The Braemar Shipping Services PLC board has declared a well-covered interim dividend of 2.0p per share (2020: nil) following the first half's improved performance. The final dividend of 5.0p pence per share in respect of the year ended 28 February 2021 was paid on 1 September 2021.
This interim dividend will be paid on 16 December 2021 to shareholders on the register at the close of business on 12 November 2021, with a corresponding ex-dividend date of 11 November 2021. The last date for Dividend Reinvestment Plan (DRIP) elections will be 25 November 2021.
Other financial highlights include:
Refocused the Group on its core Shipbroking and corporate finance business.
11% increase in revenue in the period from continuing operations to £47.4m (H1 2020/21: £42.8m).
10% increase in underlying operating profit to £5.6m (H1 2020/21: £5.1m).
23% increase in operating profit including the Logistics Division, Cory Brothers, to £6.9m (H1 2020/21: £5.6m).
28% increase in the forward order book to US$55.5m (28 February 2021: US$43.4m).
Balance sheet strengthened - net debt reduced by 23% to £14.7m as at 31 August 2021 (28 February 2021: £19.1m), well below the board's target net debt to EBITDA ratio of 1.5x.