BRAEMAR SHIPPING SERVICES PLC 

12 May 2009

Unaudited preliminary results for the year ended 28 February 2009

 Braemar Shipping Services plc (“Braemar” or the “Group”), a leading international provider of broking, consultancy, technical and other services to the shipping and energy industries, today announces full year unaudited results for the year ended 28 February 2009.

 

FINANCIAL HIGHLIGHTS

 

• Pre-tax profit before amortisation up 14% to £17.3m (2008: £15.2m).
• Pre-tax profit up 10% to £16.2m (2008: £14.7m).
• Basic EPS from continuing operations up 16% to 56.70p (2008: 48.99p).
• Cash generated from operating activities £21.0m (2008: £21.2m).
• Cash at 28 February 2009: £25.2m (29 Feb 2008: £21.6m).
• Final dividend 15.5p per share (up 3%), full year 24.0p (2008: 23.00p) up 4%. 

OPERATIONAL HIGHLIGHTS 

• Strongest results in Braemar’s history.
• Increased diversification of marine services.
• Estimated forward order book deliverable in 2009/10 – £29m (US$42m) (2008:£27m, US$53m).
• Non-broking businesses now 25% of group operating profits.* 

*before amortisation and central costs

 

Commenting on the results and outlook, Sir Graham Hearne, chairman of Braemar, said: “2008/9 was an excellent year for the Group and these results are the best that Braemar has reported.”

 

“Shipping has enjoyed an unprecedented boom over the past three years. Since August 2008, with the contraction of credit and weaker economies, freight rates and vessel values have reverted to pre-boom levels. Our activity is higher than we might have expected with transaction volumes remaining steady and the strength of the US dollar has a positive effect on our results. Our non-broking businesses have begun the new financial year strongly and demand for their services remains good. Overall the prospects for the year are positive.”

  

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