Unaudited interim results for the six months ended 31 August 2017

Good Momentum Sustained

Braemar Shipping Services plc (LSE: BMS), a leading international provider of broking, financial, 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 2017.


  • Shipbroking division achieved a resilient revenue performance and has maintained a strong forward order book to support full year performance.
  • The Technical division recorded an improved performance, following the programme of business restructuring. Significant new project work has commenced early in the second half of the year.
  • Logistics, our smallest division, was slightly behind prior year performance, however new contracts have come on stream in the second half of the year.
  • Acquisition of NAVES Corporate Finance GmbH (“NAVES”), a financial advisory business focussed on the maritime industry, completed on 26 September 2017. This acquisition has established a new Financial division for the Group and marks a significant milestone in Braemar’s business development.
  • Improving financial performance after a challenging end to the prior financial year
  • Revenue in the first half was £66.6 million (interim 2016/17: £70.2 million)
  • Underlying* operating profit of £2.3 million (interim 2016/17: £2.8 million), before charging one-off acquisition related expenditure of £1.8 million (interim 2016/17: £2.5 million)
  • Underlying* basic EPS of 5.39p (interim 2016/17: 7.83p)
  • Strong cash generation from operations for the period of £3.5 million (interim 2016/17: £(1.4) million)
  • Strong balance sheet with net cash of £6.4 million at 31 August 2017 (£0.7 million at 31 August 2016)
  • Interim dividend of 5.0p per share

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

“We are well placed to deliver a stronger second half business performance compared with the first half of our financial year, as Braemar’s improving momentum continues. The principal drivers of this are the continuing recovery in the Technical division following the cost saving measures taken, new project work in our engineering business and a solid pipeline of marine and adjusting business. In addition, the second half will benefit from the initial 5 month contribution from Braemar NAVES.”

“While our markets remain highly competitive and cyclical, the Group’s portfolio of businesses is much better positioned with the addition of a marine financial advisory capability and we intend to develop this alongside our existing operations. We are in line to meet our objectives for the full year.”


Underlying* Results Reported Results
H1 2017/18 H1 2016/17 FY


H1 2017/18 H1 2016/17 FY


Revenue £66.6m £70.2m £139.8m £66.6m £70.2m £139.8m
Operating Profit £2.3m £2.8m £3.5m £0.5m £0.3m £(0.3)m
Basic Earnings per Share 5.39p 7.83p 8.73p 0.18p 0.38p (1.66)p


* Underlying measures above are before non-recurring specific items, including restructuring costs and acquisition related expenditure.


Specific items

H1 2017/18 H1 2016/17 FY 2016/17

Restructuring costs



Acquisition related expenditure




Gain on sale of investment



^ Acquisition related expenditure includes £0.9m associated with the acquisition of NAVES.


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 Bossi / Henry Willcocks Tel +44 (0) 20 7601 6100
Charles Ryland / Victoria Hayns / Stephanie Watson Tel +44 (0) 20 7466 5000


Notes to Editors:


Alternative Profit Measures (“APMs”)

Braemar uses APMs as key financial indicators to assess the underlying performance of the Group.  Management considers the APMs used by the Group to better reflect business performance and provide useful information to investors and other interested parties.  Our APMs include underlying operating profit and underlying earnings per share.  Explanations of these terms and their calculation are shown in summary above and in detail in our Operating and Financial Review.


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 in more than 70 locations worldwide across its Shipbroking, Technical, Logistics and Financial 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