RNS Number:5440I
Brammer PLC
11 March 2003
FROM CITIGATE DEWE ROGERSON FOR
PRESS RELEASE Brammer
FOR IMMEDIATE RELEASE 11 March 2003
2002 PRELIMINARY RESULTS
COSTS AND CASH THE MAJOR PRIORITY
Brammer plc, the European services group, today announces preliminary results
for the year ended 31 December 2002.
Highlights
2002 2001 Increase
Turnover #338m #372m -9%
Profit before goodwill, exceptional items, #10.2m #24.4m -58%
interest and tax
Profit before goodwill, exceptional items, and #6.0m #19.3m -69%
tax
Loss on ordinary activities after tax #(3.7)m #(6.8)m +46%
Movement in net debt #19.6m #(44.1)m +144%
Net debt #(62.7)m #(82.3)m
Shareholders' equity #60.8m #78.4m
Earnings per share
Before amortisation of goodwill and exceptional 9.7p 28.1p -65%
items
Basic (7.7)p (14.3)p +46%
Diluted (7.7)p (14.3)p +46%
Dividend per share 4.5p 19.3p -77%
* Management continued to reduce costs in highly competitive and weak
markets, while maintaining its strategic focus on pan-European leadership
and the sustained ability to add value to customers
* Brammer Industrial Services made good progress in difficult markets with
market share gains arising from new national and pan-European contracts.
Sales grew 3% in the final quarter and in the first two months of 2003
* Livingston now right-sized to meet current market conditions
* Net cash inflow was #19.6 million (2001 outflow of #44.1 million)
reducing net debt to #62.7 million after exchange rate movements
David Dunn, chairman, said:
"Overall, Brammer is more stable than twelve months ago and provided our markets
reflect a similar stability during 2003, we would expect to make progress in
achieving our strategic goals in the coming year."
Enquiries: Brammer plc 020 7638 9571 (8.00am - 1.00pm)
0161 928 3363 (1.00pm - 4.30pm)
David Dunn, chairman
Ian Fraser, chief executive
Paul Thwaite, finance director
Issued: Citigate Dewe Rogerson Ltd 020 7638 9571
Martin Jackson
Anthony Kennaway
BRAMMER PLC
2002 PRELIMINARY RESULTS
Chairman's statement
Overview
2002 was one of the most difficult years in Brammer's history. In Brammer
Industrial Services we made good progress in difficult markets across Europe.
In Livingston we continued to suffer from the unprecedented decline in the
technology and telecom markets, and reduced our rental business significantly in
the expectation that improvement in these markets continues to be some way off.
Consequently cost reduction and cash production were major priorities in the
year and an exceptional charge of #8.7 million was incurred in restructuring the
business.
Group turnover for the year was down 9% at #338.0 million (2001 #372.3 million).
Turnover at Brammer Industrial Services declined just 1% to #238.8 million
whilst Livingston was 25% down at #99.1 million. Group profit before goodwill,
exceptional items and tax declined 69% to #6.0 million (2001 #19.3 million).
The loss on ordinary activities before tax but after goodwill and exceptional
items was #5.2 million (2001 #6.8 million). Earnings per share before goodwill
and exceptional items was 9.7p (2001 28.1p) but at the basic level, after
accounting for these items, was a loss of 7.7p (2001 14.3p loss). Net cash
inflow in the year, on a constant exchange rate basis, was #24.1 million. After
exchange rate movements, net cash flow was #19.6 million which compares to an
outflow of #44.1 million in 2001, reducing net debt to #62.7 million at the end
of 2002.
Strategy
Brammer's overall strategy is to deliver satisfactory returns to its
shareholders and we are deeply conscious that, as a result of the events of the
past two years, we have failed to do this.
In Brammer Industrial Services we have a high quality business and a leading
position in Europe in the markets which we cover. Our strategy is to fully
exploit this leading position through unique customer service and product
offerings. Pan-European market coverage and a wide and comprehensive product
range allow us to achieve economies of scale for the benefit of our customers,
suppliers and our shareholders. There is still a great deal of potential to
exploit in this business and we are encouraged by our growing market share and
our success to date.
In Livingston our strategy has changed from one of growth to right-sizing the
business to meet current market conditions as our primary IT and telecom rental
markets have been subjected to unprecedented declines. Our strategic priority
has been to de-risk the business as quickly as possible. Our calibration
businesses remain a dependable source of income within Livingston and the rental
businesses have been downsized and refocused on less volatile market segments.
