Braemar Share Discussion Threads

[shalder] 22/6/2018 12:33

No nasty surprises in the trading update, have added some at this level (263)

[neilyb675] 21/6/2018 18:23

250p add time

[smicker] 21/6/2018 16:36

Brutal ex div today

[neilyb675] 24/5/2018 21:11

The Directors are recommending, for approval at the Annual General Meeting on 22 June 2018, a final dividend of 10.0 pence per share.
This dividend will be paid on 27 July 2018 to those on the register at close of business on 22 June 2018. Together with the 5.0 pence interim dividend, the Company's dividend for the year will be 15.0 pence (2017: 14.0 pence) representing an increase of 7%. The Board's stated objective remains to pay a dividend approximately covered by 1.5x earnings from underlying operations and this year's dividend cover of 1.4x is a strong step towards this.

[boonkoh] 17/5/2018 16:12

Given the trading pattern and the lack of interest in the past, it looks like someone is patiently acquiring a stake.

[ntv] 17/5/2018 07:55

bought on results day but only a small position
yield was tempting and low debt position
so now waiting for a chance to top up

[boonkoh] 16/5/2018 13:58

Any broker notes out there? I see Stockdale have updated their FY2019 forecasts. Anyone have the range of updated EPS from brokers?

[pireric] 15/5/2018 21:37

Never like the look of the FD leaving when a company has just done a series of acquisitions

Red flag in my book

[neilyb675] 15/5/2018 16:09

One in the oven, lol

[grahamburn] 15/5/2018 13:01

The RNS on her leaving seems a little ambiguous as to the reasons. The phrase "mutual decision" implies it's an amicable parting, but then not to have even an interim replacement, let alone not have started looking for a new permanent appointee looks like it's a sudden and unexpected event.

Maybe the reasons will come out in due course (ie information on her leaving package).

[topvest] 15/5/2018 12:50

Yes, looks OK. Happy to hold. FD going was a negative, and outlook a little vague. Otherwise looks OK. Hopefully steady as she goes!

[edmundshaw] 15/5/2018 10:37

Agree on all those points warranty. Very encouraging, especially after the Clarkson's warning.

[warranty] 15/5/2018 10:24

Very pleased with these results, the new acquisitions seem to be adding value already and the increase in the dividend is encouraging. With the market hopefully showing signs of recovery it could see an uptrend in the share price at last.

[speedsgh] 15/5/2018 07:51

Group Finance Director leaving...

Board Change -

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, today announces that Louise Evans, Group Finance Director, will not be standing for re-election at the Company's 2018 annual general meeting (the "AGM"). Following a mutual decision, it is expected that Louise will be leaving the Company shortly after the AGM, to pursue other interests.

Braemar will be appointing an interim Finance Director shortly, to overlap with Louise and ensure a handover. Meanwhile a search for a permanent successor will be initiated and further announcements will be made in due course...

[speedsgh] 15/5/2018 07:37

Dividend

The Directors are recommending, for approval at the Annual General Meeting on 22 June 2018, a final dividend of 10.0 pence per share.

This dividend will be paid on 27 July 2018 to those on the register at close of business on 22 June 2018. Together with the 5.0 pence interim dividend, the Company's dividend for the year will be 15.0 pence (2017: 14.0 pence) representing an increase of 7%. The Board's stated objective remains to pay a dividend approximately covered by 1.5x earnings from underlying operations and this year's dividend cover of 1.4x is a strong step towards this.

and further down the annnouncement...

The directors are recommending, for approval at the Annual General Meeting on 22 June 2018, a final dividend of 10 pence. Together with the interim dividend, the Company's dividend for the year will be 15 pence (2017: 14 pence) and represents dividend cover of 1.4x compared to underlying earnings per share.

The Board's intention remains to pay a dividend appropriately covered by earnings from underlying operations. Our target is to achieve dividend cover of 1.5 times in the medium to long term and pay interim and full year dividends in a ratio of 1:2. This was not achieved in 2016/17, due to the weak underlying performance of the Technical division during the 2nd half of the financial year, however improved underlying performance during 2017/18 has enabled us to improve this ratio.

It is important to note that we may vary this policy to ensure we have sufficient flexibility in our capital structure to make appropriate financing and investment decisions.

