Braemar Shipping Services PLC – Preliminary Results

Braemar Shipping Services PLC – Preliminary Results for the year ended 29 February 2012

Braemar Shipping Services plc (“Braemar”, “the Company” or “the Group”), a leading international provider of broking, consultancy, technical and other services to the shipping and energy industries, today announces full year results for the year ended 29 February 2012.

FINANCIAL HIGHLIGHTS 

  • Revenue £133.5m (2011: £126.1m)
  • Pre-tax profit £9.8m (2011: £13.2m)
  • Basic EPS of 33.84p (2011: 48.41p)
  • Cash at 29 February 2012: £17.5m (28 Feb 2011: £25.6m)
  • Maintained final dividend 17.0p per share, full year 26.0p (2011: 26.0p), covered 1.5 times by earnings before acquisition amortisation and non-recurring items
  • Revenues from the Technical, Logistics and Environmental divisions increased by £19.2m to £83.7m and now represent 63% of total Group revenues (2011: 51%)

OPERATIONAL HIGHLIGHTS 

  • Increase in shipbroking chartering transactions and robust sale and purchase performance in a challenging market
  • Expansion of Braemar Technical Services with the purchase of Casbarian Engineering in addition to The Salvage Association
  • Significant role played by the Environmental division in handling the containers from the stricken RENA in New Zealand
  • Growing contribution from Technical, Logistics and Environmental divisions, supporting the strategy of diversification

Commenting on the results and outlook, Sir Graham Hearne, Chairman of Braemar Shipping Services plc, said:

“This has been a challenging year for shipping with a significant surplus of tonnage in many sectors. While activity remained strong, chartering rates and vessel values suffered and shipbroking income fell as a result. However, the Technical, Logistics and Environmental divisions all performed well. Braemar is well-equipped to trade in the competitive and challenging markets in which the Group operates.”


For Further Information Contact:

Braemar Shipping Services
Alan Marsh +44 (0) 20 7535 2650
James Kidwell +44 (0) 20 7535 2881

Pelham Bell Pottinger
Damian Beeley +44 (0) 20 7861 3139
Zoe Pocock +44 (0) 20 7861 3961

Elaborate Communications
Sean Moloney +44 (0) 1296 682356

Westhouse Securities
Dermot McKechnie +44 (0) 20 7601 6115
Henry Willcocks +44 (0) 20 7367 9052


Notes to Editors

Braemar Shipping Services plc is a leading international provider of broking, consultancy, technical and other services to the shipping, marine and energy industries. The business is organised into the following segments: Shipbroking, Technical, Logistics and Environmental. It is listed on the Official List of the London Stock Exchange in the Industrial Transport sector.

Principal businesses:

Shipbroking

Braemar Seascope provides chartering, sale and purchase and consulting shipbroking services to international ship owners, charterers and financial institutions operating in the tanker, gas, chemicals, offshore, container and dry bulk markets. There are shipbroking offices in the UK, China, Australia, Singapore, India, Italy and Monaco.

www.braemarseascope.com

Technical

Braemar’s Technical division provides a range of specialist marine services to the maritime sector. The business operates under the brand name Braemar Technical Services and the activities of the division are as follows:

  • Braemar Adjusting provides specialist loss adjusting and other expert services to the energy (oil and gas), marine, power and other related industrial sectors. It has offices in London, Houston, Singapore, Calgary, and Rio de Janeiro.
  • Braemar Offshore provides specialised marine and offshore services mainly performing pre-risk marine warranty surveys. It has offices in the UK, Australia, China, India, Indonesia, Malaysia, Singapore and Vietnam.
  • Braemar incorporating The Salvage Association (“Braemar SA”) provides marine consultancy and surveying services to the shipping, energy, offshore and insurance industries. The Salvage Association was acquired on 9 May 2011 and it has a network of offices in Asia, Europe and the US that undertake marine damage surveys for the insurance industry.
  • Braemar Engineering provides consultant marine engineering and naval architecture services to the shipping and offshore markets from offices throughout the Far East and London. Braemar Engineering was expanded with the acquisition of Braemar Casbarian in July 2011 which provides consulting engineering services mainly to the offshore industry in the Gulf of Mexico from offices in New Orleans, Houston and Trinidad.

www.braemar.com

Logistics 

Cory Brothers Shipping Agency provides port agency, freight forwarding and logistics services within the UK and Singapore.

www.cory.co.uk

Environmental 

Braemar Howells provides pollution response and advisory services primarily in the UK and Africa and is continuing to develop an international presence. It has earned an international reputation for its work for the insurance industry in handling the containers from stricken vessels – the MSC Napoli in 2007 and the RENA which is on-going in New Zealand.

www.braemarhowells.com


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