Braemar Shipping Services PLC Pre-Close Trading Update and Notice of Results (7797T)
25 March 2019 - 6:00PM
UK Regulatory
TIDMBMS
RNS Number : 7797T
Braemar Shipping Services PLC
25 March 2019
25 March 2019
BRAEMAR SHIPPING SERVICES PLC
('Braemar', the 'Company' or the 'Group')
Pre-Close Trading Update
and
Notice of Results
Braemar Shipping Services plc (LSE: BMS), a leading
international provider of broking, financial, consultancy,
technical and logistics services to the shipping, marine, energy,
offshore and insurance industries, is pleased to provide a trading
update for the year ended 28 February 2019.
The Group's results for the second half of the year under review
are in line with managements' expectations and the Board expects to
report a full year underlying (before one-off and acquisition
related costs) profit before tax within the range of GBP6.8 to
GBP7.2m.
Business highlights for 2018 / 2019
-- The Shipbroking division has had a strong second half with
full year profits expected to be ahead of the market expectations
for this division.
-- Braemar Naves is expected to deliver profits somewhat lower
than the market forecast. However, the business has had an
extremely active year and built an extensive and growing pipeline
of mandated business and retainer income from both financial and
shipping clients. This augers well for the coming year, and we
believe the expectations at the time of acquisition will be
exceeded.
-- The Group's Technical division continues to experience
challenging conditions and the Board is working on a structural
change.
-- The Logistics division, Cory Brothers, has traded robustly
and is expected to deliver profits in line with market
expectations.
Braemar believes that the outlook for the year ending 29
February 2020 is positive as the Shipbroking division continues to
trade strongly, supported by performance in the Financial division
as the extensive pipeline of business materialises.
Results for the year ended 28 February 2019 will be released on
14 May 2019.
For further information, contact:
Braemar Shipping Services
James Kidwell, Chief Executive Tel +44 (0) 20 3142
4100
James Hayward, Interim
Chief Financial Officer
Stockdale Securities
Robert Finlay / Antonio Tel +44 (0) 20 7601
Bossi / Henry Willcocks 6100
Buchanan
Charles Ryland / Victoria Tel +44 (0) 20 7466
Hayns / Stephanie Watson 5000
Notes to Editors:
About Braemar Shipping Services plc
Braemar Shipping Services plc is a leading international
provider of knowledge and skill-based services to the shipping,
marine, energy, offshore and insurance industries. Founded in 1972,
Braemar employs approximately 750 people in more than 60 locations
worldwide across its Shipbroking, Technical, Logistics 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 presentations,
visit: www.braemar.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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