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BMS Braemar Plc

262.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Braemar Plc LSE:BMS London Ordinary Share GB0000600931 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 262.50 260.00 265.00 263.00 263.00 263.00 23,174 16:35:17
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Water Transport Svcs, Nec 152.91M 4.6M 0.1396 18.84 86.59M

Braemar Shipping Services PLC AGM Trading Update (9134I)

22/06/2017 1:10pm

UK Regulatory


Braemar (LSE:BMS)
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TIDMBMS

RNS Number : 9134I

Braemar Shipping Services PLC

22 June 2017

BRAEMAR SHIPPING SERVICES PLC

("Braemar", "the Company" or "the Group")

22 June 2017

AGM Trading Update

At the Annual General Meeting of the Company to be held at 2pm today, James Kidwell, the Company's Chief Executive, will make the following statement:

I am pleased to report that, albeit against a disappointing comparative period for last year, trading profit for the Group for the first quarter of the current year to February 2018, has improved. While revenues were lower, as expected, profitability improved as the benefit of the cost savings measures taken last year were realised.

Shipbroking

Trading for the first quarter in the Shipbroking division has been good and results show a significant improvement on the prior year's equivalent performance. The tanker desk, the largest sector of Braemar's Shipbroking business, has achieved improved trading volumes despite lower freight rates. Our sale and purchase and projects desks have started the year strongly and, most pleasingly, we have concluded some significant newbuilding and long term project business which will benefit future years. The dry cargo desk has shown a marked improvement in performance reflecting its recovering market. Our Offshore desk is ahead of the prior year with some increase in activity although the offshore market remains low due to asset over-capacity.

Technical

The first quarter's performance of the Technical Services division shows a modest improvement against prior year. Solid revenue in the incident led businesses (including Loss Adjusting, Marine and Response) have offset a lower performance in Offshore and Engineering which are mainly influenced by energy related projects. However, the effect on profitability of lower project income is much reduced by the cost savings measures we took last year. Over the last few months there have been stronger signs of project related activity as evidenced by the volume of new tenders in the market. Conversion of these opportunities into income will take time, but the overall market picture is more encouraging than it was twelve months ago.

Logistics

Revenue in the Logistics division is in line with prior year equivalent although there has been some margin degradation due to the business mix.

Outlook

Whilst the improved performance at this early stage of the financial year is encouraging, our end markets remain challenging. Accordingly, the Board's expectation for the year as a whole remains unchanged. The Group is well financed with a strong balance sheet and we continue to actively seek opportunities to invest in complementary activities which will augment our service offering and deliver long term growth.

The Group will release its interim results for the six months ending 31 August 2017 on Monday 23 October 2017.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, contact:

 
 Braemar Shipping Services 
  James Kidwell, Chief Executive   Tel +44 (0) 20 3142 
                                                  4100 
  Louise Evans, Finance Director   Tel +44 (0) 20 3142 
                                                  4100 
 
 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                       5100 
 

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 850 people worldwide across its Shipbroking, Technical and Logistics divisions.

Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.

For more information, visit www.braemar.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

June 22, 2017 08:10 ET (12:10 GMT)

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