Plain sailing for Ipswich shipping giant Braemar
Braemar Shipping Services plc, an international provider of shipbroking, financial advisory, logistics and engineering services principally to the shipping and energy industries, has had an excellent half-year to end-August.
Revenue in the first half was £59.5 million, showing growth of four per cent for the Ipswich-headquartered company. Underlying operating profit from continuing operations was maintained at £3.7m and the interim dividend was held at 5p.
Executive chairman Ronald Series said: “I am pleased to report strong performance in our core shipbroking division. Our investment in the division has positioned it well to capitalise on the improving conditions across the shipping markets.
“This investment coupled with our longstanding track record and reputation as a leading global shipbroker underpins our revenue growth.
“The Financial division remains very busy although its profitability continues to depend on the incidence and timing of completed transactions. The management team continues to work hard in focusing the business in each of our core areas.”
Founded in 1972, Braemar employs some 530 people in 30 locations worldwide across its various divisions.