Brammer bullish after delivering another strong year
BRAMMER, the Manchester-based distributor of industrial maintenance, repair and overhaul products across Europe, has reported a strong year of progress.
Despite challenging trading in many of its territories, the company increased revenues, margins, profits and its dividend to investors in the 12 months to December 2013.
Total group revenue rose 1.9% to £651.9m as gross margins were increased 1% to 31.5%. Operating profits before exceptionals increased 6.7% to £39.8m and underlying pre-tax profits were up 4.4% to £35.4m.
In line with the strong performance and reflecting the board’s confidence in the outlook, Brammer raised is dividend 8.5% to 10.2p per share.
During the year the company grew its key account sales per working day by 8.7%. Revenue from key accounts now represents 54.6% of the group total, up from 50.% in 2012. A further 12 contracts were won during the year with total potential incremental revenues worth in excess of €100m per annum.
Chief executive Ian Fraser said: “In 2013 we continued to gain market share, driven by the provision of exceptional value and service to our customers, and further investment in our long term growth strategy.”
Looking ahead, he added: “There were some signs of improvement in our markets as the year drew to a close, and we are cautiously optimistic that this modest improvement will continue in 2014.
“The first six weeks of the New Year have continued the positive trend of the final quarter. Whilst the pace of economic recovery in Europe remains uncertain, our growth drivers will ensure we continue to perform well ahead of our markets.”
