111,026) (230,306)
Gross profit 56,233 1,554 (1,958) 55,829 60,664 107,685
Selling and logistics expenses (33,437) (1,186) - (34,623) (36,033) (64,775)
Exceptional items - - (1,032) (1,032) (3,793) (3,078)
Total selling and logistics (33,437) (1,186) (1,032) (35,655) (39,826) (67,853)
expenses
Administrative expenses before (18,955) - - (18,955) (19,066) (36,287)
amortisation of goodwill
Exceptional items - - (2,215) (2,215) (2,920) (2,084)
(18,955) - (2,215) (21,170) (21,986) (38,371)
Amortisation of goodwill (1,334) (31) - (1,365) (1,194) (2,443)
Total administrative expenses (20,289) (31) (2,215) (22,535) (23,180) (40,814)
Operating profit / (loss) 2,507 337 (5,205) (2,361) (2,342) (982)
Share of associates' operating 174 - - 174 300 609
profit
Amortisation of goodwill in (17) - - (17) (30) (62)
associates
Profit / (loss) on ordinary 2,664 337 (5,205) (2,204) (2,072) (435)
activities before interest
Net interest (1,787) (2,116) (4,147)
Profit before goodwill, exceptional items and interest 4,383 6,891 10,770
Interest (1,787) (2,116) (4,147)
Profit before goodwill and exceptional items 2,596 4,775 6,623
Goodwill (1,382) (1,224) (2,505)
Exceptional items (5,205) (7,739) (8,700)
Loss on ordinary activities before tax (3,991) (4,188) (4,582)
Tax 1,143 757 1,503
Loss on ordinary activities after (2,848) (3,431) (3,079)
tax
Dividends (716) (718) (2,154)
Retained loss for the period (3,564) (4,149) (5,233)
Earnings per share
Basic before goodwill, amortisation and exceptional items 4.4p 8.3p 10.9p
Basic (6.0)p (7.2)p (6.4)p
Diluted (6.0)p (7.2)p (6.4)p
Dividend per share 1.5p 1.5p 4.5p
The above results for the current and previous years relate entirely to
continuing operations.
Brammer CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
the unaudited group statement for the six months
Six months to Full year
30 June 2003 30 June 2002 2002
Revised Revised
#'000 #'000 #'000
Loss for the period (2,848) (3,431) (3,079)
Exchange differences on foreign currency net investments 454 1,527 958
(2,394) (1,904) (2,121)
Prior year adjustment 1,579 - -
Total recognised gains and losses for the period (815) (1,904) (2,121)
Brammer CONSOLIDATED BALANCE SHEET
the unaudited group financial position as at 30 June 2003
30 June 30 June 31 December
2003 2002 2002
Revised Revised
#'000 #'000 #'000
Fixed assets
Intangible assets 49,701 45,828 45,500
Tangible assets Rental inventory 30,827 51,556 35,616
Other fixed assets 19,966 20,347 19,823
Investments Own shares 707 - -
Associates 97 1,889 2,008
101,298 119,620 102,947
Current assets
Stock 50,550 44,433 46,073
Debtors 84,434 81,716 73,788
Cash and deposits 7,879 9,487 11,869
142,863 135,636 131,730
Creditors - due within one year (110,367) (109,203) (101,548)
Net current assets 32,496 26,433 30,182
Total assets less current liabilities 133,794 146,053 133,129
Creditors - due after more than one year (74,294) (70,265) (67,899)
Provisions for liabilities and charges (3,452) - (2,855)
Net assets employed 56,048 75,788 62,375
Capital and reserves
Called up share capital 9,573 9,573 9,573
Share premium account 3,552 3,552 3,552
Shares to be issued - 14,977 3,217
Profit and loss account 42,923 47,686 46,033
Shareholders' equity 56,048 75,788 62,375
Brammer CONSOLIDATED CASH FLOW STATEMENT
the unaudited group cash flow for the six months
Six months to Full year
30 June 2003 30 June 2002 2002
Revised Revised
#'000 #'000 #'000
Loss on ordinary activities before interest (2,204) (2,072) (435)
Accrued element of exceptional items 3,018 7,346 2,855
Depreciation and impairment of tangible fixed assets 13,887 18,805 39,532
Amortisation of goodwill 1,382 1,224 2,505
Amortisation of owned shares 64 - -
16,147 25,303 44,457
Associates (174) (300) (609)
Profit / (loss) on sale of fixed assets 170 (862) 1,331
16,143 24,141 45,179
