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THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION ( EU NO . 596/2014 ) WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION ( WITHDRAWAL ) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT , THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN 3 November 2021 BRAEMAR SHIPPING SERVICES PLC ( " Braemar " , the " Company " or the " Group " ) Unaudited interim results for the six months ended 31 August 2021 Strategic ambition set out Strong performance laying solid foundations for growth strategy Braemar Shipping Services Plc ( LSE : BMS ) , a leading international Shipbroker and provider of expert advice in shipping investment , chartering , risk management and logistics services , today announces its unaudited half - year results for the six months ended 31 August 2021 . The board is delighted with the performance of the business in the first half , a period in which the new management team laid solid foundations from which to launch its growth strategy . STRONG PERFORMANCE LAYING SOLID FOUNDATIONS 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 . Interim dividend of 2.0 pence per share declared to reflect the strong cashflow and confidence in the business . Trading continues in line with the announced upgraded expectations for the full year . Cory Brothers held for sale as discussions with Vertom Agencies on a potential joint venture progress . Disposal of non - core investment in AqualisBraemar LOC ( " AqualisBraemar " ) and Engineering Division , Wavespec , completed . NEW STRATEGIC AMBITION The board has set a strategic ambition to double the size of the Group's core business over the next four years . The Group is targeting both organic growth and complementary , value - added acquisitions , and the board believes that consolidation is likely in the Shipbroking space over the next few years . Scale is increasingly important within the industry , which in turn will increase our market share , diversify our revenue stream and build on what is already a global brand within the Shipbroking world . 1