Braemar Shipping Services Preliminary Results
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 Today

The Maritime Industry's original and most viewed E-News Service

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

People & Company News

Royston Appoints New US Distributor

Diesel power engineering specialist Royston has appoint a new U.S.-based distributor, citing growing interest in its advanced Enginei marine fuel management and monitoring systems.

SSI Hires Holder for US Sales

SSI has hired CAD/CAM specialist Robert Holder as part of its sales force in the U.S. market.    According to SSI, the hiring is intended to meet the expanding

MacGregor Wins Orders for Pusnes Deck Machinery

MacGregor, part of Cargotec, announced it has secured orders for a series of Pusnes deck machinery packages for several shipowners. The Pusnes equipment has been


R-22 Phase-out Presents Dangers and Expense -WSS

The shipping industry is facing price, supply and safety risks in the run-up to the global ban on R-22 (chlorodifluoromethane or HCFC) refrigerant, warns Wilhelmsen Ships Service,

U.S. Ups Philippines Aid as South China Sea Turmoil Builds

The United States has raised its military aid to the Philippines this year to $79 million, the U.S. ambassador said on Wednesday, as tension rises in the region

Asia Fuel Oil-Cracks, Spreads Tight; Bunker Prices Climb

Asia's fuel oil crack for benchmark 180-centistroke rebounded to a discount of $6.79 a barrel on Wednesday, gaining as bunker prices firmed on the possibility of


Asia Fuel Oil-Cracks, Spreads Tight; Bunker Prices Climb

Asia's fuel oil crack for benchmark 180-centistroke rebounded to a discount of $6.79 a barrel on Wednesday, gaining as bunker prices firmed on the possibility of

Swan Energy to Invest $845 mln for FSRU Terminal

Swan Energy Limited will invest around Rs. 5,600 crore ($845 mln) towards setting up of Jafrabad LNG Port project in Gujarat with one jetty-moored Floating, Storage and Regasification Unit (FSRU).

Tidal Energy from Deep and Slow Waters

Deep Green, an underwater kite construction from the Swedish company Minesto, is set to be deployed in 2017 at the Holyhead Deep site off the coast of Anglesey, Wales.

Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1040 sec (10 req/sec)