Braemar Shipping Services Preliminary Results

Marinelink.com
Tuesday, May 14, 2013

Braemar Shipping Services plc., an international provider of broking, consultancy, technical and other services to the shipping and energy industries, announced its full year results for the year ending February 28, 2013.

Financial Highlights
•    Revenue up 7.7% to £143.8m (2012: £133.5m)
•    Pre-tax profit down 5.0% to £9.3m (2012: £9.8m)
•    Basic EPS of 32.8p (2012: 33.8p)
•    Cash at 28 February 2013: £23.3m (29 Feb 2012: £17.5m)
•    Final dividend maintained at 17.0p per share, full year 26.0p (2012: 26.0p), covered 1.5 times by earnings before acquisition related amortisation

Operational Highlights
•    Good performance in Shipbroking in a challenging market
•    The Technical, Logistics and Environmental divisions now account for over 60% of divisional operating profit (2012: 44%)
•    88% growth in divisional operating profit from Braemar Technical Services driven by a strong performance in Braemar Offshore
•    Improved operating profit in the Logistics division with excellent progress in the Ship Agency business
•    Significant role played by the Environmental division concluding the work on the stricken RENA in New Zealand

James Kidwell, chief executive of Braemar Shipping Services plc, said, “We have reported a robust group performance, in extremely challenging shipping markets, thanks to our progressive diversification into a broad range of maritime services. The momentum in Braemar Technical Services and the Logistics divisions will help in the year ahead and our Shipbroking business is well placed to benefit from a recovery in shipping markets in the medium term.”

“This year’s performance shows that the strategy to develop a more broadly-based business has reduced volatility of the Group’s results and the exposure to the shipping cycle. There is potential to develop all our existing divisions through organic growth, business improvement and further acquisitions where the quality of earnings can be maintained.”

 

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

People & Company News

Mersey Maritime, Liverpool Football Club at LISW15

Mersey Maritime, in association with some of its key members, is hosting what will be one of the most exciting events at London International Shipping Week (LISW15)

ABB hands over Germany’s DolWin1

DolWin1 integrates 800 megawatts (MW) of clean energy into the German transmission grid ABB, the leading power and automation technology group, has successfully

CMMI’s Maritime Potpourri Focuses on Raising the Bar

The growing popularity of “Maritime Potpourri” Conference organized by the Company of Master Mariners of India (CMMI) was evident yet again on 25th July, 2015

Finance

China's Navy Drills in South China Sea

China said it conducted air and sea drills in the South China Sea on Tuesday as it stakes an increasingly assertive claim to virtually the whole sea despite rival claims by neighbours.

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.

Statoil 2Q 2015 Earnings Slip

Statoil delivered Adjusted earnings of NOK 22.4 billion and adjusted earnings after tax of NOK 7.2 billion in the second quarter. Statoil reported Net income in accordance with IFRS of NOK 10.

Energy

China's Navy Drills in South China Sea

China said it conducted air and sea drills in the South China Sea on Tuesday as it stakes an increasingly assertive claim to virtually the whole sea despite rival claims by neighbours.

ABB hands over Germany’s DolWin1

DolWin1 integrates 800 megawatts (MW) of clean energy into the German transmission grid ABB, the leading power and automation technology group, has successfully

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.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair 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: 0.2373 sec (4 req/sec)