[speedsgh] 15/5/2018 07:33

Preliminary Results -

Financial Highlights
· 93% increase in underlying operating profit to £8.2m (2016/17: £4.2m) at the top of the previously announced range
· Revenue broadly unchanged at £133.4m (2016/17: £135.9m)
· Underlying basic EPS growth of 97% to 21.14p (2016/17: 10.72p)
· Final dividend of 10.0p, giving an increased full year dividend of 15.0p (2016/17: 14.0p). This represents increased dividend cover of 1.4
· Net debt of £2.4m at 28 February 2018 (28 February 2017: Net cash of £7.1m) following the successful acquisitions of Braemar Naves Corporate Finance GmbH and Braemar Atlantic Brokers Holdings Limited.

Business Highlights
· Technical division has returned to profitability during the second half of 2017/18 and, although new project activity has been low, we are now seeing more enquiries and tenders
· The newly acquired Financial division, Braemar-NAVES, achieved a strong financial performance ahead of expectations and is proving to be a good strategic fit within the Group. Positive synergies with other divisions are already evident
· Shipbroking division has traded in line with market expectation despite the continuing weaker tanker sector. The forward order book has strengthened by 13% to $44m (2016/17: $39m). The division has attracted a number of high value recruits in key market segments whose positive impact should be felt in the medium term
· Logistics, the smallest division, performed reasonably well despite reduced market activity. Performance for the year was adversely affected by a post year end settlement of £0.75m for an historic claim relating to activity in the early 2000s

David Moorhouse CBE, Chairman of Braemar, commenting on the results and the outlook said:

"We expect world trade and global shipping demand to continue to grow, in line with economic growth projections, notwithstanding recent political developments over trade.

At this point in the cycle, tanker freight rates are relatively low and, with the growth in the fleet, we are unlikely to see a recovery before next year. The dry bulk market has been recovering and we expect this to continue through the year. In the medium term it is quite likely that we will see an increase in demolition as new environmental legislation takes effect by 2020.

Our Financial division is expected to increase its contribution to the Group's underlying operating profits due to the full year effect of ownership and the success it is having in developing its advisory business.

We expect the Technical and Logistics divisions to continue their recent recovery trends. We wait to see what impact, if any, Brexit may have on our Logistics business over the medium term.

Overall the Group is well structured and balanced following the investments made this year and we are better equipped to reap reward through the cycle."

[speedsgh] 29/4/2018 08:51

Baltic Dry Index recovery eases global economy concerns - HTTPS://www.telegraph.co.uk/business/2018/04/28/baltic-dry-index-recovery-eases-global-economy-concerns/ The Baltic Dry Index has surged 45pc in just three weeks, easing fears that the world economy has slammed on the brakes.The index dropped off sharply from its four-year high during the first quarter of the year amid fears that buoyant global growth had hit the buffers.  But the index has started the second quarter on a stronger footing.The Baltic Dry Index is a trade indicator that measures shipping costs for commodities, tracking global trade and indicating the future direction of economic growth. It is seen as a global growth bellwether...

[pireric] 23/4/2018 20:47

Maybe, but not a fan of companies trying to acquire others when the industry is still pretty much in disarray.... balance sheet has weakened quite a bit here, which is offputting if trading does deteriorate

[boonkoh] 23/4/2018 09:06

Just reread the trading update from BMS in mid-March. Covering second half of financial year up till end of Feb 2018. Performance was good. And while outlook statement was cautious, it wasn't bearish either.Maybe Clarkson's woes are of its own making and they are just blaming the markets to cover up for their own poor execution?

[boonkoh] 23/4/2018 09:00

Definitely looks like the Clarkson share price was ahead of itself. Now back to where it was early 2017.BMS shareprice.co.uk has been trading sideways since early 2017... So no big recalibration in expectations I hope.

[edmundshaw] 23/4/2018 08:47

Even after the drop Clarksons on an underlying trailing PE of 19. They did appear very fully valued which fortunately put me off buying there. Still not convinced...

[melody9999] 23/4/2018 08:21

Happy to close out at 256p given CKN news. May buy back in lower becxause I think a lot of bad news already priced in here which was not the case at CKN.

[cwa1] 23/4/2018 08:02

Fairly ugly stuff over at Clarkson this morning.

[boonkoh] 17/4/2018 08:54

Crazy spread today. Official bid ask is 270-284p!