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| Date | 30 Aug 2022 |
| Time | 07:00:14 |
| Category | Trading updates |
| ID | 4712X |
30 August 2022
BRAEMAR SHIPPING SERVICES PLC
("Braemar", the "Company" or the "Group")
Trading Update
Strong trading performance and growth momentum
Braemar Shipping Services Plc (LSE: BMS), a leading international shipbroker and provider of expert advice in shipping investment, chartering and risk management services, is pleased to provide a trading update for the financial year ending 28 February 2023.
Trading during the first five months of the new financial year has been exceptionally strong. The Group continues to benefit from the increasing scale and breadth of its broking operations, which have yielded a strong rise in transaction volumes across its diversified portfolio of shipbroking services. The board believes that these increased activity levels, combined with generally favourable market conditions will yield an outturn for the current financial year ending 28 February 2023 of not less than £20m (2022: £10.1m) of underlying operating profit, very materially ahead of the board's previously upgraded expectations of £12m.
In addition to the Group's increased scale, this year's trading is also benefitting from the strength of the US Dollar in which the majority of the Group's revenues are denominated. The strength of the US Dollar is expected to contribute approximately £5m to the growth in underlying operating profit over the previous year.
James Gundy, Chief Executive Officer, said
"I am delighted with our strong trading performance this year. We are now beginning to see the benefits of streamlining the Group and focusing on our core shipbroking activities. Braemar is leaner and stronger than it was just a few years ago. Our growth strategy is delivering results and we are extending our global reach. We look forward to the future with ambition and a high degree of confidence.
"I would like to take this opportunity to thank all of the stakeholders of the Group for their support and dedication as we navigate this exciting growth journey."
For further information, contact:
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Braemar Shipping Services Plc |
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James Gundy, Group Chief Executive Officer |
Tel +44 (0) 20 3142 4100 |
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Nick Stone, Chief Financial Officer |
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Investec Bank plc |
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Gary Clarence / Harry Hargreaves / Alice King |
Tel +44 (0) 20 7597 5970 |
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Cenkos Securities plc Ben Jeynes / Max Gould (Corporate Finance) Alex Pollen / Leif Powis (Sales) |
Tel +44 (0) 20 7397 8900 |
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Rading |
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Buchanan |
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Charles Ryland / Stephanie Whitmore / Jack Devoy |
Tel +44 (0) 20 7466 5000 |
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Notes to Editors:
About Braemar Shipping Services Plc
Braemar provides expert advice in shipping investment, chartering, and risk management to enable its clients to secure sustainable returns and mitigate risk in the volatile world of shipping. Our experienced brokers work in tandem with specialist professionals to form teams tailored to our customers' needs, and provide an integrated service supported by a collaborative culture.
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 presentation, visit www.braemar.com and follow Braemar on LinkedIn