Brammer posts record revenue for 2012

Brammer, a distributor of industrial maintenance, repair and overhaul products, posted an 11.9 per cent rise in group revenue for the year ended December 31st.

Brammer, a distributor of industrial maintenance, repair and overhaul products, posted an 11.9 per cent rise in group revenue for the year ended December 31st.

As such, group revenue hit a record £639.6m, compared to £571.5m the previous year. At constant currency total revenue grew 16.2%.

The gross margin climbed 20 basis points to 30.5%, while operating margin rose 17% to £37.2m, compared to £31.8m in 2011.

Pre-tax profit climbed 19% to £34.5m from £29.0m a year earlier.

The dividend was increased by 11.9% to 9.4p, from 8.4p the previous year, which the board said reflected its confidence in the outlook for the business.

Ian Fraser, Chief Executive said: "Driven by the provision of exceptional value and service to our customers, coupled with continued investment in our long term growth strategy, 2012 was a successful and significant year for Brammer. The group has produced substantially increased sales and profits and the acquisition of Buck & Hickman has exceeded our original expectations.

"We believe this performance again demonstrates the consistent and successful application of our proven long term strategy and the strength of our management team.

"2013 will be another economically challenging year, but our growth drivers will ensure we continue to perform well ahead of the market. Our confidence in the outlook for the business is reflected by the dividend increase."

Closing net debt increased from £35.3m to £53.8m year-on-year.

The share price rose 3.52% to 353p by 08:45.

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