16th Jun 2020 12:03
(Alliance News) - Braemar Shipping Services PLC on Tuesday reported improved annual earnings but the Covid-19 pandemic denied its investors a final dividend.
Revenue in the year to February 29 was 2.5% higher at GBP120.8 million from GBP117.9 million. The shipbroker swung to a pretax profit of GBP4.9 million from a GBP3.1 million loss.
The London-based firm said it was an "improved performance in volatile markets".
Braemar decided against a final payout, "reflecting the ongoing uncertainties surrounding Covid-19". It means its full-year payout has been cut by two-thirds to 5.0 pence per share from 15.0p.
"Since the year end, the impact on our operations, our people and our clients due to the Covid-19 outbreak has of course become a major consideration for us," the company said.
More promisingly, Braemar added: "The year has started well and current trading is resilient, despite the ongoing impact of Covid-19, and therefore we look forward to the year ahead with cautious optimism."
Braemar was trading 5.0% higher at 124.99p each in London on Tuesday morning.
By Eric Cunha; [email protected]
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