Even for a company now used to issuing profit warnings, the trading statement posted by Brammer (BRAM) this week was unusually abject.
IC TIP:
Hold
In May, the European engineering components distributor said trading had stabilised in the first three months of this year, but that has since reversed amid a "significant slowdown in sales".
Daily sales were 3 per cent down in May and particularly weak in the UK, a trend that has continued into June. Most notably, trading has been "particularly weak" in the days immediately following the Brexit result, leading management to halve pre-tax profit expectations for the first half of 2016, to £5m.
