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Brammer sees profits jump
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14 February 2012
Industrial services group Brammer posted a 41% jump in full-year pretax profit on strong demand, and said it planned to increase its final dividend.
The company also said the integration of recently acquired Buck & Hickman was proceeding according to the plan, with the market opportunity "significantly" larger than previous estimates.
"2012 will be another economically challenging year but early trading has started well and we are deriving additional benefits from the acquisition of Buck & Hickman," Chairman David Dunn said in a statement.
In September, Brammer said it would buy Buck & Hickman, a leading operator in the fragmented UK tools & general maintenance market, for 27.6 million pounds.
Brammer, a distributor of industrial maintenance, repair and overhaul products, said 2011 pretax profit was £29 million, up from £20.6 million, a year ago.
Revenue rose 22% to £571.5 million. The company plans to increase its final dividend by 27.3% to 8.4 pence.
The supplier of industrial products such as gearboxes, belts, pulleys, and bearings to the construction, metals and auto sectors also said its board chairman Dunn will not stand for re-election at the annual general meeting in May.
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