Posted on: 3 November 2021
Braemar Shipping Services Plc (LSE: BMS), a leading international Shipbroker and provider of expert advice in shipping investment, chartering, risk management and logistics services, has announced the half-year results for the six months ended 31 August 2021.
Highlights :
- Strong performance for the period, with Group refocused on core Shipbroking and corporate finance business
- 11% increase in revenue from continuing operations
- 10% increase in underlying operating profitNew strategic ambition to double the size of the Group’s core business over the next four years via organic growth and complementary, value-added acquisitions
- Balance sheet strengthened with net debt reduced by 23% to £14.7m
- Board remains confident in Group outlook
- Interim dividend of 2.0 pence per share declared, reflecting the strong cashflow and confidence in the business
James Gundy, Group Chief Executive Officer of Braemar, commenting on the Group’s growth strategy, said: “The board has focused and delivered on simplifying the Group and reducing debt, which in turn allows us to concentrate our attention on growing our core business, something we fully understand. Scale is increasingly important within the industry, and, if we are to best service the growing needs of our clients, we must continue to provide further geographical reach and push for diversification. The board believes that building scale will further strengthen our client base, counterparties, employees and shareholders, as well as allowing us to reduce the impact of cyclical markets.
“Our strategic ambition is to push towards doubling the size of the Group within four years, through organic growth and complementary, value-added acquisitions.
“I also want to thank our staff for their continued efforts in what can only be described as abnormal working conditions over the last six months.”
See here for the full announcement.
