Last checked at 14 Mar 2018 11:03
BRAEMAR SHIPPING SERVICES PLC
("Braemar", the "Company" or the "Group")
14 March 2018
Pre Close Trading Update
Prior to entering its close period and ahead of the announcement of its results for the year ended 28 February 2018, 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, announces:
The Group's second half results for the year under review are expected to be significantly improved compared to the first half. The Group expects to report a full year underlying operating profit within the range £7.8m to £8.2m which is broadly in line with market expectations.
Business Highlights for 2017/18
· Technical division has returned to profitability during the second half although the market continues to be challenging
· The newly acquired Financial division, Braemar-NAVES, has delivered strong financial performance and is proving to be a good strategic fit within the Group
· Shipbroking division has traded in line with market expectation despite a weaker tanker sector
· Logistics, the smallest division, was adversely affected by a post year end settlement of £0.75m for an historic claim relating to activity in the early 2000s. The port agency market suffered a short period of low market activity though this is now returning to more normalised levels
· Net debt at 28 February 2018 (excluding acquisition related convertible debt) was c.£2m following our recent acquisitions
Braemar believes that the outlook for the year ending 28 February 2019 is favourable and the Group will benefit from the full year impact of the recent acquisitions of Braemar-NAVES and Braemar Atlantic as well as the continuing recovery of the Technical division.
Results for the year ended 28 February 2018 will be released on 15 May 2018.
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 |
Stockdale Securities | |
Robert Finlay / Antonio Bossi / Henry Willcocks | Tel +44 (0) 20 7601 6100 |
Buchanan | |
Charles Ryland / Stephanie Watson | Tel +44 (0) 20 7466 5000
|
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 850 people in more than 70 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