Braemar Shipping Services plc
Interim Results Presentation
November 2020
'Strong Shipbroking performance in volatile markets'
Ronald Series, Chairman
- ronald.series@braemar.com
- +44 (0) 20 3142 4100
James Gundy, CEO Shipbroking Division
Group CEO Designate
- james.gundy@braemar.com
- +44 (0) 20 3142 4100
Nick Stone, Chief Operating Officer & Finance Director
- nick.stone@braemar.com
- +44 (0) 20 3142 4100
OVERVIEW
"Shipbroking drives stronger performance"
- Strong first half trading especially from Shipbroking in the first quarter
- Underlying Operating Profit increased by 33% to £5.6m (2019: £4.2m)
- Strong margin growth in Shipbroking, partially due to lower costs
- Higher success fees for Financial but offset by bad debt provisions
- Lower revenue but margins maintained in Logistics
- Sales process for Engineering Division, Wavespec underway
- Share of AqualisBraemar underlying profit increased to £0.6m (2019: £0.0m)
- Shipbroking to drive future strategic direction - James Gundy to be new Group CEO
- Full year trading outlook in line with market expectations
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Summary Results
£m | H1 2020/21 | H1 2019/20 | FY 2019/20 | |
Revenue | 56.3 | (2%) | 57.6 | 117.7 |
Underlying Operating Profit | 5.6 | 33% | 4.2 | 11.0 |
Underlying Profit before tax | 5.7 | 59% | 3.6 | 9.4 |
Reported Profit/(loss) before tax | 3.7 | (0.8) | 6.3 | |
Underlying EPS | 16.3p | 46% | 11.2p | 29.5p |
Dividend per share | 0.0p | 5.0p | 5.0p | |
Net Operating cash flow | 6.6 | (1.5) | 10.3 | |
Net Debt | 30.2 | 42.0 | 30.3 | |
- Improved cash generation
- Underlying profit before tax increase of 59% despite 2% lower revenue
- Underlying EPS increase of 46%
- Debt includes deferred acquisition consideration and loan notes
- Comparatives restated for discontinued operations
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Segmental Underlying Results - from continuing operations
Shipbroking
Financial
Logistics
Central
H1 2020/21 | ||
Revenue | Profit | Margin |
£m | £m | % |
39.3 | 6.1 | 16% |
3.5 | 0.7 | 20% |
13.5 | 0.6 | 4% |
(1.7) | ||
56.3 | 5.6 | 10% |
H1 2019/20 | FY 2019/20 | |||||
Revenue | Profit | Margin | Revenue | Profit | Margin | |
£m | £m | % | £m | £m | % | |
38.7 | 4.9 | 13% | 82.4 | 11.8 | 14.% | |
3.3 | 0.9 | 27% | 5.9 | 1.1 | 19% | |
15.6 | 0.6 | 4% | 29.4 | 1.0 | 3% | |
(2.1) | (2.9) | |||||
57.6 | 4.3 | 7% | 117.7 | 11.0 | 9% | |
- Group margin improvement from 7.5% to 10.1%
- Engineering treated as discontinued operations during sale process
- Central costs lower due to FX losses in previous period
4 | Expert advice in shipping investment, chartering and risk management | www.braemar.com |
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Braemar Shipping Services plc published this content on 11 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2020 10:04:01 UTC