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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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Admiral Group: Numis raises target price from 1425p to 1710p upgrading from add to buy. African Barrick Gold: Deutsche Bank moves target price from 180p to 190p and keeps a hold recommendation. RBC Capital takes target price from 220p to 250p and maintains an outperform rating. JP Morgan ups target

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Brammer buys Lonne from Credo Invest and Terje Lonne

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STOCKS NEWS EUROPE-UK small caps rise in line with blue chips

The FTSE small cap index, which hit a record high earlier this week, is up by 0.1 percent in early session trading, broadly in line with a 0.2 percent advance on the blue-chip FTSE 100 index. The FTSE 250 mid-cap index is down by 0.2 percent, as is the small-cap FTSE AIM All Share Index.Read more

7 Jan 2014 09:29

Brammer To Acquire Scandinavian Distribution Firm In GBP19M Deal

21 Nov 2013 09:14

Thursday broker round-up UPDATE

Aggreko: Liberum Capital initiates with a target price of 1500p and a hold recommendation. Antofagasta: UBS reduces target price from 965p to 870p and downgrades from buy to neutral. APR Energy: Liberum Capital starts with a target price of 890p and a sell recommendation. Ashtead Group: Liberum C

13 Nov 2013 13:11

Brammer Shares Drop 10% As It Posts Lower Than Expected Sales

13 Nov 2013 12:33

Wednesday broker round-up

AMEC: Credit Suisse downgrades from outperform to neutral with a target price of 1250p. Antofagasta: Alphavalue lowers target price from 1000.6p to 999.5p, while upgrading from add to buy. Associated British Foods: Credit Suisse raises target price from 1850p to 2250p and keeps a neutral rating.

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

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