These tasks will continue in 2003 as we endeavour to create a more predictable
and stable business capable of delivering a consistent return.
Dividend
The board recommends a final dividend of 3.0p (2001 12.6p) making a total for
the year of 4.5p (2001 19.3p). The dividend is covered 2.2 times by profit
after tax but before goodwill and exceptional items. The final dividend, if
approved, will be payable on 2 July 2003 to shareholders on the register on 30
May 2003.
Board changes
On 26 July 2002 John Cumming retired having been group finance director for 14
years. We thank John for his contribution over the years and wish him well in
his retirement. Paul Thwaite became group finance director on 30 May 2002.
In addition, on 11 March 2003, Mel Porter, the divisional director responsible
for the Livingston business, resigned from the board and will be leaving the
group. Ian Fraser, the group chief executive, has assumed direct responsibility
for Livingston.
People
On behalf of the board, I wish to thank all of our employees for their
commitment and flexibility over the last twelve months in dealing with the many
challenges in this turbulent year.
Outlook
In Brammer Industrial Services our markets remain tough, as economic conditions
throughout Europe show no signs of improvement. Nevertheless, having grown
sales per working day 3% in the last quarter of 2002 we grew 3% in the first 2
months of 2003 and are confident we can continue to gain market share through
the provision of excellence in customer service and the development of our
pan-European initiatives. Profitability improvement is aided by the fact that
our sales, distribution and administration costs in January and February 2003
were 3% or #346,000 below the corresponding period in 2002.
In Livingston our computer rental business seems to have stabilised at
approximately #2.6 million revenue per month. We do not see this recovering to
any great extent in the current year and have sized the cost base accordingly.
Our test equipment management services business is now running at a revenue of
circa #1.2 to #1.4 million per month and, despite extensive efforts to develop
our business outside of the telecom markets, we do not expect revenues to
increase until 2004. Our calibration business has proved to be more resilient
than our rental business, and has been stable for some time at #3.3 to #3.5
million per month.
Overall the group is more stable than twelve months ago and provided our markets
reflect a similar stability during 2003, we would expect to make progress in
achieving our strategic goals in the coming year.
Chief executive's review
Overview
In each division we continued to reduce costs in highly competitive and weak
markets, at the same time ensuring we maintained our strategic focus and
sustained our ability to add value to our customers.
Brammer Industrial Services
Brammer Industrial Services is the leading European supplier of technical
components and related services to the maintenance repair and operations
markets. In 2002 we extended our leadership position in the supply of bearings,
mechanical and electrical power transmission, seals, gearboxes and value added
engineering and support services. We ended the year with 1,800 employees
working in 270 locations serving 105,000 customers.
The UK saw double digit declines in sales of traditional product lines of
bearings and mechanical power transmission products, partly offset by good
growth in fluid power, tools, and industrial automation. Insites grew from 27 to
32, and a number of major contracts were won including BNFL, Rolls Royce,
Unilever, American Standard and Kerry Foods.
France benefited from the introduction of new product groups of pneumatics and
seals. New contracts were won with St Gobain, and Crown Cork and Seal. Four
more Insites were started bringing the total to five.
Germany experienced very difficult trading conditions with the machine tool
industry. Nevertheless we acted early to cut costs and headcount was reduced by
12%. New contracts were won with Kamps Bakery Group and the Berlin Public
Transportation Company.
In Spain we are the clear market leader, with revenues roughly double the next
largest player. Operating profit as a percentage of sales remained high at 11%.
Rolamentos in Portugal, where we own 25%, performed poorly.
Our Benelux business, KNS (49% owned), made good progress in 2002 in
increasingly difficult markets. We opened one Insite.
Our strategy to leverage off our European presence continued. We focused on
three areas where our pan-European organisation could bring efficiencies
* development of additional sales and market share gain by helping both
national and pan-European customers achieve efficiency savings,
* providing a pan-European distribution outlet in partnership with our
suppliers, and establishing greater purchasing power,
* capitalising on the opportunity to develop best practice across our
European operations and achieve the significant synergies available to us.
Sales development
Overall our revenue was down just 1% on a sales per working day ("SPWD") basis.
