Last checked at 24 Jun 2015 11:09
BRAEMAR SHIPPING SERVICES PLC
("Braemar", "the Company" or "the Group")
24 June 2015
AGM Trading Update
At the Annual General Meeting of the Company to be held at 12 Noon today, James Kidwell, the Company's Chief Executive, will make the following statement:
"During the period under review trading was in line with the Board's expectations."
Shipbroking
Trading for the three months ended 31 May 2015 in the Shipbroking division was in line with our expectations and we continue to reap the benefits of greater scale and a more cost efficient structure. The tanker markets, which are the largest part of our Shipbroking business, have continued to experience high rates and activity supported by increased worldwide oil production and refining activity. We have also been involved in concluding some good tanker and LNG secondhand sale and purchase business. The dry cargo market remains more challenging, suffering from a surplus of tonnage and a slow-down in demand and we expect the market to take some time to return to a more reasonable balance. The fall in the oil price has favoured the tanker market but has led to reduced offshore activity as exploration activity has been curtailed or deferred. Overall, the breadth of our market coverage and the strength of our teams means that Braemar is resilient in the face of changeable markets.
Technical
The performance of the Technical Services division for the three months to 31 May 2015 was ahead of the equivalent period last year and in line with our expectations. In particular, Braemar Engineering, which specialises in LNG consultancy and design performed strongly as expected, tempered by some reduction in offshore related business.
Logistics
The ship agency business started the year well as a result of buoyant tanker market activity, although this was largely offset by a slower freight forwarding performance.
Outlook
There has been little change in the markets in which we operate since we published our preliminary results statement on 19 May 2015 for the year ending 28 February 2015. The overall performance of the Group in the first quarter of the current financial year, to 31 May 2015, was in line with the Board's expectations and the outlook for the year to 29 February 2016 remains favourable.
For further information, contact:
Braemar Shipping Services | |
James Kidwell, Chief Executive | Tel +44 (0) 20 3142 4100 |
Louise Evans, Finance Director | Tel +44 (0) 20 3142 4100 |
Westhouse Securities | |
Robert Finlay / Antonio Bossi / Richard Johnson / Henry Willcocks | Tel +44 (0) 20 7601 6100
|
Buchanan | |
Charles Ryland Gabriella Clinkard | Tel +44 (0) 20 7466 5107 Tel +44 (0) 20 7466 5117 |
Notes to Editors:
About Braemar Shipping Services plc
Braemar Shipping Services plc is a leading international provider of knowledge and skill-based services to the shipping, marine, energy, offshore and insurance industries. Founded in 1972, Braemar employs approximately 1,000 people in more than 70 locations worldwide across its Shipbroking, Technical and Logistics divisions. In July 2014 Braemar merged with ACM Shipping Group PLC.
Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.
For more information, visit www.braemar.com.