Tighter metals market hits Brammer

Industrial services group Brammer today posted a 30 per cent fall in profits for last year, hurt by declines in automotive and metals sectors, but said increased sales in the latter part of the year were continuing.

"The board is encouraged by this improvement and coupled with a reduced overhead base and strengthened balance sheet, we are cautiously optimistic for 2010," said the firm's chairman, David Dunn.

Mechanical parts supplier Brammer, which reduced overhead costs by £15.8 million annually, maintained its final dividend at 3.6p.

Adjusted pr-etax profit was £13.8 million for the year to 31 December, compared with £19.7 million last year. Revenue fell almost 11 per cent to £426.1 million. Net debt more than halved to £39.9 million, following a rights issue completed in November.