Ocean Wilsons Holdings: Wilson Sons’ Q1 Shows Further Resilience
Edison | Jun 13, 2017 06:08AM ET
Ocean Wilsons Holdings Ltd (LON:OCN) is an investment holding company with a controlling interest in Wilson Sons (WSON), a long-established maritime services company in Brazil, and a globally diversified investment portfolio. Both are managed with a long-term perspective. Wilson Sons’ Q117 results were further evidence of the resilience of this business in the face of the Brazilian economic recession and, while the near-term outlook is uncertain, recent investment in the business and extension of the Salvador container terminal concession help to position the business well for the future.
Q117 update and Wilson Sons result
In May Ocean Wilsons issued its first quarter trading update and Wilson Sons reported its Q117 results. WSON had previously reported somewhat lower revenues and EBITDA for FY16 but a stronger performance from the towage activity and cost controls contained the downturn. In Q117 strength in the container terminal business contributed to an overall 16% advance in revenues (helped by strength in the Brazilian real) and 8% increase in EBITDA in part reflecting the beneficial effect of the diversification within Wilson Sons’ business mix. The Ocean Wilsons update additionally highlighted a stronger first quarter for the investment portfolio, which increased in value by 6% after a flat FY16.
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Ocean Wilsons Holdings - Wilson Sons’ Q1 Shows Further Resilience
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