Last checked at 25 Mar 2019 07:00
25 March 2019
BRAEMAR SHIPPING SERVICES PLC
('Braemar', the 'Company' or the 'Group')
Pre-Close Trading Update
and
Notice of Results
Braemar Shipping Services plc (LSE: BMS), a leading international provider of broking, financial, consultancy, technical and logistics services to the shipping, marine, energy, offshore and insurance industries, is pleased to provide a trading update for the year ended 28 February 2019.
The Group's results for the second half of the year under review are in line with managements' expectations and the Board expects to report a full year underlying (before one-off and acquisition related costs) profit before tax within the range of £6.8 to £7.2m.
Business highlights for 2018 / 2019
· The Shipbroking division has had a strong second half with full year profits expected to be ahead of the market expectations for this division.
· Braemar Naves is expected to deliver profits somewhat lower than the market forecast. However, the business has had an extremely active year and built an extensive and growing pipeline of mandated business and retainer income from both financial and shipping clients. This augers well for the coming year, and we believe the expectations at the time of acquisition will be exceeded.
· The Group's Technical division continues to experience challenging conditions and the Board is working on a structural change.
· The Logistics division, Cory Brothers, has traded robustly and is expected to deliver profits in line with market expectations.
Braemar believes that the outlook for the year ending 29 February 2020 is positive as the Shipbroking division continues to trade strongly, supported by performance in the Financial division as the extensive pipeline of business materialises.
Results for the year ended 28 February 2019 will be released on 14 May 2019.
For further information, contact:
Braemar Shipping Services |
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James Kidwell, Chief Executive | Tel +44 (0) 20 3142 4100 |
James Hayward, Interim Chief Financial Officer |
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Stockdale Securities |
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Robert Finlay / Antonio Bossi / Henry Willcocks | Tel +44 (0) 20 7601 6100 |
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Buchanan |
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Charles Ryland / Victoria Hayns / Stephanie Watson | Tel +44 (0) 20 7466 5000
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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 750 people in more than 60 locations worldwide across its Shipbroking, Technical, Logistics 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 presentations, visit: www.braemar.com