Braemar Shipping sees FY 2023 Adj. Operating profit above views

By Michael Susan

Braemar Shipping Services PLC said on Friday that it expects underlying operating profit for the financial year 2023 to exceed market expectations and that it intends to declare a dividend for the financial year 2022.

The marine services group said it currently expects adjusted underlying operating profit – which excludes specific acquisition and divestiture items, but includes operating profit from Cory Brothers – for the financial year ending February 28, 2023 or at least £12 million. ($15 million). This compares to a market consensus of £10m provided by the company.

Braemar said performance was strong, benefiting from increased scale and positive market conditions.

The company added that it expects to report underlying operating profit of at least £9.8 million for the 2022 financial year, in line with the board’s expectations.

Braemar also plans to declare a final dividend of 5 pence per share, bringing the total dividend to 7 pence per share, up from 5 pence paid the previous year.

Shares at 0701 GMT rose 12.5 pence, or 4.7%, to 277.5 pence.

Write to Michael Susin at [email protected]

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