FINANCIAL HIGHLIGHTS
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)
OPERATIONAL HIGHLIGHTS
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."
