Braemar Shipping Services PLC Trading Update (8031L)
January 14 2016 - 2:00AM
UK Regulatory
TIDMBMS
RNS Number : 8031L
Braemar Shipping Services PLC
14 January 2016
BRAEMAR SHIPPING SERVICES PLC
("Braemar", the "Company" or the "Group")
14 January 2016
Trading Update
Good Progress achieved - On Track to Meet Objectives for the
Year
Braemar Shipping Services plc (LSE: BMS), a leading
international provider of broking, consultancy, technical and other
services to the shipping, marine, energy, offshore and insurance
industries, today issues its trading update in relation to the
period since the announcement of the interim results on 28 October
2015 to 13 January 2016:
Braemar has made encouraging progress during the period under
review and much has been achieved across each division. The success
of the Group's diversification strategy has ensured that positive
momentum continues through the Company which is on track to meet
its objectives for the year.
Our Shipbroking division continues to perform well in a fast
changing and volatile environment. We have seen strong activity in
the tanker markets driven by the increase in oil production. Our
sale and purchase business has been pleasing though, as expected,
the Dry Cargo and Offshore markets remain challenging. We continue
to ensure that we have appropriate cost structures across the desks
for the current phase of the market cycles.
Our Technical division is performing in line with expectations.
In particular, our LNG engineering business has continued to grow,
offsetting the effect of the lower exploration activity on our
offshore energy related businesses.
Our Logistics division is focused on delivery of long term
business development, with particular opportunities in
infrastructure projects and geographic expansion. While this is
unlikely to have a significant impact in the current year, we are
optimistic for the division's prospects over the longer term.
The Board remains confident that Braemar is on track to meet
market expectations for the full year.
For further information, contact:
Braemar Shipping Services
James Kidwell, Chief Executive Tel +44 (0) 20 3142
4100
Louise Evans, Finance Director Tel +44 (0) 20 3142
4100
Stockdale Securities
Robert Finlay / Antonio Tel +44 (0) 20 7601
Bossi / Henry Willcocks 6100
Buchanan
Charles Ryland / Gabriella Tel +44 (0) 20 7466
Clinkard / Stephanie Watson 5000
Notes to Editors:
About Braemar Shipping Services plc
Braemar Shipping Services plc is a leading international
provider of knowledge and skill-based services to the shipping,
marine, energy, offshore and insurance industries. Founded in 1972,
Braemar employs approximately 1,000 people in more than 70
locations worldwide across its Shipbroking, Technical and Logistics
divisions. In July 2014 Braemar merged with ACM Shipping Group
PLC.
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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