Quarterly Update

RNS Number : 3786N

Ocean Wilsons Holdings Ld

18 May 2015

 

Ocean Wilsons Holdings Limited

Quarterly Update

Ocean Wilsons Holdings Limited (LSE:OCN) today announces its 1^st quarter update. 

Our Operations

Ocean Wilsons Holdings Limited ("Ocean Wilsons" or "the Group") is a Bermudian investment holding company which holds a portfolio of international investments, and through its subsidiary, Wilson Sons Limited, controls a maritime services and logistics company in Brazil.

Financial Results

Revenue of US$139.2 million for the three months ended 31 March 2015 was down 6% on the comparative period in 2014 (US$147.7 million). Increased revenue at our towage and shipyard businesses were offset by lower revenue at our terminal and logistics business.  Terminal and logistics revenue was impacted by soft volumes at both Tecon Rio Grande and Tecon Salvador, fewer dedicated logistic operations and the adverse impacts of the weaker Brazilian Real on Brazilian Real denominated revenue when converted into US Dollars. 

EBITDA at Wilson Sons Limited increased 12.5% to US$45.2 million (2014: US$40.2 million) due to improved margins at our towage, shipyard and container terminal businesses.

Capital expenditure of US$20.8 million for the period is 24% lower than prior year (2014: US$27.5 million), as 2014 included expenditure on the completion of the Tecon Salvador expansion and the Guarujá II shipyard.

The CEO of Wilson Sons Limited operations in Brazil, Cezar Baião, stated:

"The first quarter of 2015 highlights the resilience of our Maritime business in an adverse macroeconomic scenario, marked by high exchange rate fluctuation, moderate international demand and reduced industrial activity.

The significant evolution of the Towage, Offshore Vessels and Shipyard businesses is a result of the quality of the investments we have made in recent years and the benefits of having a diversified business portfolio.

In order for the Company to adapt to the new economic environment, we are making important decisions to improve operational efficiency through the optimisation of resources and processes in our organisation. Times like these reinforce the commitment shown by all of our employees in the search for greater competitiveness of the services offered to customers."

Wilson Sons Limited announced on Friday 15^th May to the São Paulo and Luxembourg Stock exchanges its results for the first quarter ended 31 March 2015. Their full announcement is available on the Wilson Sons website (www.wilsonsons.com.br) and at the Brazilian stock exchange website.

Investment Portfolio

At 30 April 2015 the investment portfolio including cash under management amounted to US$256.4 million (31 December 2014: US$251.7 million). The investment portfolio represents US$7.25 (£4.72) per Ocean Wilsons share.

Enquiries

Company Contact

Keith Middleton                                                 1 441 295 1309

Media

David Haggie                                                    020 7562 4444

Haggie Partners LLP

Cantor Fitzgerald Europe                                 020 7894 7000

Rick Thompson, David Foreman (Corporate Finance)

David Banks  (Corporate Broking)

 

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