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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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20 Mar 2018 13:51

Surface Coatings Maker Hardide Appoints Two New Board Members

LONDON (Alliance News) - Hardide PLC said Tuesday that it has appointed Tim Rice and Charles Irving-Swift non-executive directors of the surface coating firm amid the of Jan -

23 Jan 2017 12:20

EU mergers and takeovers (Jan 23)

BRUSSELS, Jan 23 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- Private equity investor Advent International Corp to acquire industrial parts maker Brammer (approved Jan. 20)

23 Dec 2016 14:59

EU mergers and takeovers (Dec 23)

BRUSSELS, Dec 23 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- Private equity firms Cinven, Permira and Mid Europa to acquire Polish e-commerce business Allegro and Polish price co

23 Nov 2016 11:56

LONDON MARKET MIDDAY: Estate Agents Sold Ahead Of UK Autumn Statement

23 Nov 2016 08:40

Advent International to buy Brammer for £221.5m

(ShareCast News) - Industrial supplies and services distributor Brammer has agreed to be bought by US private equity firm Advent International for 165p in cash per share, or around £221.5m. The price represents a premium of approximately 69.2% to Brammer's closing price on Tuesday. The company said

19 Oct 2016 16:19

Brammer Executive Director Ashmore Steps Down, Replaced By Rogers

7 Oct 2016 16:05

LONDON MARKET CLOSE: December US Rate Hike Still On Despite Jobs Miss

7 Oct 2016 08:28

Brammer shares plummet as company 'lacks focus'

(ShareCast News) - Industrial supplies and services distributor Brammer issued an update on its trading and financial position on Friday, reporting group sales per working day at constant currency as down 2% in the third quarter. The London-listed firm said UK sales per working day were down 1% agai

4 Aug 2016 14:56

Brammer scraps dividend as it swings to loss

(ShareCast News) - Brammer scrapped its dividend on Thursday as it said it swung to a loss in the first half. For the six months to the end of June, the company made a loss of £13.9m compared to a profit of £9.1m in the first half of 2015 despite a nudge up in sales to £372.3m from £365.6m. The gro

6 Jul 2016 11:54

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BRAM.L Share News (BRAM)

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

Surface Coatings Maker Hardide Appoints Two New Board Members

EU mergers and takeovers (Jan 23)

EU mergers and takeovers (Dec 23)

LONDON MARKET MIDDAY: Estate Agents Sold Ahead Of UK Autumn Statement

Advent International to buy Brammer for £221.5m

Brammer Executive Director Ashmore Steps Down, Replaced By Rogers

LONDON MARKET CLOSE: December US Rate Hike Still On Despite Jobs Miss

Brammer shares plummet as company 'lacks focus'

Brammer scraps dividend as it swings to loss

Brammer Chief Executive Of 18 Years To Step Down After Profit Warning

UK Dividends Calendar - Next 7 Days

LONDON MARKET CLOSE: FTSE 100 Recoups All Post-Referendum Losses

LONDON MARKET MIDDAY: Political Stalling Creates Stability For Markets

WINNERS & LOSERS SUMMARY: Investors Hammer Brammer For Profit Warning

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