Braemar Shipping Services Preliminary Results

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.”