Braemar Shipping Services Reports Unaudited interim results for the six months ended 31 August 2014

Braemar Shipping Services plc (LSE: BMS), an international provider of shipping, marine and energy services, today announces unaudited half-year results for the six months ended 31 August 2014.

HIGHLIGHTS

• Merger with ACM Shipping Group plc (“ACM”) completed on 25 July 2014, with integrated teams working well together

• Action taken to reduce cost base of merged Shipbroking business by approximately £4.0 million per annum

• Outlook for full year profits, including a full second half contribution from ACM, but excluding exceptional items, continues to be in line with the Board’s expectations

• Revenue from continuing operations in the first half £64.5 million1 (interim 2013/14: £63.9 million)

• Pre-tax profit £3.2million1 before £3.0 million exceptional costs (interim 2013/14: £4.5 million pre-tax profit)

• Profit from the Technical division in the first half is down from the exceptional level achieved in the same period last year

• Normalised basic EPS2 11.7p (interim 2013/14: 16.1p)

• Interim dividend remains unchanged at 9.0p per share

1 Includes 1 month contribution from ACM

2 Normalised basic EPS is defined as EPS from continuing operations before exceptional items and amortisation of other intangible assets

Sir Graham Hearne CBE, Chairman of Braemar, commenting on the results and the outlook said:

“I am pleased to report that the merger with ACM was successfully concluded in July this year. The Shipbroking businesses have been brought together across the board, the teams selected and the integration plans largely implemented. The response of our Shipbroking clients has been outstanding. We are confident that through the merger we have created a broader and stronger broking platform trading as Braemar ACM Shipbroking, which will deliver a measurable improvement in profitability in the coming years.

“Your Board is confident that with the stronger broking platform, the reduced cost base and a full contribution from ACM, a significantly stronger performance can be expected in the second half of the year. The Board’s profit expectations for the Group for the year as a whole remain unchanged and are supported by the early indications of trading in the second half.”
Source: Braemar Shipping Services plc