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Interim Results

Braemar underlying revenues rise

28 October 2015 08:14

Braemar Shipping Services' revenue from underlying operations rose to £79.6 million in the six months to the end of August - up from £64.5 million last time.

Profit before tax, before taking into account acquisition related items and other non-recurring costs, was substantially higher at £7.0 million compared with £3.6 million last year.

Underlying basic earnings per share from operations were 18.6p per share compared with 11.7p per share for the same period last year.

Braemar said the results include acquisition related expenses and amortisation of £1.8 million compared with £3.3 million last year.

These costs mainly relate to the merger with ACM Shipping Group in July 2014 and have been charged against profits, resulting in a reported profit before tax of £5.3 million compared with a pre-tax profit of £0.3 million for the first half last year.

Chairman David Moorhouse said: "I am pleased to report our first half results, which show a significant improvement on the prior year, demonstrating the success of our shipbroking merger to form Braemar ACM in July 2014. The shipbroking businesses have come together well and, with the outstanding support of our clients, we have exceeded our initial expectations.

"Our technical and Logistics divisions continued to demonstrate organic growth and are responding positively to challenging market conditions. Both divisions are well structured to face future market demands with good development prospects."

"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."

At 8:14am: (LON:BMS) Braemar Shipping Services PLC share price was +17.75p at 450p

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