Unaudited interim results for the six months ended 31 August 2016
FINANCIAL KEY POINTS
- Revenue in the first half was £70.2 million (interim 2015/16: £79.6 million)
- Underlying* operating profit of £1.4 million (interim 2015/16: £7.1 million), after charging one-off restructuring costs of £1.8 million (interim 2015/16: £nil)
- Underlying* basic EPS of 3.9p (interim 2015/16: 18.6p)
- Net cash of £0.7 million at 31 August 2016 (net debt of £3.1 million at 31 August 2015)
- Interim dividend remains unchanged at 9.0p per share
OPERATIONAL KEY POINTS
- Shipbroking division achieved a resilient performance in volatile conditions.
- Transaction volumes have improved and shipbroking is well placed for any upturn as it arises
- Technical division suffered from industry wide activity reductions, especially in oil and gas exploration. A programme of management change and business
- restructuring is underway to realign the division to current market conditions
- Logistics division maintained its performance and won a number of significant new contracts which are starting to bear fruit
- A restructuring programme began during the period and has already realised over £3million of annualised cost savings. We will ensure the Group is well placed to respond to prevailing market conditions.
David Moorhouse CBE, Chairman of Braemar, commenting on the results and the outlook said:
“Braemar’s divisions have worked hard in the challenging markets that we face and our senior management teams are taking difficult actions where needed to restructure our businesses to address this economic climate.”
“The Board is confident in our long term strategy to grow the business through both organic and acquisitive business development. The Board expects the underlying financial performance, excluding restructuring costs of the Group, for the full year to be in line with current market expectations following the actions we are taking to make structural changes within the Group.”
SUMMARY FINANCIAL RESULTS
Underlying* Results |
Total Results |
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H1-2016/17 |
H1-2015/16 |
H1-2016/17 |
H1-2015/16 |
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Revenue |
£70.2m |
£79.6m |
£70.2m |
£79.6m |
Operating Profit |
£1.4m |
£7.1m |
£0.3m |
£5.3m |
Earnings per Share |
3.9p |
18.9p |
0.4p |
13.3p |
* Underlying measures above are before non-recurring and acquisition related costs
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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For further information, contact: Braemar Shipping Services |
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James Kidwell, Chief Executive |
Tel +44 (0) 20 3142 4100 |
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Louise Evans, Finance Director |
Tel +44 (0) 20 3142 4100 |
Stockdale Securities |
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Robert Finlay / Antonio Bossi / Henry Willcocks |
Tel +44 (0) 20 7601 6100 |
Buchanan |
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Charles Ryland / Victoria Hayns / Stephanie Watson |
Tel +44 (0) 20 7466 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 nearly 1,000 people in more than 70 locations 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, including our investor presentation, visit www.braemar.com