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

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original document
  • Permalink

Disclaimer

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.