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Braemar Shipping Services PLC - London-based shipbroker - Says it will release the delayed results for the year ended February 28 on August 30, which it characterises as ‘strong’. The delay was caused by auditors and board reviewing certain foreign exchange and other balance sheet reserve accounts for accuracy. In reviewing the last three years, says ‘predominantly historic adjustments’ have been identified, but these will not affect the underlying profitability or cashflow previously reported. The adjustments will actually increase net assets on the balance sheets, it adds. Also says trading in its current financial year is ‘exceptionally strong’.
‘Over the past year and a half, the new board of Braemar has made substantial progress in laying the foundations for growth, clarifying Braemar's strategic direction and substantially increasing its profitability. Loss-making businesses have been closed, central costs have been reduced, the core shipbroking business has been expanded, the board has been strengthened, bank debt has been reduced to near zero and dividend payments have been restored on a progressive basis,’ says Chair Nigel Payne.
Current stock price: 285.99 pence, up 9.4% on Wednesday
12-month change: up 1.8%
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