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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Aberdeen Harbour Installs Siklu Security Network

Aberdeen Harbour has extended its security solutions coverage using high-capacity backhaul from Siklu, the market leader in millimeter wave backhaul informs the Israel-based tech firm.

Transocean's Chairman Designate 2015 Named

Transocean Ltd. informs that at its recent Extraordinary General Meeting Merrill A. "Pete" Miller, Jr. was nominated as a director and the Board intends to designate him as vice-chairman,

Chariot Oil & Gas 1H 2014 Interim Results

Chariot Oil & Gas Announce Interim Results for 1H 2014 Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, today announces

Finance

Chariot Oil & Gas 1H 2014 Interim Results

Chariot Oil & Gas Announce Interim Results for 1H 2014 Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, today announces

Sir Frank Chapman Appointed Golar's Chairman

Golar LNG Limited announced that with effect from September 19, 2014, Sir Frank Joseph Chapman has been appointed to the Board of Directors of the Company and will act as the Company's Chairman.

TOTE, Saltchuk Secure Financing for Marlin Class Vessels

Maritime Administration to Provide Title XI Loan Guarantee for World’s First LNG Containerships Today, the U.S. Maritime Administration (MARAD) announced a $324.

Energy

Chariot Oil & Gas 1H 2014 Interim Results

Chariot Oil & Gas Announce Interim Results for 1H 2014 Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, today announces

Salamander to Start Drilling in G4/50, Gulf of Thailand

Salamander announces that its Environmental Impact Assessment (“EIA”) for exploration drilling in the G4/50 licence, Greater Bualuang area, Gulf of Thailand, has been granted conditional approval.

Inchcape Shipping Celebrates 25th Anniversary of ISS Greece

Inchcape Shipping Services (ISS), the world’s leading maritime services provider, has this month celebrated the 25th anniversary of its operations in Greece

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1480 sec (7 req/sec)