16th May 2014 10:44
LONDON (Alliance News) - Brammer PLC Friday said overall sales, including its recent acquisition of Lönne Holding AS, rose 12% in the four months to April 30, compared with a year earlier, while gross margin rose 20 basis points.
The specialist distributor of industrial maintenance, repair and overhaul products said that excluding Lönne, overall sales at constant currency rose 4.6% on the corresponding period.
In January, Brammer acquired Scandinavian distribution firm Lönne Holding AS in a deal worth GBP19 million.
Brmamer said sales per working day for the group, excluding Lönne, were 4.9% above the prior year, while total sales per working day grew by 13%.
In the UK, sales per working day were broadly flat, mainly due to a small number of large customers reducing spend in the first four months of the year. Brammer said it expects growth to recover in the UK in the second half.
In continental Europe, sales per working day increased almost 8% in Germany, 2% in France, and 15% in Spain.
Looking ahead, the firm said it is on track to meet its full-year expectations although "we continue to anticipate a greater weighting to the second half reflecting momentum in the year to date".
Brammer shares were quoted down 4.6% at 468.75 pence Friday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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