However the first half was down 3% on SPWD, whilst in the second half market
share gains arising from both national and pan-European contracts helped us grow
SPWD by 2%. At the year-end we had signed five pan-European contracts covering
over 300 locations. Revenues emanating from the 39 multi-national customers,
with whom we trade in 3 or more countries, grew by 13% as we gained more share.
These customers typically want us to be local to their plants across Europe, to
be able to supply the full range of bearings, power transmission products and
associated services, and to help them reduce their cost of acquisition by
rationalising their supplier base and providing value added services.
Supplier partnership
Our focus on achieving closer partnership with a limited number of suppliers for
each product line helped us protect gross margins in challenging markets. Our
strategy is to concentrate on our chosen product range of bearings and power
transmission products, providing a focused, relatively narrow, but deep product
range to our customers, and ensuring our ability to provide added value by both
technical product support as well as extensive supply chain advice. Our buying
power is evidenced by the fact that we now purchase over Euro125 million of
bearings per annum from a relatively small number of suppliers. This represents
more than 10% of purchases by distributors in western Europe. We are typically
the largest customer of most of our strategic suppliers, and these partners aim
to grow with us as we consolidate the European market.
European synergies
Further progress was made during 2002 in developing best practice and European
synergies. The Insite concept was further developed, and we ended the year with
32 Insites in the UK, 5 in France and 1 in Belgium. The total revenues through
Insites grew by 30% over 2001 to #11.5 million. We further developed our e-
commerce capability and, for the first time, each of our main operations can
view and order from the entire European inventory, thus providing approximately
#50 million of inventory (including associates) for our customers. In addition,
this development aided our inventory management and an increasing amount of
inventory is now sourced internally from within our European operations which
would previously have been sourced externally. Many more products are being
purchased on a European basis, providing both process cost and product cost
benefits, and we have made good progress on our supply chain project designed to
extract both inventory and logistics efficiencies.
In summary, we believe we are making market share gains by winning both national
and pan-European contracts, our gross margins are protected in difficult market
conditions through improved purchasing power and supply chain efficiencies, and
good progress has been made in establishing one Brammer Industrial Services
model across Europe.
Our goal is to be seen as local by our customers in terms of sales and technical
support, whilst, at the same time, being able to provide, more cost effectively
than our competition, the scale, support and economic benefits which derive from
being the European leader in the supply of technical components and value added
services.
Livingston
Livingston outsources the management of high technology tools, equipment and
related testing and measurement services through a range of management services,
asset management and rental programmes. Overall 2002 has been the most
difficult year in Livingston's history, with 9 of our top 10 customers
experiencing extremely difficult market conditions. We focused on reducing our
cost base and producing cash. In our rental businesses we reduced the cost base
by 35%, and produced #19.0 million of operating cash flow.
Rental inventory
We have significantly reduced our rental inventory from a gross book value of
#133.8 million at 31 December 2001 to #96.5 million at 31 December 2002 with
consequent benefits in future depreciation charges. The net book value after
depreciation and impairment provisions is #35.6 million.
Market focus
Test equipment management services
Where possible we diverted activity away from some of our traditional market
sectors which had suffered decline and sought to develop more contracts in the
aerospace, defence, and industrial electronics markets. Nevertheless, the
massive decline in rental revenues from telecom manufacturers engaged in the
installation of optical fibre networks resulted in a low utilisation of optical
test equipment. We have therefore mothballed #29.4 million of optical test
equipment and provided against this to a net value of #8.1 million, our
assessment of its current market value. The slowdown in this marketplace has
resulted in limited product development and increased utilisation life of
current technology. We expect demand for these assets to recover in 2004 and
2005.
We saw reduced benefits from our outsourcing contracts with KPN, Nortel and
Lucent. We did, however, make good progress in extending our test equipment
management contract with Thales in France, where we now have over 40,000 assets
under management.
Computer products
In our computer products rental business we further reduced our dependency on
Sun and developed new relationships with Fujitsu Siemens in the UK and extended
our relationship with IBM across the group.
We have worked hard to improve the returns and remove the financial risk from
our computer rental business. During the year our entire excess Sun computer
inventory has been disposed. We purchased #20.9 million of new inventory in
2002 (2001 #41.7 million) and have reduced inventory asset lives by between 3
and 6 months. At the same time, we have increased the required rental rates to
take account of the resulting higher depreciation costs. As a consequence, in
the last quarter of 2002, we experienced much improved financial utilisation
ratios.
In both rental businesses we have developed attractive medium term leasing
packages which will help our customers in this period of tight capital
constraints.
