BRAEMAR SHIPPING SERVICES releases interim results

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Braemar Shipping Services plc, an international provider of shipping and marine services, has today announced unaudited half-year results for the six months ended 31 August 2011.

Financial highlights include:

Revenue from continuing operations £61.5m (interim 2010/11: £67.6m)
Pre-tax profit £5.0m (interim 2010/11: £7.2m)
Pre-tax profit before amortisation and non-recurring income £4.8m (interim 2010/11: £8.0m)
Basic EPS 17.60p (interim 2010/11: 25.99p)
EPS before amortisation and non-recurring income 16.76p (interim 2010/2011: 28.79p)
Interim dividend of 9.0p per share unchanged (interim 2010/11: 9.0p)
Cash of £9.3m (31 August 2010: £14.8m) and no debt

Sir Graham Hearne, Chairman of Braemar, said: “Shipping markets are experiencing a period of progressive weakness which has affected the performance of the group in the first half. In the light of this, we are taking measures to reduce costs, the full effect of which will not be felt until next year.

“These measures, combined with the capability of our non-broking businesses to make a greater overall contribution, give us confidence in the Group’s resilience and we expect an improvement in the second half performance relative to the first half.”

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