Share bonanza for Brammer chiefs
REPLACEMENT parts group Brammer has allocated shares to its senior management worth £1.2m at today’s price.
The Manchester-based group, dubbed the ‘RAC of industry’ for its ability to deliver parts such as bearings and belts quickly across Europe, has awarded directors and managers thousands of shares as part of a three-year performance-related scheme.
At today’s share price of 76p chief executive Ian Fraser’s allocation of 436,860 shares is worth £332,000. His finance director Paul Thwaite has been earmarked 288,054 worth £218,921.
Eleven other managers have received a total of 950,000 shares but the company must hit a series of performance targets over the next three years for the shares to be issued.
Shares in the company are presently at a low so the holdings could be significantly more valuable in future. Last March a share was worth 290p.
Last month Brammer said it was slowing down its acquisition programme and cutting jobs due to the deteriorating economic situation.
The company employs more than 2,400 people, including 100 at its headquarters in Wythenshawe.
In the year to December 31, pre-tax profits rose 26.8% to £18.9m, while turnover was up 26% to £478.4m. Brammer raised its dividend 6.9% to 7.7p.
