Brake Bros plc, a leading food supplier to the catering industry in the UK and France, today announced its interim results for the six months ended 30 June 2001.
Financials:
• Turnover up 31.3% to £653.8m (2000: £497.9m)
• Like for like sales up 3.5%, with Brake France up 15%
• Operating profit* of £18.3m (2000: £20.1m)
• Pre-tax profit* of £14.0m (2000: £18.1m)
• Earnings per share* were 19.1p (2000: 24.5p)
• Interim dividend up 4% to 4.42p (2000: 4.25p)
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Operating highlights:
• Investment in chilled foodservice nearing completion
• Integration of Cearns & Brown progressing well
• Achieved number two position in France, following successful acquisitions
* Before goodwill amortisation and exceptional items.
Frank Brake, Chairman, commenting on the interim results, said:
“As largely anticipated the overall outcome for the first half of the year was down on the first half of last year. Like for like trading since the end of June has been in line with the comparable period last year reflecting the effect of Foot and Mouth disease and weakness in tourism. However, the Board is particularly encouraged by the increasing momentum in Brake France, which it expects to continue during the rest of the year.
“Historically, Brake’s business has been seasonally biased towards the end of the year. Although it is too early to make predictions, given the uncertain economic outlook, the different mix of our sales in the remaining four months and the progress we are making in our various businesses gives us confidence that we will achieve a satisfactory result for the year as a whole.”
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For further information, please contact:
Brake Bros plc on 10 September 2001: 020 7324 8888
Frank Brake, Chairman thereafter : 01233 206084
Ian Player, Chief Executive
Len Hughes, Finance Director
Golin/Harris Ludgate 020 7324 8888
Reg Hoare / Katie Hunt
