Brammer shows resilience in Q1 trading
BRAMMER, the industrial parts distributor to tool seller says that despite tough trading in mainland Europe its performance between January and April has been “resilient”.
The firm, whose UK distribution centre is in Wolverhampton, operates from some 300 locations in 15 countries.
It said it had increased gross margins by 1%, won four pan-European key accounts and grown market share.
Overall sales at constant currency were down 2.9% which Brammer described as a resilient performance.
With margins improving though and costs being “tightly controlled” the group declared it is on “on track” to meet our full year expectations, although a greater weighting to the second half is expected.
Sales per working day (SPWD) for the group were 2.5% below prior year. In the UK (which includes sales from Iceland, Norway and Ireland), SPWD increased by 0.8%. In continental Europe, SPWD declined by 6.7% in Germany (which includes sales from Austria), 1.7% in France, 3.6% in Spain, 2.4% in the Benelux, and by 5.5% in the rest of Europe.
Looking forward the company, which owns Coventry-based tool business Buck & Hickman, states: “Trading in the period to date supports delivery of management’s full year expectations.
“Despite the uncertain economic conditions, especially in continental Europe, the board is confident that our proven strategy of focusing on key accounts, in-sites and cross-selling will enable Brammer to continue to gain significant market share and deliver profitable growth.”
