Business
Pre-close update: Strong trading continues
Pre-close update: Strong trading continues.
About this update from Braemar Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8266F\n Braemar Shipping Services PLC\n 24 March 2022\n \n \n \n \n THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) WHICH IS PART OF \n UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. 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 \n \n \n \n \n \n BRAEMAR SHIPPING SERVICES PLC\n \n (\"Braemar\", the \"Company\" or the \"Group\")\n 24 March 2022\n Pre-close update\n Strong trading continues\n \n Braemar Shipping Services Plc (LSE: BMS), a leading international Shipbroker and provider of expert advice in shipping investment, chartering and risk management, is pleased to give the following update to the market on trading ahead of its full year results which will be announced on Wednesday 25 May 2022. \n \n \n \n \n \n Strong results for year ended 28 February 2022\n \n \n The board is delighted with the performance of the business for the financial year and looks to the future with confidence. \n \n \n The board's strategy to scale the business, combined with the investments made over the last few years has enabled Braemar to take advantage of strong market conditions and the Group has traded well throughout the year. As a result, the board expects the final results for the financial year to be slightly above current market expectations of underlying operating profit* of £9.8m.\n \n \n The Group's strong trading, combined with the board's focus on strengthening the balance sheet will result in net debt of circa £9m at the end of the financial year falling to below £3m as at 2 March 2022 when the Group received the initial consideration for the disposal of the Group's logistics business (net debt as at 28 February 2021: £8.9m). \n \n \n On the back of this trading performance and strengthened balance sheet, the board now expects to recommend a final dividend of 4p per share making a total of 6p for the financial year (2021: 5p per share). \n \n \n \n \n \n Impact of sanctions\n \n \n The Group's compliance with sanctions put in place as a result of the Russian /Ukraine conflict is not expected to have any material effect on tr...