28th Oct 2015 08:18
LONDON (Alliance News) - Braemar Shipping Services PLC said it is trading in line with its expectations for the full year as its interim pretax profit pushed higher thanks to a big rise in revenue and a good performance across its divisions.
The shipping services company said its pretax profit for the half to the end of August was GBP5.2 million, compared to a GBP191,000 profit a year earlier when it was hit by much higher exceptional costs. Stripping out one-offs and acquisition-related costs, its underlying pretax profit in the first half rose to GBP7.0 million from GBP3.6 million, it said.
Revenue for Braemar rose to GBP79.6 million from GBP64.5 million, boosted mainly by a very good half for its shipbroking arm, which is trading significantly ahead year-on-year, led by continued strength in tanker markets. Its technical services arm also traded well, with underlying profit growing 34%, while its Logistics unit saw trading flat, though Braemar remains confident the unit is well-positioned to deliver future growth.
The group said it will pay a flat interim dividend of 9.0 pence per share.
"The board is confident that we are well positioned to grow our earnings in the years ahead with any volatility in the shipping market balanced by the stability created through our diversified portfolio of businesses. The board's expectation for the full year remains unchanged which is supported by the early indications of trading in the second half," said Chairman David Moorhouse.
Braemar shares were up 3.3% to 446.55 pence early Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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