By Michael Susin
Braemar Shipping Services PLC said Friday that it expects underlying operating profit for fiscal 2023 to be above market expectations, and that it intends to declare a dividend payout for fiscal 2022.
The maritime-services group said it currently expects adjusted underlying operating profit–which excludes specific acquisition and disposal-related items but includes the operating profits of Cory Brothers–for the year ended Feb. 28, 2023 to be at least 12 million pounds ($15 million). This compares with a market consensus of GBP10 million provided by the company.
Braemar said performance has been strong, benefitting from increased scale and positive market conditions.
The company added that it expects to report underlying operating profit of at least GBP9.8 million pounds for fiscal 2022, in line with the board’s expectations.
Braemar also expects to declare a finial dividend of 5 pence a share, bringing the total dividend to 7 pence a share, up from the 5 pence paid the previous year.
Shares at 0701 GMT were up 12.5 pence, or 4.7%, at 277.5 pence.
Write to Michael Susin at [email protected]