Movement in working capital excluding accrued element of (3,768) 429 6,372
exceptional items
Net cash inflow from operating activities 12,375 24,570 51,551
Returns on investments and servicing of finance
Interest received 57 85 214
Interest paid (1,760) (2,245) (5,130)
(1,703) (2,160) (4,916)
Tax (paid) / received (189) 4,455 2,382
Capital expenditure
Purchase of tangible fixed assets (12,276) (17,852) (30,332)
Sale of tangible fixed assets 6,357 12,760 16,787
(5,919) (5,092) (13,545)
Acquisitions and disposals
Purchase of subsidiaries and businesses - (79) (828)
Net cash acquired (37) 148 191
(37) 69 (637)
Investment in associate (98) - 311
Disposal of associate 378 - -
Purchase of own shares (771) - -
Deferred consideration paid - (735) (2,879)
(528) (666) (3,205)
Equity dividends paid 2 - (6,749)
Net cash inflow before management of liquid resources and 4,038 21,107 25,518
financing
Management of liquid resources
Deposits 439 (111) (559)
Financing
Repayment of loans (7,367) (11,940) (15,289)
Capital element of finance leases (75) (66) (140)
(7,442) (12,006) (15,429)
(Decrease) / increase in cash (2,965) 8,990 9,530
Brammer NOTES TO THE ACCOUNTS
1 COMPARATIVE RESULTS
Except as stated in note 5 below comparative figures for the year ended 31
December 2002 are taken from the company's statutory accounts which have been
delivered to the Registrar of Companies with an unqualified audit report. Copies
of the 2002 annual report and the 2003 interim report are available on the
company's web site (www.brammer.plc.uk).
2 SEGMENTAL ANALYSIS
Six months ended 30 June
The business analysis of turnover, loss before tax and net assets employed is as
follows
Brammer
Industrial Services Livingston Total
2003 2002 2003 2002 2003 2002
Revised Revised Revised
#'000 #'000 #'000 #'000 #'000 #'000
Turnover 133,873 119,282 44,931 52,408 178,804 171,690
Profit / (loss) before goodwill, 6,129 5,482 (1,746) 1,409 4,383 6,891
exceptional items and interest
Goodwill (1,001) (880) (381) (344) (1,382) (1,224)
Profit / (loss) before exceptional 5,128 4,602 (2,127) 1,065 3,001 5,667
items and interest
Exceptional items (5,205) (7,739)
Loss before interest (2,204) (2,072)
Interest (1,787) (2,116)
Loss before tax (3,991) (4,188)
Net operating assets excluding 63,694 61,572 35,088 50,634 98,782 112,206
goodwill
Capitalised goodwill 36,622 32,958 13,079 12,870 49,701 45,828
Deferred consideration (23,888) (3,446) (3,183) (4,713) (27,071) (8,159)
Net operating assets 76,428 91,084 44,984 58,791 121,412 149,875
Net debt (67,266) (66,663)
Dividends (2,154) (6,749)
Investment in own shares 707 -
Net tax 3,349 (675)
Net assets employed 56,048 75,788
The geographic analysis of turnover, profit before exceptional items and
interest and net operating assets is as follows
United Kingdom Other Europe Total
2003 2002 2003 2002 2003 2002
Revised Revised
#'000 #'000 #'000 #'000 #'000 #'000
Turnover 63,054 62,214 115,750 109,476 178,804 171,690
Profit before goodwill, exceptional 1,186 4,167 3,197 2,724 4,383 6,891
items and interest
Goodwill - - (1,382) (1,224) (1,382) (1,224)
Profit before exceptional items and 1,186 4,167 1,815 1,500 3,001 5,667
interest
Net operating assets excluding 36,358 30,013 62,424 82,193 98,782 112,206
goodwill
Capitalised goodwill - - 49,701 45,828 49,701 45,828
Deferred consideration - - (27,071) (8,159) (27,071) (8,159)
Net operating assets 36,358 30,013 85,054 119,862 121,412 149,875
3 ACQUISITIONS AND DISPOSALS
On 1 April 2003 the group announced the acquisition of the remaining 51%
interest in KNS Aandrijftechniek BV, a Dutch specialist industrial services
business. The consideration will be paid in two instalments on 2 January 2004
(Euro3,000,000) and 2 July 2004 (Euro2,801,635). The company was accounted for as an
associate in the period to 31 March 2003 and as a 100% owned subsidiary from 1
April 2003.
