REG - Braemar Shipping - Update on trading and publication of FY results

BraemarAnnouncement

20/05/2022 07:00

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RNS Number : 1776M  Braemar Shipping Services PLC  20 May 2022

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BRAEMAR SHIPPING SERVICES PLC

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

20 May 2022

Update on current trading and publication of full year results for the year
ended 28 February 2022

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 confirm that it expects underlying
operating profit* for the financial year ended 28 February 2022 ("FY22") to be
in line with the board's previously upgraded expectations of at least £9.8m
(FY21: 7.7m).

 

Trading in the new financial year is strong and the Group is benefitting from
both its increased scale and the current favourable market conditions. Current
trading is well ahead of the board's previous expectations set at the start of
the new financial year, with the result that underlying operating profit for
the year ended 28 February 2023 is now expected to be not less than £12m
against existing market consensus of £10m. As a result of the strength of
current trading, positive outlook and confidence in its growth strategy, the
board now expects to recommend a final dividend of 5p per share for FY22
making a total of 7p for the financial year (FY21: 5p per share).

 

The board now expects to release its full audited results for FY22 in the
latter half of June 2022, to allow time for the Group's auditors to complete
their work including in particular the audit work on the sale of Cory Vertom
which was completed just prior to the year end. Further details of the results
publication will be provided in due course.

 

*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
 Cenkos Securities plc

 Ben Jeynes / Max Gould (Corporate Finance)                    Tel +44 020 7397 8900

 Alex Pollen / Leif Powis (Sales)

 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 360 people in 14 offices worldwide across its Shipbroking and
Financial divisions.

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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