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BRAEMAR SHIPPING SERVICES PLC

("Braemar", the "Company" or the "Group")

24 March 2022

Pre-close update

Strong trading continues

Braemar Shipping Services Plc (LSE: BMS), a leading international Shipbroker and provider of expert advice in shipping investment, chartering and risk management, is pleased to give the following update to the market on trading ahead of its full year results which will be announced on Wednesday 25 May 2022.

Strong results for year ended 28 February 2022

The board is delighted with the performance of the business for the financial year and looks to the future with confidence.

The board's strategy to scale the business, combined with the investments made over the last few years has enabled Braemar to take advantage of strong market conditions and the Group has traded well throughout the year. As a result, the board expects the final results for the financial year to be slightly above current market expectations of underlying operating profit* of £9.8m.

The Group's strong trading, combined with the board's focus on strengthening the balance sheet will result in net debt of circa £9m at the end of the financial year falling to below £3m as at 2 March 2022 when the Group received the initial consideration for the disposal of the Group's logistics business (net debt as at 28 February 2021: £8.9m).  

On the back of this trading performance and strengthened balance sheet, the board now expects to recommend a final dividend of 4p per share making a total of 6p for the financial year (2021: 5p per share). 

Impact of sanctions

The Group's compliance with sanctions put in place as a result of the Russian /Ukraine conflict is not expected to have any material effect on trading in the current financial year nor does the Group have any existing material exposure.

Outlook for 2022/2023

Trading at the beginning of the new financial year has started strongly with the Group benefitting from both increased scale and generally favourable market conditions. Following this strong start, the board looks forward to the remainder of the new financial year with confidence and providing more detail with the full year results.

*Underlying operating profit excludes specific acquisition and disposal related items and the results of Cory Brothers which will be included in the full year results as 'discontinued operations' due to the recent disposal.

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Notes to Editors:

About Braemar Shipping Services Plc

Braemar is a leading international Shipbroker and provider of expert advice in shipping investment, chartering and risk management. Braemar employs approximately 370 people in 14 offices worldwide.  

Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.

For more information, including our investor presentation, visit www.braemar.com