Calibration and measurement services
In our calibration and measurement services businesses we were able rapidly to
replace reductions in demand from our telecom customers with new business from
other sectors. Across Europe we saw a reduction in demand from telecom
customers of 43% from #13.2 million to #7.5 million. We replaced this at least
in part by increasing our revenues from defence, aerospace, and biomedical
customers by #3.5 million.
Productivity improvements
During 2002 we completed the roll out of our pan-European IT system for our
rental operations. This has enabled us to accelerate the centralisation of
financial controls, in particular in the areas of rental asset investment and
price management. We have also started to see benefits from increased
inter-company sub-rental of equipment, which will lead to better inventory
utilisation.
We have also made progress in harmonising our calibration IT systems, and have
been able to introduce better workload planning across our European branches.
This, in turn, is leading to improved operational productivity.
Financial review
Overview
Many parts of our business, particularly Brammer Industrial Services and the
calibration and management services businesses in Livingston are producing
encouraging results in difficult market conditions, however further
deterioration has been evident in Livingston's rental markets. We re-sized our
rental inventory throughout the year, reducing the gross book value of rental
inventory by 28%, generating cash and reducing net borrowings by #19.6 million.
Turnover
Our turnover has reduced by 9% in the year of which continental Europe accounted
for a 6% fall and the UK a 3% fall.
Goodwill
Goodwill in the balance sheet stands at #43.9 million at the end of the year
(2001 #44.9 million). This increased by #1.5 million of acquired goodwill in
respect of the Awexim and Britannia acquisitions and reduced by #2.5 million of
amortisation.
Profit
The result for the year was a loss on ordinary activities after tax of #3.7
million (2001 #6.8 million loss).
Group profit before goodwill, exceptional items and interest was down 58% in the
year at #10.2 million. Brammer Industrial Services was down 19% on 1% lower
turnover. Livingston made a #0.6 million loss on 25% lower turnover. Group
profit before goodwill and interest but after exceptional costs was up #0.8
million at #1.5 million.
Exceptional charges
As reported at the half year, in order to protect profitability, we have taken
decisive action to size our overheads to match current levels of revenue.
Accordingly we have taken an #8.7 million exceptional charge to cover the cost
of this restructuring and to cover losses on disposal of assets. At the year-end
we have utilised #5.8 million of this exceptional provision, reducing overhead
run-rate by 9%.
During the year we have utilised #16.0 million of the impairment provision at
the end of 2001 on losses on disposal principally in our computer products
divisions and the write downs of assets.
Trading during the year
Group turnover fell year on year, but the rate of decline has slowed. Our
underlying profit before goodwill, exceptional items, interest and tax in the
second half year was #3.3 million - 48% of the first half year. The Brammer
Industrial Services and Livingston half year split of turnover and underlying
profit was as follows
Brammer Industrial Services Livingston
First Second Full First Second Full
half half year half half year
#'m #'m #'m #'m #'m #'m
2002
Turnover 119.3 119.5 238.8 52.4 46.7 99.1
Underlying profit 5.5 5.3 10.8 1.4 (2.0) (0.6)
2001
Turnover 124.6 116.1 240.7 67.1 64.5 131.6
Underlying profit 7.9 5.4 13.3 6.7 4.4 11.1
Brammer Industrial Services' second half turnover is 3% up on second half 2001
and profit is down 1% on the comparable period. This is a good recovery
following the 4% decline in turnover and 31% decline in profit in the first half
(compared to the first half of 2001).
Livingston turnover is down 11% in the second half of 2002 compared to the first
half of 2002. This is a slowing of the decline from the 19% drop seen in the
first half 2002 against second half 2001. The #5.7 million lower turnover
results in a profit before goodwill, exceptional items, interest and tax down
#3.4 million in the second half.
Most fundamentally, the group has suffered from the heavy operational gearing
present in our rental business.
Interest
The interest charge for the year of #4.1 million reflects the reduction in net
borrowings through the year. Our profit before goodwill and exceptional items
cover of interest is 2.5x and represents an effective interest rate of 5.2%
(2001 5.7%).
Tax
The tax credit for the year of #1.5 million includes a #3.5 million refund being
tax reclaimed for prior years. We have adopted FRS 19 and fully recognised
deferred tax assets where appropriate.
