Update regarding publication of Full Year Results

RNS Number : 3336W

Braemar Shipping Services PLC

17 August 2022

 

17 August 2022

BRAEMAR SHIPPING SERVICES PLC

("Braemar", the "Company" or the "Group")

Update regarding publication of Full Year Results

Braemar Shipping Services Plc (LSE: BMS), a leading international Shipbroker and provider of expert advice in shipping investment, chartering and risk management services, confirms that it will announce its Full Year results for the year ended 28 February 2022 on, Tuesday 30 August 2022.

A presentation for analysts will be hosted via a conference call at 10.30 a.m. on 30 August 2022. For those wishing to join, please contact Buchanan at  [e-mail] to request details.

Nigel Payne, Chairman said:

"Over the past year and a half, the new board of Braemar has made substantial progress in laying the foundations for growth, clarifying Braemar's strategic direction and substantially increasing its profitability. Loss-making businesses have been closed, central costs have been reduced, the core shipbroking business has been expanded, the board has been strengthened, bank debt has been reduced to near zero and dividend payments have been restored on a progressive basis. These improvements have enabled Braemar to deliver strong trading results for the year ended 28 February 2022 and improve further still with exceptionally strong trading in the current financial year.

"While we can celebrate the progress that has been made in the business, we must also acknowledge that this year's accounts are being published later than would normally be the case. In summary, this delay has been caused by the auditors and the board reviewing the accuracy of certain foreign exchange and other balance sheet reserve accounts of the business.

"We are pleased to confirm that we have now largely completed our analysis of these areas covering the past three years. Some predominantly historic adjustments have been identified, but these do not have any negative impact on the underlying profitability or cashflows of the business that have been previously reported to shareholders. Indeed, the adjustments identified in fact result in an overall increase in the net assets of the balance sheets of the Group over these periods. Further details on these items will be provided as part of the Company's Full Year Results which will be published on the 30^th August 2022 where we will also provide an update on current trading.

"I trust that all stakeholders of the business will agree with me that the foundations of an accelerated growth agenda mandate a solid bedrock of accounting integrity. The board were therefore united that a review of these areas over the past three years should be carried out prior to publishing our results for the year.

"We look forward to updating stakeholders on the 30^th and we continue to look to the future with a high degree of confidence."

For further information, contact:

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

Notes to Editors:

About Braemar Shipping Services Plc

Braemar provides expert advice in shipping investment, chartering, and risk management to enable its clients to secure sustainable returns and mitigate risk in the volatile world of shipping. Our experienced brokers work in tandem with specialist professionals to form teams tailored to our customers' needs, and provide an integrated service supported by a collaborative culture.

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 and follow Braemar on LinkedIn

 

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