Braemar eyes booming Asian markets as group figures impress
08 May 2008
Shares in Braemar Shipping Services plc soared to a 12 month high this week as it released another strong set of results and news that the company’s progressive dividend policy would see another substantial rise.
Volatile shipping markets over the last year did little to trouble Braemar’s main shipbroking business, which thrived on the back of surging demand for oil and raw materials.
Speaking to SmallCapNews.co.uk, finance director James Kidwell said growing demand for Braemar’s services, particularly in China and India, could be grounds for an additional stock listing on one of the regional markets, possibly Singapore.
However, Kidwell said that although some consideration had been given to such a move it was likely that resources to enhance the company’s profile in the region would remain focused on other PR and marketing efforts for the time being.
But he did voice frustration at the trading system used for the company’s current small-cap listing in London. Disproportionate swings in price caused by the trade of just a handful of shares were “a real bugbear”, he said.
Nevertheless, despite some illiquidity in Braemar’s shares, Kidwell said he was satisfied with the general market performance.
In the year Braemar’s overall revenues were up 37% to £101.0m with pre-tax profits rising 47pc to £14.7 million. The lion’s share was brought in by the shipbroking Braemar Seascope division which drove revenues up 30pc to £52.8m.
In Technical Services sales jumped 43pc to £9.5m. A post-period purchase of loss adjusting business Steege Kingston for up to £8.5m looks set to strengthen the division’s existing Falconer Bryan and Wavespec operations.
Chief executive Alan Marsh said the board had been “surprised” by the degree of integration that had already taken place between the business, with synergies emerging that hadn’t been previously spotted.
Elsewhere, salvage work on the container ship MSC Napoli, which was grounded off Devon in early 2007, injected £7.9m of revenues into the Environmental division’s DV Howells business. That caused a 235pc spike in the division’s overall figure, taking it to £10.8m.
In Logistics revenues increased by 19pc to £27.9m. That figure should be boosted further after news in April that Braemar’s Cory Brothers operation had been awarded the high profile BP hub agency business for the European region.
Braemar called a final dividend of 15.00p per share, up 22pc and a full year dividend of 23.00p up 21pc. Its share price peaked today at 502 pence from a low last September of 375.25 pence.
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