Business
Preliminary Results 2017
Preliminary Results 2017.
About this update from Braemar Plc
[{"type":"text","content":"\n \nRNS Number : 6580E Braemar Shipping Services PLC 10 May 2017 \n\n \n \nBRAEMAR SHIPPING SERVICES PLC\n(\"Braemar\", the \"Company\" or the \"Group\")\n \n10 May 2017\n \nPreliminary results for the year ended 28 February 2017\n \nBraemar Shipping Services plc (LSE: BMS), a leading international provider of broking, consultancy, technical and other services to the shipping, marine, energy, offshore and insurance industries, today announces results for the year ended 28 February 2017.\n \n \nFINANCIAL KEY POINTS\n \n· After a challenging year, the overall results are ahead of the revised market expectations\n· Revenue of £139.8 million (2015/16: £159.1 million)\n· Underlying operating profit of £3.5 million (2015/16: £13.8 million) \n· Underlying operating profit excludes:\n• Gain on sale of shares in The Baltic Exchange of £1.7 million\n• One off business restructuring costs of £3.0 million, largely in the Technical division\n• Acquisition related expenditure of £2.5 million\n· Underlying basic EPS of 8.7p (2015/16: 34.7p)\n· Net cash of £7.1 million at 28 February 2017 (29 February 2016: £9.2 million) \n· As indicated the recommended final dividend of 5.0p per share is confirmed, giving a full year dividend of 14.0p (2015/16: 26.0p)\n \n \nOPERATIONAL KEY POINTS\n· Shipbroking division achieved a resilient performance in difficult market conditions, with increased transaction volumes in almost all areas\n· As previously announced, the Technical division suffered from an industry wide reduction in activity, especially in oil and gas exploration. A programme of business restructuring, led by a new management team, has already been completed and is expected to yield circa £6.0 million of annualised cost savings starting from 2017/18\n· Logistics division grew its Agency business significantly, winning several global contracts. In addition, we are implementing a business improvement programme in its smaller Freight Forwarding arm\n \n \n \n...