Braemar Shipping Services PLC
20 September 2007
For immediate release 20 September 2007
Braemar Shipping Services plc
Trading update
The following announcement is a trading update for Braemar Shipping Services PLC
subsequent to its half-year end on 31 August 2007. The interim results will be
announced to the market on Tuesday 23 October 2007.
Overall trading to date has been better than we had expected when the first
interim management statement was made at the AGM on 20 June 2007, despite a weak
US dollar. Pre-tax profits for the first half just ended are expected to exceed
last year's second half profits of £6.0 million.
Activity levels and revenues in shipbroking are well ahead of the first half of
last year. Of particular note are strong performances in newbuilding, offshore
and dry cargo chartering where we have increased our presence and freight rates
have been at record levels. The results will also benefit from the full
inclusion of our container desk which has also performed well. While tanker
chartering rates have generally been lower, the number of transactions concluded
has more than offset the rate effect. The Company's forward book has again grown
substantially over the first half to a new record level, due to additions in
newbuilding orders and long term time charter business.
Our other business segments have also performed well with increased revenues in
the first half.
In particular DV Howells provided a range of services for a stricken container
vessel while it was beached off the coast of Devon resulting in higher first
half revenue than expected. Wavespec and Cory have both performed steadily and
ahead of the last half.
Falconer Bryan, our new Far East based technical shipping services business
which was acquired in July, has been trading as expected and two months of
profits will be included in the interim results.
We stated in May that we were reviewing options for the bunker business and as a
result we have ceased activity in Bunker trading as of this month although the
interim results will include the activity for the whole of the period.
Alan Marsh, Braemar Shipping Services, Chief Executive Officer, commented:
'We have had a very strong performance across the business in the first half and
the current strength of the major markets that we operate in and the
continuation of recent high activity levels bodes well for the year as a whole.'
Ends
For further information, contact:
Braemar Shipping Services plc
Alan Marsh Tel 020 7535 2650
James Kidwell Tel 020 7535 2881
Aquila Financial
Peter Reilly Tel 020 7202 2601
Charles Stanley Securities
Philip Davies Tel 020 7953 2000
This information is provided by RNS
The company news service from the London Stock Exchange