StockMarketWire.com - Braemar Shipping Services' revenues rose by 16% to £145.8m in the year to the end of February with underlying operating profit up 21% at £11.3m.

Adjusted earnings per share were 31.3p compared with 33.5p last year.

The company says: "The most significant event in this financial year was the merger with ACM Shipping Group Plc, and the substantial commitment it represented to the growth of our shipbroking business." The shipbroking division contributed £53.6m in revenues (an increase of £12.7m) and underlying operating profit of £5.6m (an increase of £3.0).

Braemar says: "This is not surprising given that these represent the combined revenues and profits of the two businesses for the second half of the year. But the success of the merger can best be measured by comparing the second half combined profit of £4.2m with the £3.3m combined profit of the two separate entities in the second half year of 2013/14, an increase of 27%. And of even greater importance was the reorganisation of the desk teams to provide enhanced services to our clients and an improvement in the forward order book."

Chief executive James Kidwell 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."




Story provided by StockMarketWire.com