20th Mar 2014 10:35
LONDON (Alliance News) - Braemar Shipping Services PLC Thursday said it has sold its loss-making US-based technical services subsidiary, Casbarian Inc, after a disappointing trading performance from the business.
In a trading update on January 17, the shipping, marine and energy services provider said group profit for the year had 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 Shipping said Thursday that after the businesses recent trading performance, it decided it was not "sufficiently strong to justify future investment", and decided to sell the business.
The group said the sale will result in a loss on disposal of GBP0.9 million.
Casbarian generated revenue of GBP4.1 million in the year ended February 28 2013, and recorded a loss before interest and tax of GBP0.4 million.
Shares in the shipping provider were trading 0.5% or 2.50 pence lower Thursday morning, at 505.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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