25th Mar 2019 12:10
LONDON (Alliance News) - Braemar Shipping Services PLC on Monday guided for a lower annual profit, as its second half came in in line with expectations.
Braemar is guiding for underlying pretax profit for its year ended February of between GBP6.8 million and GBP7.2 million. Underlying pretax profit in its year ended February 2018 was GBP7.7 million, on revenue of GBP133.4 million.
Shipbroking did well in the second half, Braemar said, with divisional profit set to beat market expectations.
Naves' profit is set to fall below the market's forecasts, but the business still had an "extremely" active year and built up a large pipeline. Braemar thinks Naves will exceed expectations for its newly begun year.
Technical is operating in a tough market, Braemar continued, while Logistics is doing well.
For its year ending 2020, Braemar said the outlook is "positive", driven by a strong Shipbroking performance.
Braemar will release results for its year ending February on May 14. Shares were down 0.3% on Monday at 164.49 pence each.
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