Braemar Shipping Services PLC Trading Update - ahead of expectations (0139P)
October 14 2021 - 2:00AM
UK Regulatory
TIDMBMS
RNS Number : 0139P
Braemar Shipping Services PLC
14 October 2021
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BRAEMAR SHIPPING SERVICES PLC
("Braemar", the "Company" or the "Group")
14 October 2021
Trading Update - ahead of expectations
Change of Broker and Notice of Results
Braemar Shipping Services Plc (LSE: BMS), a leading
international Shipbroker and provider of expert advice in shipping
investment, chartering, risk management and logistics services, is
pleased to make the following trading update for the current
financial year.
Further to the board's update on 22 September 2021, the new
management team continues to be encouraged by the delivery of its
growth strategy and the resulting improved performance of the
Group.
The board expects to report underlying operating profit* for the
half year to 31 August 2021 of GBP6.9m, well ahead of the prior
period (2020: GBP5.6m) as a result of the strength in depth and
diversification of the Group's shipbroking service lines, together
with the general strength in many of the Group's shipbroking
markets.
The overall trading environment for Braemar continues to be
positive and the board now expects to report underlying operating
profit* for the year to 28 February 2022 of GBP10.8m (2021:
GBP8.9m), 21% ahead of the prior period and 15% ahead of the
board's previous guidance.
Accordingly, the board now expects to announce an interim
dividend of 2p per share for the half year period to 31 August 2021
(2020: 0p per share).
Change of Broker
Braemar also announces the appointment of Investec Bank plc as
sole Corporate Broker and Financial Advisor with immediate
effect.
Notice of Interim Results
Interim results for the six months ended 31 August 2021 will be
announced on Wednesday 3 November 2021. A virtual meeting for
analysts will be held at 10.00am on the morning of the results.
Those wishing to join the briefing should contact Buchanan via
braemar@buchanan.uk.com to request the meeting details.
*Underlying operating profit excludes specific acquisition and
disposal related items but includes the operating profits of Cory
Brothers which will be included in the half year results as
'discontinued operations' in preparation for the planned joint
venture with Vertom.
For further information, contact:
Braemar Shipping Services
James Gundy, Group Chief Executive Tel +44 (0) 20 3142 4100
Officer
Nick Stone, Chief Financial Officer
Investec Bank plc
Chris Treneman / Gary Clarence / Alex Tel +44 (0) 20 7597 5970
Penney / Alice King
Buchanan
Charles Ryland / Victoria Hayns / Tel +44 (0) 20 7466 5000
Stephanie Whitmore / Matilda Abraham
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 520 people in 30 offices
worldwide across its Shipbroking, Financial and Logistics
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
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