With effect from 31 May 2003 the group disposed of its 25% interest in Sociedade
de Rolamentos, SDR SA, a Portuguese specialist industrial services business, for
a cash consideration of Euro542,000. The company has been accounted for as an
associate in the group's results up to the date of disposal. The profit on sale
is not material in relation to the group as a whole and therefore has not been
separately disclosed on the profit and loss account.
On 1 April 2003 the group disposed of its interest in THF HU Kft, a Hungarian
specialist industrial services business, to Berdo Brammer for a consideration of
Euro132,000 to be settled on 1 April 2006. At the same time the group also acquired
a 49.78% interest in Berdo Brammer for a cash consideration of Euro132,000. The
company has been accounted for as an associate in the group's results.
The results for the period to the date of disposal, and the profit on sale, of
THF HU Kft are not material in relation to the group as a whole and therefore
have not been separately disclosed on the profit and loss account.
4 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Six months to Full year
30 June 2003 30 June 2002 2002
Revised
#'000 #'000 #'000
(Decrease) / increase in cash (2,965) 8,990 9,530
Cash movement from increase in debt and lease financing 7,003 12,117 15,988
and liquid resources
4,038 21,107 25,518
New finance leases (89) - -
Loans acquired (3,238) - (835)
Exchange movements (5,227) (5,449) (5,112)
Movement in net debt (4,516) 15,658 19,571
Net debt at 31 December 2002 (62,750) (82,321) (82,321)
Net debt at 30 June 2003 (67,266) (66,663) (62,750)
5 BASIS OF ACCOUNTING
Except as stated below, the interim financial statements have been prepared on
the basis of the accounting policies set out in the group's 2002 statutory
accounts.
As stated in the chairman's statement the group has changed its accounting
policy relating to the valuation of goodwill in the balance sheet. Previously
the carrying value of goodwill in respect of European subsidiaries was
denominated in sterling calculated at the exchange rate which applied at the
date of acquisition of the subsidiary. The policy now is to denominate this
goodwill in the currency of the underlying subsidiary. The comparatives have
been restated accordingly. The increase in reserves arising from this policy
change was #1,830,000 (at 30 June 2002) and #1,579,000 (at 31 December 2002).
The effect of the policy change on loss on ordinary activities before tax was to
reduce the loss for the full year 2002 by #621,000 and increase the loss for the
half year 2002 by #2,000.
The interim financial statements were approved on 2 September 2003 by a duly
appointed and authorised committee of the board and are neither audited nor
reviewed by the auditors.
6 INTERIM ANNOUNCEMENT
A copy of the interim 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, and will be posted to shareholders.
7 INTERIM DIVIDEND
Relevant dates concerning the payment of the interim dividend are
Record date 10 October 2003
Payment date 6 November 2003
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BIGDCSUGGGXB
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