Braemar Shipping Services PLC Trading Update (4712X)
August 30 2022 - 2:02AM
UK Regulatory
TIDMBMS
RNS Number : 4712X
Braemar Shipping Services PLC
30 August 2022
30 August 2022
BRAEMAR SHIPPING SERVICES PLC
("Braemar", the "Company" or the "Group")
Trading Update
Strong trading performance and growth momentum
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
provide a trading update for the financial year ending 28 February
2023.
Trading during the first five months of the new financial year
has been exceptionally strong. The Group continues to benefit from
the increasing scale and breadth of its broking operations, which
have yielded a strong rise in transaction volumes across its
diversified portfolio of shipbroking services. The board believes
that these increased activity levels, combined with generally
favourable market conditions will yield an outturn for the current
financial year ending 28 February 2023 of not less than GBP20m
(2022: GBP10.1m) of underlying operating profit, very materially
ahead of the board's previously upgraded expectations of
GBP12m.
In addition to the Group's increased scale, this year's trading
is also benefitting from the strength of the US Dollar in which the
majority of the Group's revenues are denominated. The strength of
the US Dollar is expected to contribute approximately GBP5m to the
growth in underlying operating profit over the previous year.
James Gundy, Chief Executive Officer, said
"I am delighted with our strong trading performance this year.
We are now beginning to see the benefits of streamlining the Group
and focusing on our core shipbroking activities. Braemar is leaner
and stronger than it was just a few years ago. Our growth strategy
is delivering results and we are extending our global reach. We
look forward to the future with ambition and a high degree of
confidence.
"I would like to take this opportunity to thank all of the
stakeholders of the Group for their support and dedication as we
navigate this exciting growth journey."
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 Tel +44 (0) 20 7597 5970
King
Cenkos Securities plc Tel +44 (0) 20 7397 8900
Ben Jeynes / Max Gould (Corporate Finance)
Alex Pollen / Leif Powis (Sales)
Rading
Buchanan
Charles Ryland / Stephanie Whitmore Tel +44 (0) 20 7466 5000
/ Jack Devoy
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 and follow Braemar on LinkedIn
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END
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