Braemar Shipping Services plc (LSE: BMS), a leading international provider of shipbroking, financial advisory, logistics and engineering services to the shipping and energy industries, today announces its preliminary results for the year ended 29 February 2020.
- 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
SUMMARY FINANCIAL RESULTS
|Underlying Results||Reported Results|
|Operating Profit / (loss)||£9.6m||£9.1m||£6.3m||£(2.7)m|
|Profit/(Loss) for the yearBasic Earnings / (loss) per Share||£7.8m5.0p||£7.2m15.0p||£4.0m5.0p||£(27.4)m15.0p|
|Net cashflow from operationsNet Debt||10.3m20.0m||6.1m7.8m||10.3m20.0m||6.1m7.8m|
|Acquisition and disposal related expenditureOne off costs relating to Board changes||£(2.0)m£(1.3)m||£(11.1)m£(0.8)m|
|Specific item operating lossGain on revaluation of investment||£(3.3)m||£(11.8)m£0.5m|
|Finance costs associated with acquisitionsTotal Specific items before tax
|Loss from discontinued operations||£0.9m||£22.7m|
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.”