REG - Braemar Shipping - Update regarding publication of Full Year Results

BraemarAnnouncement

17/08/2022 11:00

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RNS Number : 3336W  Braemar Shipping Services PLC  17 August 2022

17 August 2022

BRAEMAR SHIPPING SERVICES PLC

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

Update regarding publication of Full Year Results

Braemar Shipping Services Plc (LSE: BMS), a leading international Shipbroker
and provider of expert advice in shipping investment, chartering and risk
management services, confirms that it will announce its Full Year results for
the year ended 28 February 2022 on, Tuesday 30 August 2022.

A presentation for analysts will be hosted via a conference call at 10.30
a.m. on 30 August 2022. For those wishing to join, please contact
Buchanan at braemar@buchanan.uk.com (mailto:braemar@buchanan.uk.com) to
request details.

 

Nigel Payne, Chairman said:

 

"Over the past year and a half, the new board of Braemar has made substantial
progress in laying the foundations for growth, clarifying Braemar's strategic
direction and substantially increasing its profitability. Loss-making
businesses have been closed, central costs have been reduced, the core
shipbroking business has been expanded, the board has been strengthened, bank
debt has been reduced to near zero and dividend payments have been restored on
a progressive basis. These improvements have enabled Braemar to deliver strong
trading results for the year ended 28 February 2022 and improve further still
with exceptionally strong trading in the current financial year.

 

"While we can celebrate the progress that has been made in the business, we
must also acknowledge that this year's accounts are being published later than
would normally be the case. In summary, this delay has been caused by the
auditors and the board reviewing the accuracy of certain foreign exchange and
other balance sheet reserve accounts of the business.

 

"We are pleased to confirm that we have now largely completed our analysis of
these areas covering the past three years. Some predominantly historic
adjustments have been identified, but these do not have any negative impact on
the underlying profitability or cashflows of the business that have been
previously reported to shareholders. Indeed, the adjustments identified in
fact result in an overall increase in the net assets of the balance sheets of
the Group over these periods. Further details on these items will be provided
as part of the Company's Full Year Results which will be published on the
30(th) August 2022 where we will also provide an update on current trading.

 

"I trust that all stakeholders of the business will agree with me that the
foundations of an accelerated growth agenda mandate a solid bedrock of
accounting integrity. The board were therefore united that a review of these
areas over the past three years should be carried out prior to publishing our
results for the year.

 

"We look forward to updating stakeholders on the 30(th) and we continue to
look to the future with a high degree of confidence."

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)

 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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