Braemar Shipping Services plc (“Braemar”, “the Company” or “the Group”), a leading international provider of broking, consultancy, technical and other services to the shipping and energy industries, today announces full year results for the year ended 29 February 2012.
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%)
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.
Braemar is well-equipped to trade in the competitive and challenging markets in which the Group operates.”
For more information viewers can log on on the detailed PDF news release herebelow: