Braemar Shipping Services PLC Pre-close update: Strong trading continues (8266F)
March 24 2022 - 3:00AM
UK Regulatory
TIDMBMS
RNS Number : 8266F
Braemar Shipping Services PLC
24 March 2022
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE
REGULATION (EU NO. 596/2014) WHICH IS PART OF UK LAW BY VIRTUE OF
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BRAEMAR SHIPPING SERVICES PLC
("Braemar", the "Company" or the "Group")
24 March 2022
Pre-close update
Strong trading continues
Braemar Shipping Services Plc (LSE: BMS), a leading
international Shipbroker and provider of expert advice in shipping
investment, chartering and risk management, is pleased to give the
following update to the market on trading ahead of its full year
results which will be announced on Wednesday 25 May 2022.
Strong results for year ended 28 February 2022
The board is delighted with the performance of the business for
the financial year and looks to the future with confidence.
The board's strategy to scale the business, combined with the
investments made over the last few years has enabled Braemar to
take advantage of strong market conditions and the Group has traded
well throughout the year. As a result, the board expects the final
results for the financial year to be slightly above current market
expectations of underlying operating profit* of GBP9.8m.
The Group's strong trading, combined with the board's focus on
strengthening the balance sheet will result in net debt of circa
GBP9m at the end of the financial year falling to below GBP3m as at
2 March 2022 when the Group received the initial consideration for
the disposal of the Group's logistics business (net debt as at 28
February 2021: GBP8.9m).
On the back of this trading performance and strengthened balance
sheet, the board now expects to recommend a final dividend of 4p
per share making a total of 6p for the financial year (2021: 5p per
share).
Impact of sanctions
The Group's compliance with sanctions put in place as a result
of the Russian /Ukraine conflict is not expected to have any
material effect on trading in the current financial year nor does
the Group have any existing material exposure.
Outlook for 2022/2023
Trading at the beginning of the new financial year has started
strongly with the Group benefitting from both increased scale and
generally favourable market conditions. Following this strong
start, the board looks forward to the remainder of the new
financial year with confidence and providing more detail with the
full year results.
*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 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 / Stephanie Whitmore Tel +44 (0) 20 7466 5000
/ 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 370 people in 14 offices
worldwide.
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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END
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