Braemar Shipping Services PLC Update on trading and publication of FY results (1776M)
May 20 2022 - 2:00AM
UK Regulatory
TIDMBMS
RNS Number : 1776M
Braemar Shipping Services PLC
20 May 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
THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN
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 GBP9.8m
(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 GBP12m
against existing market consensus of GBP10m. 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 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 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
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END
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