REG - Braemar Shipping - Pre-close update: Strong trading continues

BraemarAnnouncement

24/03/2022 07:01

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RNS Number : 8266F  Braemar Shipping Services PLC  24 March 2022

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BRAEMAR SHIPPING SERVICES PLC

("Braemar", the "Company" or the "Group")

24 March 2022

Pre-close update

Strong trading continues

Braemar Shipping Services Plc (LSE: BMS), a leading international Shipbroker
and provider of expert advice in shipping investment, chartering and risk
management, is pleased to give the following update to the market on trading
ahead of its full year results which will be announced on Wednesday 25 May
2022.

 

Strong results for year ended 28 February 2022

The board is delighted with the performance of the business for the financial
year and looks to the future with confidence.

The board's strategy to scale the business, combined with the investments made
over the last few years has enabled Braemar to take advantage of strong market
conditions and the Group has traded well throughout the year. As a result, the
board expects the final results for the financial year to be slightly above
current market expectations of underlying operating profit* of £9.8m.

The Group's strong trading, combined with the board's focus on strengthening
the balance sheet will result in net debt of circa £9m at the end of the
financial year falling to below £3m as at 2 March 2022 when the Group
received the initial consideration for the disposal of the Group's logistics
business (net debt as at 28 February 2021: £8.9m).

On the back of this trading performance and strengthened balance sheet, the
board now expects to recommend a final dividend of 4p per share making a total
of 6p for the financial year (2021: 5p per share).

 

Impact of sanctions

The Group's compliance with sanctions put in place as a result of the Russian
/Ukraine conflict is not expected to have any material effect on trading in
the current financial year nor does the Group have any existing material
exposure.

 

Outlook for 2022/2023

Trading at the beginning of the new financial year has started strongly with
the Group benefitting from both increased scale and generally favourable
market conditions. Following this strong start, the board looks forward to the
remainder of the new financial year with confidence and providing more detail
with the full year results.

 

*Underlying operating profit excludes specific acquisition and disposal
related items and the results of Cory Brothers which will be included in the
full year results as 'discontinued operations' due to the recent disposal.

 

 

For further information, contact:

 Braemar Shipping Services
 James Gundy, Group Chief Executive Officer                 Tel +44 (0) 20 3142 4100
 Nick Stone, Chief Financial Officer

 Investec Bank plc
 Chris Treneman / Gary Clarence / Alex Penney / Alice King  Tel +44 (0) 20 7597 5970

 Buchanan
 Charles Ryland / Stephanie Whitmore / Matilda Abraham      Tel +44 (0) 20 7466 5000

 

Notes to Editors:

 

About Braemar Shipping Services Plc

Braemar is a leading international Shipbroker and provider of expert advice in
shipping investment, chartering and risk management. Braemar employs
approximately 370 people in 14 offices worldwide.

Braemar joined the Official List of the London Stock Exchange in November 1997
and trades under the symbol BMS.

For more information, including our investor presentation,
visit www.braemar.com (http://www.braemar.com/)

 

 

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