Braemar Shipping Services Profit Slips

Braemar Shipping Services posted half-yearly results for the six months ended 31 August 2019 which showed that interim revenues rose 4% to GBP59.5mln, while losses dropped to £1.3mln from £2.8mln.

The UK-based provider of shipbroking, financial advisory, logistics and engineering services principally to the shipping and energy industries, however, said that strong performance from shipbroking, especially in second quarter, achieving 9% revenue growth and underlying operating profit growth of 16% in the first half.

Ronald Series, Executive Chairman of Braemar, commenting on the results and the outlook said: “I am pleased to report strong performance in our core Shipbroking division. Our investment in the division has positioned it well to capitalize on the improving conditions across the shipping markets. This investment coupled with our longstanding track record and reputation as a leading global shipbroker underpins our revenue growth."

He added: "The Financial division remains very busy although its profitability continues to depend on the incidence and timing of completed transactions. The management team continues to work hard in focusing the business in each of our core areas. The Board has been significantly refreshed in recent months and is focused on returning Braemar to growth.  We look forward to the second half with confidence and our trading for the full financial year remains in line with our expectations.”