Ocean Wilsons Hldgs (OCN)

Ocean Wilsons Holdings Limited

Interim Management statement

Ocean Wilsons Holdings Limited today announces its interim management statement in accordance with the UK Listing Authority's Disclosure and Transparency rules. 

Our Operations

Ocean Wilsons Holdings Limited ("Ocean Wilsons") is a Bermuda based investment company and through its subsidiary, Wilson Sons Limited controls a maritime services and logistics company in Brazil.  

Results

Revenue for the three months ended 31 March 2010 was US$121.4 million up 17.2% on the comparative period in 2009 (US$103.6 million) due to higher volumes in all major business segments. However operating margins at Wilson Sons Limited were adversely affected by the stronger Real against the US Dollar and higher personnel expenses. All the Group's sales are derived from our Brazilian operations held through Wilson Sons Limited.

Wilson Sons Limited announced today to the São Paulo Stock exchange and Luxembourg Stock Exchange their results for the first quarter ended 31 March 2010. Their full announcement is available on the Wilson Sons website (www.wilsonsons.com.br) and at the Brazilian and Luxembourg websites.

Investment Portfolio

At 30 April 2010 the investment portfolio including cash under management amounted to US$246.8 million of which US$55.5 million was invested in cash and cash equivalents. The investment portfolio represents US$6.98 (£4.67) per Ocean Wilsons share.

Wilson Sons Limited valuation

At the close of business on 11 May 2010 the Wilsons Sons Limited share price was 21.89 Brazilian Reais, resulting in a market value for the Ocean Wilsons 58.25% holding in Wilson Sons Limited of approximately US$507 million which is equivalent to US$14.33 (£9.62) per Ocean Wilsons share. 

Shareholders should be aware that in addition to Wilson Sons Limited and the investment portfolio the Group has other assets and liabilities on its Balance sheet. In the opinion of the Directors the net impact of these items would not have a material effect on the valuation of the business.