Update on trading and publication of FY results

RNS Number : 1776M

Braemar Shipping Services PLC

20 May 2022

 

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")

20 May 2022

Update on current trading and publication of full year results for the year ended 28 February 2022

Braemar Shipping Services Plc (LSE: BMS), a leading international Shipbroker and provider of expert advice in shipping investment, chartering and risk management services, is pleased to confirm that it expects underlying operating profit* for the financial year ended 28 February 2022 ("FY22") to be in line with the board's previously upgraded expectations of at least £9.8m (FY21: 7.7m).

Trading in the new financial year is strong and the Group is benefitting from both its increased scale and the current favourable market conditions. Current trading is well ahead of the board's previous expectations set at the start of the new financial year, with the result that underlying operating profit for the year ended 28 February 2023 is now expected to be not less than £12m against existing market consensus of £10m. As a result of the strength of current trading, positive outlook and confidence in its growth strategy, the board now expects to recommend a final dividend of 5p per share for FY22 making a total of 7p for the financial year (FY21: 5p per share).

The board now expects to release its full audited results for FY22 in the latter half of June 2022, to allow time for the Group's auditors to complete their work including in particular the audit work on the sale of Cory Vertom which was completed just prior to the year end. Further details of the results publication will be provided in due course.

* Underlying operating profit excludes specific acquisition and disposal related items and the results of Cory Brothers which will be included in the full year results as 'discontinued operations' due to the recent disposal.  

For further information, contact:

Braemar Shipping Services
James Gundy, Group Chief Executive Officer		Tel [phone]
Nick Stone, Chief Financial Officer
Cenkos Securities plc Ben Jeynes / Max Gould (Corporate Finance) Alex Pollen / Leif Powis (Sales)		Tel [phone]
Investec Bank plc
Chris Treneman / Gary Clarence / Alex Penney / Alice King		Tel [phone]
Buchanan
Charles Ryland / Stephanie Whitmore / Matilda Abraham		Tel [phone]

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 360 people in 14 offices worldwide across its Shipbroking 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 presentation, visit www.braemar.com

 

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