Braemar buoyant as non-broking business surges
11 May 2007
Shipping services group Braemar Seascope Group posted robust full-year figures today, and said its expansion into non-brokering services was now bearing fruit.
Sir Graham Hearne, chairman, said the group was performing well and had posted results reflecting another good year.
“Shipping has experienced large and rapid changes in freight rates and vessel values over the course of the last five years,” he said. “This volatility is likely to remain while the demand for seaborne trade continues to grow and we expect our broadly-based shipping services business to benefit while these conditions persist.”
Braemar said its ship-broking operations had benefited from “generally favourable” trading conditions, although the results were adversely affected by a weaker US dollar.
It noted that its strategy for extending the range of shipping services provided had begun to bear fruit, with its non-broking businesses contributing 17% of the adjusted operating profits, driven by strong year-on-year income and profit growth from both Cory Brothers and Wavespec.
In an effort to reflect the growing importance of its non-broking business, the company said it was considering changing its name Braemar Shipping Services plc.
The group’s adjusted pre-tax profits increased by 7% to £11.0 million and adjusted earnings per share were 37.64 pence compared to 37.03 in 2006. Reported pre-tax profits were £10.1 million (2006: £10.3 million) and reported earnings per share were 32.83 pence. The difference between the adjusted and reported result was attributable to an impairment charge taken in the first half of £0.95 million.
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