Braemar Announce Year Financial Results
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%)