Braemar Shipping Services PLC AGM Trading Update and Appointment of Interim CFO (2778S)
June 22 2018 - 6:27AM
UK Regulatory
TIDMBMS
RNS Number : 2778S
Braemar Shipping Services PLC
22 June 2018
BRAEMAR SHIPPING SERVICES PLC
("Braemar", "the Company" or "the Group")
22 June 2018
AGM Trading Update and Appointment of Interim CFO
Braemar Shipping Services plc (LSE: BMS), a leading provider of
broking, financial, consultancy, technical and logistics services
to the shipping, marine, energy, offshore and insurance industries
will make the following trading statement today at its Annual
General Meeting:
The Group's overall trading performance during the first quarter
of 2018/19 has been in line with the Board's expectations.
Shipbroking
The shipping markets are largely unchanged since the preliminary
results announcement in May. Strong commodities demand continues to
drive the dry bulk market, while the tanker freight market remains
at below average levels. Our sale and purchase activity was
supported by fleet transactions in more than one sector and has
contributed to our strong forward order book.
Financial
Braemar-NAVES has had a strong first quarter, concluding several
refinancing transactions as well as providing advisory services to
purchasers of shipping debt portfolios, and has traded ahead of the
Board's expectations. These activities draw together several of our
services and now represent a core and growing part of our
business.
Technical
Trading activity remains relatively subdued, especially in
Offshore, but the level of fresh enquiries is providing
encouragement.
Logistics
Braemar's port agency and hub management business has had a
strong first quarter assisted by improved performances from
overseas operations which are being developed. These are offset
somewhat by lower freight forwarding activity.
Outlook
The Board's expectation for the year remains unchanged and the
Group as a whole is trading in line with market expectations.
Appointment of Interim CFO
We are pleased to announce the appointment of James Hayward as
Interim Chief Financial Officer. He will take over Louise Evans'
responsibilities following the AGM. We have commenced our search
for a permanent Group Finance Director and a further announcement
will be made in due course.
The Group will release its interim results for the six months
ending 31 August 2018 on Thursday 25 October 2018.
For further information, contact:
Braemar Shipping Services
James Kidwell, Chief Executive Tel +44 (0) 20 3142 4100
Stockdale Securities
Robert Finlay / Antonio Bossi / Henry Tel +44 (0) 20 7601 6100
Willcocks
Buchanan
Charles Ryland / Stephanie Watson Tel +44 (0) 20 7466 5100
/ Tilly Abraham
Notes to Editors:
About Braemar Shipping Services plc
Braemar Shipping Services plc is a leading international
provider of knowledge and skill-based services to the shipping,
marine, energy, offshore and insurance industries. Founded in 1972,
Braemar employs approximately 800 people worldwide across its
Shipbroking, Technical, Logistics and Financial divisions.
Braemar joined the Official List of the London Stock Exchange in
November 1997 and trades under the symbol BMS.
For more information, visit www.braemar.com.
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END
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