Brammer reports record revenues

INDUSTRIAL parts group Brammer has reported record revenues of £331.3m and a near 20% increase in pre-tax profits to £17.1m.

The firm, whose UK distribution centre is in Wolverhampton, said strong organic growth was the engine behind this strong performance.

Turnover increased 20.3% to £331.1m (2011: £275.2m) for the six months ended 30 June 2012 while profit (pre amortisation and exceptional items) increased by 20.1% to £18.5m (2011: £15.4m).

Cash generated from operating activities before exceptional items increased to £6m (2011: £5.6m), which Brammer said reflected its continued focus on working capital control.

The company said its integration of the Coventry-based Buck & Hickman business is proceeding as planned and providing significant cross-selling opportunities in the European market with existing customers.

The co-location of Buck & Hickman and Brammer UK branches continues, with four branches having been co-located in the first half and a further eight scheduled for the remainder of the year.

Ian Fraser, chief executive of Brammer, said: “Looking ahead, we are pleased to report that recent trading has been encouraging and the group is well positioned for continued good progress.

“We are nonetheless mindful of economic uncertainties which prevail across Europe.”