17th Jan 2014 08:44
LONDON (Alliance News) - Braemar Shipping Services PLC Friday said group profit for the year has been hurt by slower-than-expected contract wins at its Braemar Casbarian consultancy in the US, despite a number of its divisions performing well.
Braemar Casbarian's team consists of civil, mechanical, electrical ocean engineers and naval architects and provides engineering consultancy work.
Braemar Shipping, which provides shipping, marine and energy services, said its technical services divisions had performed strongly since October driven largely by the growth of the offshore energy market in Asia.
Braemar said as anticipated its shipbroking division has improved compared with the first half.
"We are encouraged that over the last few months, there has been an increasing degree of optimism in some shipping markets," the firm said.
However it said although the logistics and environmental divisions performed in line with management expects, it is still slightly lower in the second half of the year.
Braemer Shipping Services shares were down 8.3% at 531.62 pence early Friday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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