StockMarketWire.com - Shipping and energy services provider Braemar Shipping Services swung to a profit as lower costs associated with acquisitions and higher revenue bolstered performance.

For the year ended 29 February 2020, the company reported a profit of £4m compared with a loss of £27.4m on-year as revenue increased 2.5% to £117.9.

'Very strong' performance for shipbroking, well ahead of expectations, helped underpin revenue growth.

The company incurred acquisition-related items expenditure of £2m, down from £11.0m.

As previously announced, the company said it would not recommend a final dividend, reflecting the ongoing uncertainties surrounding Covid-19.

'The year has started well and current trading is resilient, despite the ongoing impact of COVID-19, and therefore we look forward to the year ahead with cautious optimism,' the company said.

At 8:48am: [LON:BMS] Braemar Shipping Services PLC share price was +10p at 129p



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