Interim Management Statement

RNS Number : 6545G

Ocean Wilsons Holdings Ld

16 May 2011

 



Ocean Wilsons Holdings Limited

Interim Management statement

Ocean Wilsons Holdings Limited today announces its interim management statement in accordance with the UK Listing Authority's Disclosure and Transparency rules. 

Our Operations

Ocean Wilsons Holdings Limited ("Ocean Wilsons") is a Bermuda based investment company and through its subsidiary, Wilson Sons Limited controls a maritime services and logistics company in Brazil.  

Results

Revenue for the three months ended 31 March 2011 was US$156.6 million up 29.0% on the comparative period in 2010 (US$121.4 million) due to growth in terminal, shipyard and logistics revenue. Terminal revenue benefitted from strong results from our oil & gas support business, Brasco and improved sales mix at our container terminals.  All the Group's sales are derived from our Brazilian operations held through Wilson Sons Limited.

Operating profit at Wilson Sons Limited for the period rose 89% to  US$27.1 million (2010: US$14.3 million) driven by higher operating margins at their terminal business and a credit of US$5.8 million for the period (2010: US$1.5 million charge) in respect of the Wilson Sons Limited share based payment expense.

Wilson Sons Limited announced today to the São Paulo Stock exchange and Luxembourg Stock Exchange their results for the first quarter ended 31 March 2011. Their full announcement is available on the Wilson Sons website (www.wilsonsons.com.br) and at the Brazilian and Luxembourg websites.

Investment Portfolio

At 30 April 2011 the investment portfolio including cash under management amounted to US$262.8 million. Capital redemptions of US$7.5 million were paid out of the investment portfolio to this company in the period. The investment portfolio represents US$7.43 (£4.45) per Ocean Wilsons share.

Wilson Sons Limited valuation

At the close of business on 10 May 2010 the Wilsons Sons Limited share price was 30.00 Brazilian Reais, resulting in a market value for the Ocean Wilsons 58.25% holding in Wilson Sons Limited of approximately US$772 million which is equivalent to US$21.84 (£13.37) per Ocean Wilsons share. 

Shareholders should be aware that in addition to Wilson Sons Limited and the investment portfolio the Group has other assets and liabilities on its Balance sheet. In the opinion of the Directors the net impact of these items would not have a material effect on the valuation of the business.

Company Contact

Keith Middleton                                   1 441 295 1309

Seymour Pierce Limited                       020 7107 8000

Guy Peters - Corporate Finance

David Banks - Corporate Broking

 

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