BRAM.L Share News (BRAM)

Shares in Brammer plunged over 10% on Friday, after the industrial maintenance products distributor warned first half profits will be lower.The London-listed group said it expected revenue for the first six months of 2015 to be higher than in the corresponding period last year, but profits will be hit by tough market conditions and strong currency headwinds.The company said it expected an improvement in performances in the second half of the year, driven by a cost cutting plan, which is expected to deliver savings of approximately £5m this year.Brammer said its gross margin for the first half fell 0.9% due to acquisitions and strong growth in lower margin business.In a statement released on Friday, the group said that in the four months to the end of April its total sales per working day climbed 1.8%, as it was negatively affected by strength of the sterling against the euro and Nordic currencies.In constant currencies, total sales per working day rose 8.2% in the period.Meanwhile, the group said that its continental Europe division, excluding the Nordic region where sales plunged 17%, reported steady growth, although market conditions remained challenging, while sales in the UK were flat.Brammer shares were down 12.63% to 353.83p at 10:28 on Friday.