Ernst Russ - Robust results growth

Ernst Russ (ERAG) reported robust results in FY21, with fully diluted EPS increasing fourfold to €0.49 from €0.12 in FY20, as the top line and profitability significantly improved year-on-year. The revenue from shipping increased 117% y-o-y, mostly on the back of a 74% increase in charter rates. The remaining activities of ERAG are being phased down and made up 12% of revenues in FY21 (33% in FY20). ERAG reported its adjusted EBIT margin at 33%, compared to only 5% in FY20.