With regard to the year to 28 February 2021, the Braemar Shipping Services Directors are recommending for approval at the AGM on 20 July 2021 a dividend of 5p per share. This dividend will be paid on 30 July 2021 to all ordinary shareholders on the register at the close of business on 25 June 2021, with a corresponding ex-dividend date of 24 June 2021. The last date for Dividend Reinvestment Plan ("DRIP") elections will be 9 July 2021. For subsequent years, the Board intends, subject to financial performance, to declare an interim and a final dividend each year, on a progressive basis.
Other financial highlights include:
Underlying financial performance ahead of market consensus and management's Covid-19 adjusted expectations:
o Revenue of £111.8 million ('m') (2020: £117.6 m)
o Underlying operating profit from continuing operations £8.9m (2020: £11.0m)
o Reported continuing profit before tax of £9.5m (2020: £6.3m), reflecting the profit on the sale of shares held in AqualisBraemar of £2.2m
Balance sheet substantially strengthened:
o Net bank debt reduced by 56% to £8.9m (2020: £20.0m)
o Sale of approximately half of the shares held in AqualisBraemar for net proceeds of £6.0m
