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Interim Results

Braemar revenues fall

25 October 2016 07:26

Braemar Shipping Services' first half revenues of £70.2 million were down from £79.6 million a year ago.

Underlying operating profit for the six months to the end of August fell to £1.4 million from £7.1 million after charging one-off restructuring costs of £1.8 million (interim 2015/16: nil).

Underlying basic EPS was 3.9p (interim 2015/16: 18.6p). The interim dividend remains unchanged at 9.0p per share.

Chairman David Moorhouse said: "Braemar's divisions have worked hard in the challenging markets that we face and our senior management teams are taking difficult actions where needed to restructure our businesses to address this economic climate.

"The Board is confident in our long term strategy to grow the business through both organic and acquisitive business development. The Board expects the underlying financial performance, excluding restructuring costs of the Group, for the full year to be in line with current market expectations following the actions we are taking to make structural changes within the Group."

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