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Brammer Scraps Final Dividend

Brammer plc BRAM has already decided it will have to scrap its final dividend after it has been forced to go round with its begging bowl and arrange a rights issue. Third quarter group sales per working day which fell by 2% and  a reduced level of supplier support mean that quarter three produced an operating loss and a pre tax profit is not expected for the full year to 31st December. The Nordic countries appear to have been a disaster area with quarterly sales falls of 21%, 13% and 13% over the first nine months. And that is not an end to it. Margins have been impacted and further declines are expected in sales of its more profitable  products. A business review will have taken months to reach its conclusions by the time they are announced in November. Presumably that is what passes for urgent action but it is already becoming clear to senior management that what will help to solve the company’s problems will be greater focus and greater clarity and the new CEO appointed in August has been going round talking to people. Well that is very comforting.

If ever  the argument that a collapse in sterling is good for industry and commerce was exposed as economic nonsense, Brammer provides proof.

EKF Diagnostics EKF Third quarter trading has turned out to be materially higher than budget and has also exceeded market forecasts. Revenue and adjusted EBITDA for the full year are now expected to exceed current  market forecasts.

XP Power Ltd XPP  Revenue over the nine months to 30th September has risen by 13% and orders by 19%. At constant currency rates the figures are 5% and 11% respectively. The third quarter saw orders at a record £ 34.2m, almost a 50% rise on 2015’s figures, although this was  partly due to some orders being brought forwards from October.

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