- Braemar Shipping Services posts pre-tax profits of £4.3m for the six months to the end of August - down from £5.2m last time.

Revenue from continuing operations totalled £66.1m - down from £79.4m last time.

Braemar points out that last year's figures included revenue and profits of £15.0m and £1.8m respectively from the RENA project which came to a conclusion in February.

Chairman Sir Graham Hearne said: "Braemar is a leading provider of services to the shipping and energy industries globally. The results, which show a 3% growth in revenue excluding the RENA project, reflect a strong and growing contribution from Braemar Technical Services.

"Although freight rates and vessel values continued to be depressed, during the period under review, there is now a degree of optimism in some shipping markets that a cyclical recovery is underway. We believe the shipbroking division is well placed to benefit from this recovery.

"Overall the group delivered a stable first half performance and our expectation for the full year remains unchanged."

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