BRAEMAR Announces Results for Year February 2011

May 9, 2011

Braemar Shipping Services plc (“Braemar”, “the Company” or “the Group”), a leading international provider of broking, consultancy, technical and other services to the shipping and energy industries, today announces full yearresults for the year ended 28 February 2011.

FINANCIAL HIGHLIGHTS
•    Revenue £126.1m (2010: £119.0m)
•    Pre-tax profit before amortisation £14.8m (2010: £15.0m)
•    EPS before amortisation 53.84p (2010: 53.22p)
•    Cash at 28 February 2011: £25.6m (28 Feb 2010: £27.9m)
•    Final dividend 17.0p per share (up 5%), full year26.0p (2010: 25.0p) up 4%
•    8thsuccessive year that the Company has increased its dividend

OPERATIONAL HIGHLIGHTS
•    Purchase of the business and certain assets of BMT Marine and Offshore Surveys Limited
•    Shipbroking profits 7% ahead
•    Successful consolidation and relocation of our businesses in Singapore
•    Integration and re-branding of our technical services businesses with an improved outlook for the year ahead
•    Estimated forward order book deliverable in 2011/12 - £23m [US$36m] (2010/11 - £28m [US$42m])

 
Commenting on the results and outlook, Sir Graham Hearne, chairman of Braemar Shipping Services plc, said:
“Our markets in shipping and oil and gas services have had a turbulent year and against this backdrop the performance of the Group has been robust.

Braemar, across all divisions, is a first-class company and among the leaders in its various markets; it is this that underlies my confidence that Braemar will continue to play a leading role in the markets in which it operates.”

Source: BRAEMAR

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