Business
Pre-Close Trading Update
Pre-Close Trading Update.
About this update from Braemar Plc
[{"type":"text","content":"\n \n \n RNS Number : 7711E\n Braemar Shipping Services PLC\n 03 March 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n 3 March 2020\n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 (\"MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN \n \n \n \n \n \n \n \n \n BRAEMAR SHIPPING SERVICES PLC\n \n \n (\"Braemar\", the \"Company\" or the \"Group\")\n \n \n Pre-Close Trading Update\n \n \n \n \n \n Braemar Shipping Services plc (LSE: BMS), a leading international provider of shipbroking, financial advisory, logistics and engineering services principally to the shipping and energy industries, is pleased to provide a trading update for the year ended 29 February 2020.\n \n \n \n \n \n Financial Year Ended 29 February 2020\n \n \n · \n The Group's trading results for the second half of the year are anticipated to be approximately in line with market expectations*.\n \n \n · \n Shipbroking had a strong second half, largely driven by strong tanker markets in the last calendar quarter of 2019 and is estimated to end the year with a forward order book approximately 15% higher than the $43m at the half year. New offices have been planned for Athens and Geneva and long term prospects for growth continue to be positive.\n \n \n · \n Advisory fees from mandated business continued to grow in the Financial Division, Braemar Naves, although there were fewer material transaction based success fees in the period just ended than had been previously anticipated.\n \n \n · \n The Logistics Division, Cory Brothers, traded in line with the previous year. A review of the strategic options available to maximise the value of this division is underway, which will include an evaluation of potential growth opportunities (both organic and by acquisition).\n \n \n · \n The Engineering Division, Wavespec, saw continuing losses, with progress delays on the LNG storage technology and further delays with current projects tied to China due to ongoing trade negotiations between the US and China. The Board is therefore reassessing the carrying value of Wavespec's assets and will address all possible alternatives to improve its performance.\n \n \n · \n The Group's associate...