Braemar Shipping services maintains its 2014 full year dividend

DividendMax Ltd.

Braemar Shipping services maintains its 2014 full year dividend


Revenue up 16% to £145.8m (2014: £125.5m)

Underlying Operating Profit (1) up 21% at £11.3m (2014: £9.3m)

Year end net cash £7.2m (2014: £13.7m) as expected, following merger related expenditure

EPS from underlying operations(1) at 31.3p (2014: 33.5p) reflecting shares issued during year

Net exceptional and acquisition related costs of £6.2m (2014: £0.4m)

Dividend maintained at 26.0p (2014: 26.0p)


Merger with ACM  represents a step change in our Shipbroking division

Second half underlying operating profit of merged Shipbroking businesses up 27% on equivalent period last year.

Shipbroking forward order book up by 5% to US$58 million

Technical division increased revenue by 9%  although underlying operating profit fell 13% to £6.0m

Logistics division increased revenue by 9% and underlying operating profit rose by 15% to £2.3m

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

"Our objective is to build the Braemar brand to be the most valued provider of knowledge and skill based services to the shipping and offshore markets on a global basis. The merger with ACM, developing stronger broking teams globally, has been a significant step in this direction, but it is far from the last. We will continue to look to expand in all divisions."

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