Cash flow
We have reduced net debt from #82.3 million at the end of 2001 to #58.2 million
on a constant exchange rate basis (#62.7 million at closing rates) at the end of
2002. We generated #14.0 million of cash through rental asset disposals (2001
#22.2 million) and reduced rental asset purchases from #71.8 million in 2001 to
#22.7 million in 2002.
Treasury
One of our measures is "EBITDA" (earnings before interest, tax, depreciation,
amortisation and exceptional items and after associates). This reduced to #51.1
million for the year (2001 #75.0 million).
In December 2002 the group successfully concluded negotiations regarding its
banking facilities with HSBC and Royal Bank of Scotland. The new facilities are
a #60.0 million four year term loan and a #40.0 million revolving 365 day
facility convertible to a one year term loan. We are trading comfortably within
the limits of the covenants included in these facilities.
Net operating assets and financing by currency at 31 December 2002 were as
follows
Currency Net operating assets Financing Net assets employed
#'m #'m #'m
Sterling 77.6 2.0 79.6
Euro 45.9 (64.7) (18.8)
123.5 (62.7) 60.8
Taxation (2.1) 2.1 0.0
Dividends 1.4 (1.4) 0.0
Goodwill (43.9) 43.9 0.0
78.9 (18.1) 60.8
We had net borrowings of #62.7 million at 31 December 2002, equal to 1.23
EBITDA. The consolidated trading profit before goodwill, exceptional items and
interest covers the net interest payable 2.5 times, and tangible net worth is
#60.8 million. We will continue to focus on generating cash.
Brammer
Preliminary results announcement
Consolidated profit and loss account for the year ended 31 December 2002
2002 2002 2002 2001
Exceptional
items Total Total
#'000 #'000 #'000 #'000
Turnover 337,991 0 337,991 372,284
Cost of sales, including an exceptional charge of (226,768) (3,538) (230,306) (260,116)
#22.7m in 2001
Gross profit 111,223 (3,538) 107,685 112,168
Selling and logistics expenses (64,775) (3,078) (67,853) (73,152)
Administrative expenses
Before amortisation of goodwill (36,861) (2,084) (38,945) (37,946)
Amortisation of goodwill (2,490) 0 (2,490) (2,335)
Total administrative expenses (39,351) (2,084) (41,435) (40,281)
Operating profit / (loss) 7,097 (8,700) (1,603) (1,265)
Loss on termination of operations 0 0 0 (1,000)
Share of associates' operating profit 609 0 609 606
Amortisation of goodwill in associates (62) 0 (62) (61)
Profit / (loss) on ordinary activities before 7,644 (8,700) (1,056) (1,720)
interest
Net interest payable (4,147) (5,097)
Profit on ordinary activities before goodwill, exceptional items and interest 10,196 24,402
Goodwill (2,552) (2,396)
Exceptional items (8,700) (23,726)
Interest (4,147) (5,097)
Loss on ordinary activities before tax (5,203) (6,817)
Tax credit / (charge) on loss on ordinary activities 1,503 (19)
Loss on ordinary activities after tax (3,700) (6,836)
Dividends (2,154) (9,253)
Retained loss for the financial year (5,854) (16,089)
Earnings per share
Basic before goodwill amortisation and exceptional items 9.7 p 28.1 p
Basic (7.7)p (14.3)p
Diluted (7.7)p (14.3)p
Dividend per share 4.5 p 19.3 p
The above results for both years relate entirely to continuing operations.
