Braemar Shipping Services PLC - London-based provider of technical expertise and professional marine and energy services - Reports "strong" trading in the last two months, with revenue higher than expected and cost levels continuing to benefit from lower company expenses due to the Covid-19 restrictions. Says as a result, 2020 underlying trading performance will be above market forecasts and underlying operating profit is expected to be at least GBP8.7 million, down from GBP9.6 million from 2019.
Adds Chair Ronald Series will step down from the board after almost two years in the position. Series says he will stay until a suitable successor has been appointed, with the search process underway and "progressing well."
"I am looking forward to completing the rationalisation of the historic divisional structure and the continuation of the growth of the Shipbroking business at the heart of Braemar's future growth strategy. I would also like to pay tribute to all of our employees who have maintained an excellent service to our clients during the unprecedented challenges caused by the Covid-19 pandemic, and I am looking forward to welcoming them back into our offices as soon as it is safe to do so," says Group Chief Executive James Gundy.
Current stock price: 232.00 pence, down 8.7% on Tuesday
Year-to-date change: up 50%
By Zoe Wickens; zoewickens@alliancenews.com
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Braemar Shipping (BMS)