Preliminary
Results
Year ended 28 February 2021
Braemar Refocused
A NEW STRATEGY CENTRED ON SHIPBROKING | 1 | |
Braemar has a new leadership team & new direction
CEO James Gundy
Refocusing on core Shipbroking
- Strong track record of growth over last five years
Streamlined business | Balance Sheet Strengthened | |
structure set for future | -- Net bank debt down 56% | |
growth | ||
JUNE 2021
A NEW STRATEGY CENTRED ON SHIPBROKING | 2 | |
FY2021 - An unprecedented year
Robust performance in face of Covid disruption and global trade slow down Results ahead of upgraded expectations
Net debt down by 56%
Reinstatement of dividend and progressive dividend policy
Continued investment in future growth
- New hires and offices in Geneva and Athens
- Technology partnership with Zuma Labs Strategy refocused on Shipbroking
JUNE 2021
A NEW STRATEGY CENTRED ON SHIPBROKING | 3 | |
Strategic Progress Since year end
Appointment of new Chairman, Nigel Payne
Disposal of remaining AqualisBraemar shares
• Further balance sheet strengthening
Rescheduling of Naves acquisition liabilities provides additional short term liquidity
- Planned integration of Financial and Shipbroking divisions
- Combined expertise in shipping investment and risk management
Joint venture planned between Logistics division ("Cory") and Vertom
• Prospects of faster growth as combined business
Wavespec disposal completed
Encouraging start to current year trading
JUNE 2021
A NEW STRATEGY CENTRED ON SHIPBROKING | 4 | |
Summary Results
Continuing Operations
£m | FY 2020/21 | % | FY 2019/20 |
Revenue | 111.8 | (5)% | 117.7 |
Underlying Operating Profit | 8.9 | (19.% | 11.0 |
Underlying Profit before tax | 8.1 | (14)% | 9.4 |
Reported Profit/(loss) before tax | 9.4 | 49% | 6.3 |
Underlying EPS | 19.40 | (34)% | 29.45 |
Dividend per share | 5p | - | 5p |
Operating cash flow | 14.7 | 39% | 10.6 |
Net bank debt | 8.9 | (56%) | 20.0 |
- Revenue and profits higher than adjusted pre-Covid expectations
- showing resilience in face of Covid
- Reported profit includes £2.2m from disposal of AqualisBraemar shares
- Strong operating cash flow and reinstatement of dividends
- Reduction of net bank debt - reduced down further to ~£6m net debt at end of May
21 | |
JUNE 2021 |
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Braemar Shipping Services plc published this content on 03 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 June 2021 10:26:01 UTC.