Brammer
Consolidated statement of total recognised gains and losses for the year ended
31 December 2002
2002 2001
#'000 #'000
Loss for the financial year (3,700) (6,836)
Exchange differences on foreign currency net investments 0 (208)
Total recognised gains and losses for the period (3,700) (7,044)
Consolidated balance sheet for the year ended 31 December 2002
2002 2001
#'000 #'000
Fixed assets
Intangible assets 43,921 44,924
Tangible assets Rental inventory 35,616 59,430
Other fixed assets 19,823 21,222
Investment in associates 2,008 1,979
101,368 127,555
Current assets
Stock 46,073 45,877
Debtors 73,788 76,896
Cash and deposits 11,869 10,576
131,730 133,349
Creditors - due within one year (101,548) (95,211)
Net current assets 30,182 38,138
Total assets less current liabilities 131,550 165,693
Creditors - due after more than one year (67,899) (87,283)
Provisions for liabilities and charges (2,855) 0
Net assets employed 60,796 78,410
Capital and reserves
Called up share capital 9,573 9,573
Share premium account 3,552 3,552
Shares to be issued 3,217 14,977
Profit and loss account 44,454 50,308
Shareholders' equity 60,796 78,410
Brammer
Consolidated cash flow statement for the year ended 31 December 2002
2002 2001
#'000 #'000
Loss on ordinary activities before interest (1,056) (1,720)
Accrued element of exceptional items 2,855 0
Depreciation and impairment of tangible fixed assets 39,532 74,663
Amortisation of goodwill 2,552 2,396
43,883 75,339
Associates (609) (606)
Loss / (profit) on sale of fixed assets 1,331 (1,357)
44,605 73,376
Movement in working capital 6,372 (3,154)
Net cash inflow from operating activities 50,977 70,222
Returns on investments and servicing of finance
Interest received 214 411
Interest paid (5,130) (4,982)
(4,916) (4,571)
Tax received / (paid) 2,382 (10,985)
Capital expenditure
Purchase of tangible fixed assets (30,332) (84,674)
Sale of tangible fixed assets 16,787 22,548
(13,545) (62,126)
Acquisitions and disposals
Purchase of subsidiaries and businesses (828) (18,489)
Net cash acquired 191 (8,441)
(637) (26,930)
Repayment of loan by associate 311 0
(326) (26,930)
Deferred consideration paid (2,879) (1,047)
(3,205) (27,977)
Equity dividends paid (6,749) (9,236)
Net cash inflow / (outflow) before management
of liquid resources and financing 24,944 (44,673)
Management of liquid resources
Deposits (559) 14,075
Financing
Shares issued 0 455
(Repayment of loans) / new loans taken out (15,289) 22,479
Capital element of finance leases (140) (98)
(15,429) 22,836
Increase / (decrease) in cash 8,956 (7,762)
Cash movement from increase / (decrease) in debt and lease financing and 15,988 (36,456)
liquid resources
24,944 (44,218)
New finance leases 0 (180)
Loans acquired (835) (1,394)
Exchange movements (4,538) 1,661
Movement in net debt 19,571 (44,131)
Net debt at 31 December 2001 (82,321) (38,190)
Net debt at 31 December 2002 (62,750) (82,321)
Brammer
Notes to the accounts
1. Segmental analysis
Brammer Industrial Livingston Total
Services
2002 2001 2002 2001 2002 2001
#'000 #'000 #'000 #'000 #'000 #'000
Turnover 238,845 240,650 99,146 131,634 337,991 372,284
Profit / (loss) before goodwill, 10,839 13,310 (643) 11,092 10,196 24,402
exceptional items and interest
Exceptional items (2,045) (1,000) (6,655) (22,726) (8,700) (23,726)
Goodwill (1,864) (1,714) (688) (682) (2,552) (2,396)
Profit / (loss) before interest 6,930 10,596 (7,986) (12,316) (1,056) (1,720)
Interest (4,147) (5,097)
Loss before tax (5,203) (6,817)
Net operating assets excluding 54,274 61,057 43,047 66,546 97,321 127,603
goodwill and deferred consideration
Capitalised goodwill 32,030 32,375 11,891 12,549 43,921 44,924
Deferred consideration (15,444) (3,139) (2,983) (5,147) (18,427) (8,286)
Net operating assets 70,860 90,293 51,955 73,948 122,815 164,241
Net debt (62,750) (82,321)
Dividends (1,436) (6,031)
Net tax 2,167 2,521
Net assets employed 60,796 78,410
2. Exceptional items
The major items treated as exceptional items relate to the restructuring of the
Brammer Industrial Services and Livingston divisions (#6,280,000) and additional
net losses on sale of rental inventory and other assets (#2,206,000).
3. Preliminary announcement
A copy of the preliminary announcement is available for inspection at the
registered office of the company, Station House, Stamford New Road, Altrincham,
Cheshire, WA14 1EP and the offices of Citigate Dewe Rogerson Ltd, 3 London Wall
Buildings, London Wall, London, EC2M 5SY. It will also be available on the
company's web site, www.brammer.plc.uk, from 18 March 2003.
4. Final dividend
Relevant dates concerning the payment of the final dividend are
Annual general meeting 29 May 2003
Record date 30 May 2003
Payment date 2 July 2003
5. Statutory accounts
This preliminary announcement is not the statutory accounts. The statutory
accounts have not yet been delivered to the Registrar of Companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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