Braemar Shipping holds 2013 final dividend at 17p

DividendMax Ltd.

Braemar Shipping holds 2013 final dividend at 17p


Revenue of £125.5m (2013: £139.7m)

Revenue excluding the RENA up 4% to £125.5m (2013: £120.8m)

Pre-tax profit of £9.0m (2013: £9.6m)

Pre-tax profits excluding the RENA up 24% to £9.0m (2013: £7.2m)

Basic EPS from continuing operations of 31.9p (2013: 34.5p)

Basic EPS from continuing operations excluding the RENA up 23% to 31.9p (2013: 26.03p)

Cash at 28 February 2014: £13.7m (28 Feb 2013: £23.3m), up from £7.1m at 31 August 2013

Final dividend maintained at 17.0p per share, full year 26.0p (2013: 26.0p), covered 1.3 times by earnings before acquisition related amortisation


Shipbroking increased its total forward order book of business

Excellent performance by the Technical division driven by a strong performance in Braemar Offshore

Non-core business of Casbarian sold in March 2014

Organic growth in Ship Agency in the Logistics division

James Kidwell, chief executive of Braemar Shipping Services plc, said:

"I am delighted with the performanceof the Group over the year and in particular the Technical Services division, which delivered a near doubling of profits. The shipbroking business had a demanding year but we believe the industry has now passed the bottom of the cycle. The merger with ACM will create a strong platform for growth in this sector. It provides us with a unique and exciting opportunity to expand our shipbroking business in step with the growth of our shipping and technical services businesses. We believe this will be of great benefit to our people, our clients and our shareholders over the years ahead."

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