Last checked at 14 Oct 2021 07:00
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN
BRAEMAR SHIPPING SERVICES PLC
("Braemar", the "Company" or the "Group")
14 October 2021
Trading Update - ahead of expectations
Change of Broker and Notice of Results
Braemar Shipping Services Plc (LSE: BMS), a leading international Shipbroker and provider of expert advice in shipping investment, chartering, risk management and logistics services, is pleased to make the following trading update for the current financial year.
Further to the board's update on 22 September 2021, the new management team continues to be encouraged by the delivery of its growth strategy and the resulting improved performance of the Group.
The board expects to report underlying operating profit* for the half year to 31 August 2021 of £6.9m, well ahead of the prior period (2020: £5.6m) as a result of the strength in depth and diversification of the Group's shipbroking service lines, together with the general strength in many of the Group's shipbroking markets.
The overall trading environment for Braemar continues to be positive and the board now expects to report underlying operating profit* for the year to 28 February 2022 of £10.8m (2021: £8.9m), 21% ahead of the prior period and 15% ahead of the board's previous guidance.
Accordingly, the board now expects to announce an interim dividend of 2p per share for the half year period to 31 August 2021 (2020: 0p per share).
Change of Broker
Braemar also announces the appointment of Investec Bank plc as sole Corporate Broker and Financial Advisor with immediate effect.
Notice of Interim Results
Interim results for the six months ended 31 August 2021 will be announced on Wednesday 3 November 2021. A virtual meeting for analysts will be held at 10.00am on the morning of the results. Those wishing to join the briefing should contact Buchanan via braemar@buchanan.uk.com to request the meeting details.
*Underlying operating profit excludes specific acquisition and disposal related items but includes the operating profits of Cory Brothers which will be included in the half year results as 'discontinued operations' in preparation for the planned joint venture with Vertom.
For further information, contact:
Braemar Shipping Services | |
James Gundy, Group Chief Executive Officer | Tel +44 (0) 20 3142 4100 |
Nick Stone, Chief Financial Officer | |
Investec Bank plc | |
Chris Treneman / Gary Clarence / Alex Penney / Alice King | Tel +44 (0) 20 7597 5970 |
Buchanan | |
Charles Ryland / Victoria Hayns / Stephanie Whitmore / Matilda Abraham | Tel +44 (0) 20 7466 5000 |
Notes to Editors:
About Braemar Shipping Services Plc
Braemar is a leading international Shipbroker and provider of expert advice in shipping investment, chartering and risk management. Braemar employs approximately 520 people in 30 offices worldwide across its Shipbroking, Financial and Logistics 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 presentation, visit www.braemar.com