REG - Braemar Shipping - Trading Update

BraemarAnnouncement

30/08/2022 07:16

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RNS Number : 4712X  Braemar Shipping Services PLC  30 August 2022

30 August 2022

BRAEMAR SHIPPING SERVICES PLC

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

Trading Update

Strong trading performance and growth momentum

 

Braemar Shipping Services Plc (LSE: BMS), a leading international shipbroker
and provider of expert advice in shipping investment, chartering and risk
management services, is pleased to provide a trading update for the financial
year ending 28 February 2023.

 

Trading during the first five months of the new financial year has been
exceptionally strong. The Group continues to benefit from the increasing scale
and breadth of its broking operations, which have yielded a strong rise in
transaction volumes across its diversified portfolio of shipbroking services.
The board believes that these increased activity levels, combined with
generally favourable market conditions will yield an outturn for the current
financial year ending 28 February 2023 of not less than £20m (2022: £10.1m)
of underlying operating profit, very materially ahead of the board's
previously upgraded expectations of £12m.

 

In addition to the Group's increased scale, this year's trading is also
benefitting from the strength of the US Dollar in which the majority of the
Group's revenues are denominated. The strength of the US Dollar is expected to
contribute approximately £5m to the growth in underlying operating profit
over the previous year.

 

James Gundy, Chief Executive Officer, said

 

"I am delighted with our strong trading performance this year. We are now
beginning to see the benefits of streamlining the Group and focusing on our
core shipbroking activities. Braemar is leaner and stronger than it was just a
few years ago. Our growth strategy is delivering results and we are extending
our global reach. We look forward to the future with ambition and a high
degree of confidence.

 

"I would like to take this opportunity to thank all of the stakeholders of the
Group for their support and dedication as we navigate this exciting growth
journey."

 

 

 

 

 

For further information, contact:

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

 Investec Bank plc
 Gary Clarence / Harry Hargreaves / Alice King             Tel +44 (0) 20 7597 5970

 Cenkos Securities plc

 Ben Jeynes / Max Gould (Corporate Finance)                Tel +44 (0) 20 7397 8900

 Alex Pollen / Leif Powis (Sales)
 Rading

 Buchanan
 Charles Ryland / Stephanie Whitmore / Jack Devoy          Tel +44 (0) 20 7466 5000

 

Notes to Editors:

About Braemar Shipping Services Plc

Braemar provides expert advice in shipping investment, chartering, and risk
management to enable its clients to secure sustainable returns and mitigate
risk in the volatile world of shipping. Our experienced brokers work in tandem
with specialist professionals to form teams tailored to our customers' needs,
and provide an integrated service supported by a collaborative culture.

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/) and follow Braemar on
LinkedIn (https://www.linkedin.com/company/braemar-ltd)

 

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