Business
Pre Close Trading Update
Pre Close Trading Update.
About this update from Braemar Plc
[{"type":"text","content":"\n \nRNS Number : 7083H Braemar Shipping Services PLC 14 March 2018 \n\n \n \n \n \nBRAEMAR SHIPPING SERVICES PLC\n(\"Braemar\", the \"Company\" or the \"Group\")\n \n14 March 2018\nPre Close Trading Update\n \nPrior to entering its close period and ahead of the announcement of its results for the year ended 28 February 2018, Braemar Shipping Services plc (LSE: BMS), a leading international provider of broking, financial, consultancy, technical and logistics services to the shipping, marine, energy, offshore and insurance industries, announces:\n \nThe Group's second half results for the year under review are expected to be significantly improved compared to the first half. The Group expects to report a full year underlying operating profit within the range £7.8m to £8.2m which is broadly in line with market expectations. \n \nBusiness Highlights for 2017/18\n \n· Technical division has returned to profitability during the second half although the market continues to be challenging\n· The newly acquired Financial division, Braemar-NAVES, has delivered strong financial performance and is proving to be a good strategic fit within the Group\n· Shipbroking division has traded in line with market expectation despite a weaker tanker sector\n· Logistics, the smallest division, was adversely affected by a post year end settlement of £0.75m for an historic claim relating to activity in the early 2000s. The port agency market suffered a short period of low market activity though this is now returning to more normalised levels\n· Net debt at 28 February 2018 (excluding acquisition related convertible debt) was c.£2m following our recent acquisitions \n \nBraemar believes that the outlook for the year ending 28 February 2019 is favourable and the Group will benefit from the full year impact of the recent acquisitions of Braemar-NAVES and Braemar Atlantic as well as the continuing recovery of the Technical division.\n \nResults for the year ended 28 February 2018 will be released on 15 May 2018.\n \n \nFor further information, contact:\n \n\n\n\n\nBraemar Shipping Services \n\n\n\n\n\n\n\nJames Kidwell, Chief Executive\n\n\nTel +44 (0) 2...