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Brammer hits 14-year low after warning on profit, dividend and covenants

Wed, 29th Jun 2016 12:22

(ShareCast News) - Industrial products distributor Brammer has warned it will be close to breaking its debt covenents and is reviewing whether to pay an interim dividend as profits for the year are likely to fall short of expectations.A significant slowdown in sales in May and June has not reversed, with a "particularly weak" performance since the Brexit vote result.Underlying profit margins in May and June so far have been down against the previous year, with underlying margin for the first-half expected to be slightly ahead of the prior year.Group adjusted pre-tax profit in half year to end-June are now expected to be roughly £5m, which is below target, after the impact of lower rebate levels from reduced sales and stock reduction.As a result of the smaller profits, Brammer said it will be close to its net debt/EBITDA bank covenant at the period end."In the light of current market conditions, we are reviewing the group's trading outlook for the year as a whole, and the UK in particular - where recovery plans are still at an early stage," the company said in a statement."We are taking measures to improve profitability and strengthen the group's balance sheet. Our stock reduction programme continues to make progress and is still expected to deliver a £30m reduction by the end of September 2016."Brammer shares lost more than half their value, dipping below 60p just afetr midday on Wednesday, their lowest level since 2002.
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9 Apr 2014 09:21

Brammer 1st Quarter Improves; Raising GBP53.7 Million In Placing

LONDON (Alliance News) - Brammer PLC said revenues were up in the first quarter of the financial year, boosted by its recent Scandinavian acquisition, and it intends to raise roughly GBP53.7 million in a share placing to provide funds to use for bolt-on acquisitions. The specialist distribu

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9 Apr 2014 09:09

Wednesday broker round-up UPDATE

Aberdeen Asset Management: RBC Capital moves target price from 485p to 495p and maintains an outperform rating. African Barrick Gold: Deutsche Bank upgrades to buy with a target price of 310p. African Minerals: Investec reduces target price from 241p to 198p and leaves its buy recommendation uncha

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9 Apr 2014 08:02

CORRECT: UK MORNING BRIEFING: Rolls-Royce Secures New US Defense Contract

(Correcting the name of the Australian company acquired by Ladbrokes last year.) LONDON (Alliance News) - UK shares have opened higher Wednesday after two days of losses, following a firm close on Wall Street Tuesday.

Among corporate newsmakers at the open, Rolls-Royce

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9 Apr 2014 07:34

UK MORNING BRIEFING: Rolls-Royce Secures New US Defense Contract

LONDON (Alliance News) - UK shares have opened higher Wednesday after two days of losses, following a firm close on Wall Street Tuesday.

Among corporate newsmakers at the open, Rolls-Royce Holdings PLC said it has won a USD100 million contract from the US Department

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31 Mar 2014 15:12

DIRECTOR DEALINGS: Brammer Business Integration Director Buys Shares

LONDON (Alliance News) - Brammer PLC Monday said its Business Integration Director Nigel Trend bought 4,238 shares in the company into his share incentive plan at a price of 492.64 pence per share on Thursday. The industrial maintenance company said Trend then bought 3,046 shares in the com

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28 Mar 2014 15:17

DIRECTOR DEALINGS: Brammer Executive Sells 12,000 Shares

LONDON (Alliance News) - Brammer PLC Friday said a person connected to Neil Rogers, managing director of its Spanish operation, sold 12,000 shares at a price of 485.00 pence per share. Following this transaction, Rogers now holds an interest in 271,575 shares representing 0.23% of the issu

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26 Mar 2014 12:10

DIRECTOR DEALINGS: Brammer Manager Buys Shares

LONDON (Alliance News) - Brammer PLC Wednesday said Business Integration Director Nigel Trend purchased 3,997 shares at a price of 477.625 pence per share. Following this transaction, Trend holds 103,997 shares in total. Brammer shares were down 0.4% at 486.25 pence Wednesday. B

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21 Mar 2014 17:46

DIRECTOR DEALINGS: Brammer Managers Exercise Share Options

LONDON (Alliance News) - Brammer PLC Friday said Managing Directors Neil Rogers and Jochen Diehm exercised options over 22,142 shares and 21,885 shares, respectively. Rogers sold all the shares at 486.5 pence each and Diehm sold 15,402 shares at the same price. The company also said Busines

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17 Mar 2014 14:53

DIRECTOR DEALINGS: Brammer Managing Director Buys Shares

LONDON (Alliance News) - Brammer PLC Monday said Managing Director Julien Monteiro bought 2,515 shares at a price of 487 pence per share. Following this transaction, Monteiro's total interest in the issued share capital has increased to 8,310 shares representing 0.0007% of the issued share

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12 Mar 2014 14:29

DIRECTOR DEALINGS: Brammer Company Secretary Buys Shares

LONDON (Alliance News) - Brammer PLC Wednesday said company secretary Steven Hodkinson purchased 311 shares into his SIPP at a price of 487.625 pence per share. Following this transaction, Hodkinson's total interest in the issued share capital of the company has increased to 22,340 shares o

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25 Feb 2014 16:29

DIRECTOR DEALINGS: Brammer Executives Purchase Shares

LONDON (Alliance News) - Brammer PLC Tuesday said Finance Director Paul Thwaite bought 13,933 shares for his ISA at a price of 470p per share. Following this transaction, Thwaite's total interest in the issued share capital has increased to one million shares, representing 0.8803% of the is

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18 Feb 2014 11:13

Brammer Reports Profit Growth As It Eyes Acquisition Opportunities

LONDON (Alliance News) - Brammer PLC Tuesday said last year's pretax profit rose by 25% as it delivered a, "resilient and robust performance" despite difficult market conditions across Europe. But challenging markets mean that many of Brammer's competitors are finding business "increasingly

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18 Feb 2014 07:46

Tuesday broker round-up UPDATE

Aeorema Communications: Cantor Fitzgerald initiates with a target price of 90p and a buy recommendation. Aquarius Platinum: Investec shifts target price from 36p to 41p upgrading from sell to hold. Barclays: Jefferies shaves target price from 364p to 360p and keeps a buy recommendation. Brammer:

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18 Feb 2014 06:12

UK Earnings, Trading Statements Calendar - Week Ahead

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17 Feb 2014 16:16

UK Earnings, Trading Statements Calendar - Week Ahead

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