Ocean Wilsons Holdings Ltd. (OCN)

Sector:

Commercial Transport

920.00p
   
  • Change Today:
    -10.00p
  • 52 Week High: 1,135.00
  • 52 Week Low: 825.00
  • Currency: UK Pounds
  • Shares Issued: 35.36m
  • Volume: 5,152
  • Market Cap: £325.34m
  • RiskGrade: 83
  • Beta: 0.01

Ocean Wilsons H1 profits up but shipyards take hit

Date: Friday 15 Aug 2014

LONDON (ShareCast) - Tough trading in its shipyard and logistics businesses and currency headwinds hit container terminal and shipyard operator Ocean Wilsons, although first half profits rose.

Ocean Wilsons said its container terminal and towage businesses lifted volumes strongly but group revenue stayed flat at about $300m due to currency volatility and weaker results in shipyards and logistics.

The Bermuda-based investment company, which operates as a maritime services company in Brazil through its subsidiary Wilson Sons, said container volumes handled at Tecon Rio Grande and Tecon Salvador rose 15% to 489,300 20ft equivalent units.

Shipyard revenue took a hit from delays in vessel deliveries resulting from a warehouse fire last year and the suspension of work on a third party platform supply vessel, as the client was still awaiting bank financing.

Pre-tax profit rose 67% to $57.6m due to the appreciation of the Brazilian real against the dollar and improved results from the investment portfolio, which returned 3.7% in the six months to 30 June.

Operating profit of $34.3m was $16.1m lower than last year's $50.4m mainly due to a profit on property plant sales, and $9.8m of equipment sales a year ago and higher depreciation and amortisation costs.

The group said shipyard orders were healthy. Earnings were 82.2 cents per share against 20.8 cents last time.

It paid dividends to shareholders in the period of $21.2m, up from $13.4m a year ago, but said it had decided to stop paying an interim dividend.

Broker Cantor Fitzgerald said second quarter trading was disappointing and predicted a 10% cut in full-year consensus forecasts, but said the group's container terminal and shipyard business may do better in the second half.

"We believe Wilson's portfolio of businesses offer attractive medium-term earnings growth prospects," the broker's Robin Byde said, reiterate its 'buy' recommendation and target price of 1,500p.

Shares in the group fell 17.5p or 1.5% to 1182.5p at 08:48 in London.

PW

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

OCN Market Data

Currency UK Pounds
Share Price 920.00p
Change Today -10.00p
% Change -1.08 %
52 Week High 1,135.00
52 Week Low 825.00
Volume 5,152
Shares Issued 35.36m
Market Cap £325.34m
Beta 0.01
RiskGrade 83

OCN Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
99.48% above the market average99.48% above the market average99.48% above the market average99.48% above the market average99.48% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Price Trend Not Available
Income
87.50% above the market average87.50% above the market average87.50% above the market average87.50% above the market average87.50% above the market average
60.00% above the sector average60.00% above the sector average60.00% above the sector average60.00% above the sector average60.00% above the sector average
Growth
10.79% below the market average10.79% below the market average10.79% below the market average10.79% below the market average10.79% below the market average
15.79% above the sector average15.79% above the sector average15.79% above the sector average15.79% above the sector average15.79% above the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

OCN Dividends

  Latest Previous
  Final Interim
Ex-Div 13-May-21 19-Nov-20
Paid 04-Jun-21 11-Dec-20
Amount 70.00¢ 40.00¢

Trades for 25-Jan-2022

Time Volume / Share Price
14:57 5,000 @ 930.00p
14:44 152 @ 912.20p

OCN Key Personnel

Chair Jose F G Vieira

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