Improved Performance in volatile markets
Posted on: 16 June 2020
Braemar Shipping Services plc (LSE: BMS), a leading international provider of shipbroking, financial advisory, logistics and engineering services to the shipping and energy industries, has announced its preliminary results for the year ended 29 February 2020.
The full report, which can be downloaded here, highlights:
- Continued improvement in underlying performance, with a 2.5% increase in revenue and 5.5% increase in underlying operating profit
- Very strong performance for Shipbroking, well ahead of expectations
- Despite continued growth in client retainers and Group collaboration the Financial Division performance was subdued due to market conditions
- Opportunities and prospects for Financial Division continue to improve
- Logistics Division well set to be a consolidator following completion of strategic review
- Decision not to recommend a final dividend, reflecting the ongoing uncertainties surrounding COVID-19
Ronald Series, Executive Chairman of Braemar, commenting on the performance and the outlook said: “I am pleased to report that the year to 29 February 2020 was a successful one for Braemar, with the Group’s underlying performance from continuing operations during the year achieving an appreciable improvement over the previous year.
“Shipbroking delivered an excellent performance, well ahead of our expectations, with underlying operating profit of £11.7 million, up 26% over the previous year.
“We have started this year positively, particularly in Shipbroking, with current trading well supported by a strong forward order book and we look forward to the future with cautious optimism.”
This announcement contains inside information as defined under the Market Abuse Regulation (EU) No. 596/2014.
Where this announcement contains forward-looking statements, these are based on current expectations and assumptions and only relate to the date on which they are made. These statements should be treated with caution due to the inherent risks, uncertainties and assumptions underlying any such forward-looking information. The Group cautions investors that a number of factors, could cause actual results to differ materially from those expressed or implied in any forward-looking statement.
Forward-looking statements in this announcement include statements regarding the intentions, beliefs or current expectations of our Directors, officers and employees concerning, among other things, the Group’s results of operations, financial condition, liquidity, prospects, growth, strategies and the business. Neither the Group, nor any of the Directors, officers or employees, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur. Undue reliance should not be placed on these forward-looking statements. Other than in accordance with our legal and regulatory obligations, the Group undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.