13th Nov 2013 13:11
LONDON (Alliance News) - Shares in Brammer PLC dropped 10% to 450.00 pence Wednesday after it posted lower-than-expected sales due to declining manufacturing output in the Eurozone during the period July 1 to date.
Brammer is a distributor of industrial maintenance, repair and overhaul products.
The company said it had seen sales in the period of GBP220 million, which was around GBP10 million lower than it expected as manufacturing output in the Eurozone declined in July and remained flat through the third quarter. This led to trading profit contribution being around GBP3 million lower than expected, said the firm.
In October, however, the company said it had seen an improvement, suggesting modest recovery in manufacturing in some markets.
During the period, sales per working day were up 0.3% compared to the previous year as growth rates increased in Spain and the UK.
The company said that its cash flow and net debt remain in line with its expectations for the full-year.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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