Asia to buoy Braemar Shipping

26th Oct 2010 07:51

First-half pretax profit increased 3% at Braemar Shipping Services buoyed by demand at its shipbroking business.The London based company said growth in Asia was expected to fuel future demand for shipping. Braemar said it has an Asia expansion plan including more than 100 staff in a new Singapore office and the establishment of tanker and sale and purchase broking desks. An operating licence has also been issued in Shanghai.Revenue from continuing operations increased 18% to £67.6m in the half-year ended 31 August 2010. Pre-tax profit from continuing operations increased to £7.2m. An interim dividend of 9.00p per share has been offered, up from 8.75p last time.Chairman Sir Graham Hearne said, "The gradual recovery in most shipping markets which began in 2009 continued into 2010 and the financial year began more positively than expected. Throughout the period under review our transaction volumes have been consistent and in some cases improving. Broking revenues were also augmented by a strong forward order book at the beginning of the year."Braemar said it has a strong balance sheet with cash of £14.8m compared to £9.8m at 31 August 2009 and no debt.