20th Jun 2007 12:37
Braemar Seascope Group PLC20 June 2007 BRAEMAR SEASCOPE GROUP plc ____________________________________________________________________ PRESS RELEASE For immediate release 20 June 2007 Braemar Seascope Group plc Interim Management Statement At the Braemar Seascope Group plc Annual General Meeting held today, Alan Marsh,the Chief Executive, provided the following update on the Group's trading afterthe first quarter of the new financial year. Shipbroking revenues are well ahead of the first quarter of last year despitethe weaker US dollar. Activity levels have been strong in all areas, butparticularly so in newbuilding and dry cargo chartering where freight ratesremain high. The first half results will also benefit from the inclusion of astrong performance from our container desk which last year was only 50% owned bythe Group. Tanker and specialised product chartering has performed steadily andthe level of period business fixed continues to grow. Our forward book has grownsubstantially over the first quarter due to net additions in newbuilding orders,resale activity and increased involvement period charter business. Our other business segments are all performing well and we expect to deliverrevenue and profit growth in the first half. In particular DV Howells has beenproviding a range of advisory and clean-up services for the container vessel MSCNapoli which will see its revenues grow significantly. Wavespec's involvement in the Qatari LNG project was recently boosted by theextension of its supervision contract which now extends for another 2-3 years.Cory Brothers has been successful in winning new business which willsignificantly increase the annual number of port calls it handles. Overall the trading to date has been better than we had expected such that theGroup's first half profits should be comfortably ahead of last year's pre-taxprofits of £5.0 million (before impairment) and indeed similar to the pre-taxprofits for the second half of last year which were £6.0 million. The growth inour forward book together with new business won are a positive indicator for theyear as a whole. Ends For further information, contact: Braemar Seascope Group plc Alan Marsh Tel 020 7535 2650 James Kidwell Tel 020 7535 2881Aquila Financial Peter Reilly Tel 020 7202 2601Charles Stanley Securities Philip Davies Tel 020 7149 6457 2000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Braemar Shipping