- Braemar Shipping Services' underlying operating profits fell to £3.5m in the year to the end of February - down from £13.8m last time.

Revenue fell to £139.8m from £159.1m but the group said that after a challenging year, the overall results were ahead of revised market expectations.

The directors have recommended a final dividend of 5p per share which would take the total for the year to 14.0p - down from 26.0p last time.

Chairman David Moorhouse said: "As previously announced, Braemar experienced a challenging year and all of our divisional teams worked hard to deliver business performance for the group.

"Tough action was taken in the Technical division to restructure our businesses and address the cost base in this economic climate.

"Despite this we have maintained our core skills and capabilities and, as a result, are well placed for the future.

"The current financial year has started in line with the Board's expectations and we remain confident in our long term strategy to grow the business through both organic and acquisitive business development."

At 8:18am: [LON:BMS] Braemar Shipping Services PLC share price was -6.87p at 313.13p

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