Braemar Shipping Services PLC announces interim results

Braemar Shipping Services plc (LSE: BMS), a leading international provider of broking, consultancy, technical and other services to the shipping, marine, energy, offshore and insurance industries, today announces unaudited half-year results for the six months ended 31 August 2015.

FINANCIAL HIGHLIGHTS

• Outlook for the full year continues to be in line with the Board’s expectations
• Revenue from underlying operations in the first half up to £79.6 million (interim 2014/15: £64.5 million*)
• Increase in underlying pre-tax profit to £7.0 million before non-recurring and acquisition-related costs of £1.8 million (interim 2014/15: £3.6 million pre-tax profit before £3.3 million non-recurring and acquisition related costs*)
• Increase in underlying basic EPS** to 18.6p (interim 2014/15: 11.7p)
• Interim dividend remains unchanged at 9p per share

OPERATIONAL HIGHLIGHTS

• Shipbroking division has performed well and is significantly ahead of the same period last year, led by the continued strength of the tanker markets
• Total Shipbroking forward order book remains consistent at approximately US$56 million
• Technical division performed well, achieving a 34% increase in underlying profit growth.
• Logistics’ division performance unchanged and well set for future growth.

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

“I am pleased to report our first half results, which show a significant improvement on the prior year, demonstrating the success of our shipbroking merger to form Braemar ACM in July 2014. The Shipbroking businesses have come together well and, with the outstanding support of our clients, we have exceeded our initial expectations.”

“Our Technical and Logistics divisions continued to demonstrate organic growth and are responding positively to challenging market conditions. Both divisions are well structured to face future market demands with good development prospects.”

“The Board is confident that we are well positioned to grow our earnings in the years ahead with any volatility in the shipping market balanced by the stability created through our diversified portfolio of businesses. The Board’s expectation for the full year remains unchanged which is supported by the early indications of trading in the second half.”

For more information, including our investor presentation, dedicated investor section.

*Includes 1 month contribution from ACM Shipping Group PLC (“ACM”)
**Underlying basic EPS is defined as EPS from continuing operations before non-recurring and acquisition related costs