Braemar Shipping Services expects full year profits significantly ahead
17 January 2008
Braemar Shipping Services plc has announced in a trading update that pre tax profits for the full year to 29 February 2008 will be significantly ahead of the £11 million reported last year. The Company added that second half pre tax profits would be similar to those for the first half of £7.1 million.
Shipbroking revenues are comfortably ahead of last year. Transaction volumes have been strong. Deep-sea tanker chartering freight rates have recovered rapidly over the last two months after a quiet Summer/Autumn and dry bulk rates - despite some seasonal volatility - have remained at historically high levels.
Braemar Shipping Services added that the forward order book remains at record levels.
Other divisions have also performed well and in line with internal expectations. The acquisitions of Falconer Bryan in June 2007 and 80% of Fred. Olsen Freight in December 2007 will add to second half earnings of the Group's Technical Services and Logistics divisions.
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