Braemar Announce Year Financial Results

Press Release
Wednesday, May 09, 2012

Braemar Shipping Services PLC announce preliminary results for year ended Feb 29, 2012

OPERATIONAL HIGHLIGHTS
· Increase in shipbroking chartering transactions and robust sale and purchase performance in a challenging market
· Expansion of Braemar Technical Services with the purchase of Casbarian Engineering in addition to The Salvage Association
· Significant role played by the Environmental division in handling the containers from the stricken RENA in New Zealand
· Growing contribution from Technical, Logistics and Environmental divisions, supporting the strategy of diversification

Commenting on the results and outlook, Sir Graham Hearne, Chairman of Braemar Shipping Services plc, said:
"This has been a challenging year for shipping with a significant surplus of tonnage in many sectors. While activity remained strong, chartering rates and vessel values suffered and shipbroking income fell as a result. However, the Technical, Logistics and Environmental divisions all performed well.

FINANCIAL HIGHLIGHTS:

· Revenue £133.5m (2011: £126.1m)
· Pre-tax profit £9.8m (2011: £13.2m)
· Basic EPS of 33.84p (2011: 48.41p)
· Cash at 29 February 2012: £17.5m (28 Feb 2011: £25.6m)
· Maintained final dividend 17.0p per share, full year 26.0p (2011: 26.0p), covered 1.5 times by earnings before acquisition amortisation and non-recurring items
· Revenues from the Technical, Logistics and Environmental divisions increased by £19.2m to £83.7m and now represent 63% of total Group revenues (2011: 51%)
 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Major Ivorian Cocoa Buyers Boycott Local Exporters Scheme

Major cocoa buyers are boycotting a scheme in Ivory Coast aimed at guaranteeing local firms a share of the lucrative export market, arguing that these players lack

DSM Dyneema Names President’s Successor

Gerard de Reuver has elected to step down as President of DSM Dyneema on August 1, 2015 after five years in the post, the company announced today. He will be succeeded by Golnar Motahari Pour,

Matson Pumps $30 Million into Alaska Operations

Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services.

Finance

Major Ivorian Cocoa Buyers Boycott Local Exporters Scheme

Major cocoa buyers are boycotting a scheme in Ivory Coast aimed at guaranteeing local firms a share of the lucrative export market, arguing that these players lack

Matson Pumps $30 Million into Alaska Operations

Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services.

General Dynamics Tops Q2 Estimates

General Dynamics Corp, a maker of ships, tanks and business jets, reported higher-than-expected quarterly earnings and revenues on Wednesday, and sharply raised its outlook for full-year profit.

Salvage

Four Rescued from Boat Fire in California

U.S. Coast Guard and firefighter crews helped rescue four people from a boat fire Tuesday afternoon in Alameda, Calif.   Coast Guard Sector San Francisco Command

Diesel Spill in Houston Ship Channel

A small section of the Upper Houston Ship Channel was closed Tuesday morning after a report of 1,000 gallons of diesel entered Greens Bayou from a cement facility, the U.

Wrecked 'Russian Submarine' Found in Swedish Waters

A wrecked mini-submarine was found last week in waters off of Sweden’s eastern coast.   Authorities believe it is a Russian model, primarily because of Cyrillic letters on the hull.

Logistics

Major Ivorian Cocoa Buyers Boycott Local Exporters Scheme

Major cocoa buyers are boycotting a scheme in Ivory Coast aimed at guaranteeing local firms a share of the lucrative export market, arguing that these players lack

Matson Pumps $30 Million into Alaska Operations

Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services.

Philippine Port Project Draws Multi-National Attention

MANILA, July 29 (Reuters) - A 18.99 billion pesos ($417.91 million) project to modernise a port in the southern Philippines has attracted interest from five groups,

Consulting

MARAD Support for Hydrogen Fuel Cell R&D

The U.S. Department of Transportation’s Maritime Administration (MARAD) today announced that it is providing $500,000 to support a feasibility study for the design,

NewLead Holdings Announces Commercial Competency of MT Sofia

NewLead Holdings Ltd.announced today a review of the commercial competency of one of its bitumen tanker vessels, the MT Sofia since the vessel was delivered to NewLead's fleet.

ABB to Increase Norway’s Grid Capacity

ABB transformer technology supports Norway’s push to increase the volume of clean energy it can transport reliably over its grid using existing transmission corridors ABB,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1516 sec (7 req/sec)