Business
AGM Trading Update and Appointment of Interim CFO
AGM Trading Update and Appointment of Interim CFO.
About this update from Braemar Plc
[{"type":"text","content":"\n \nRNS Number : 2778S Braemar Shipping Services PLC 22 June 2018 \n\n \n \n \nBRAEMAR SHIPPING SERVICES PLC\n(\"Braemar\", \"the Company\" or \"the Group\")\n \n22 June 2018\n \nAGM Trading Update and Appointment of Interim CFO\nBraemar Shipping Services plc (LSE: BMS), a leading provider of broking, financial, consultancy, technical and logistics services to the shipping, marine, energy, offshore and insurance industries will make the following trading statement today at its Annual General Meeting:\n \nThe Group's overall trading performance during the first quarter of 2018/19 has been in line with the Board's expectations.\nShipbroking\nThe shipping markets are largely unchanged since the preliminary results announcement in May. Strong commodities demand continues to drive the dry bulk market, while the tanker freight market remains at below average levels. Our sale and purchase activity was supported by fleet transactions in more than one sector and has contributed to our strong forward order book.\n \nFinancial \nBraemar-NAVES has had a strong first quarter, concluding several refinancing transactions as well as providing advisory services to purchasers of shipping debt portfolios, and has traded ahead of the Board's expectations. These activities draw together several of our services and now represent a core and growing part of our business.\n \nTechnical\nTrading activity remains relatively subdued, especially in Offshore, but the level of fresh enquiries is providing encouragement.\n \nLogistics\nBraemar's port agency and hub management business has had a strong first quarter assisted by improved performances from overseas operations which are being developed. These are offset somewhat by lower freight forwarding activity.\n \nOutlook\nThe Board's expectation for the year remains unchanged and the Group as a whole is trading in line with market expectations. \n \nAppointment of Interim CFO\nWe are pleased to announce the appointment of James Hayward as Interim Chief Financial Officer. He will take over Louise Evans' responsibilities following the AGM. We have commenced our search for a permanent Group Finance Director and a further announcement will be made in due course.\n \n \nThe Group will release its interim r...