Braemar profit flat but raises dividend

9th May 2011 11:49

Braemar Shipping has announced what it called "robust profits" for the year to the end of February after a turbulent 12 months for its shipping and oil and gas services.The broking and marine services group said it made a pre-tax profit before amortisation of £14.8m, down from £15.0m a year before.It estimates the forward order book deliverable in 2011/12 at £23m, compared with £28m for 2010/2011. The firm said it would increase its full year dividend by a penny to 26.0p, marking the eighth successive year that the company has upped its dividend.Sir Graham Hearne, chairman of Braemar Shipping, said demand for raw materials from Asia had helped its shipping business."Similarly the tanker market is being sustained by growing oil demand from the East at a time when the economies in the United States and Europe remain sluggish," he said."While economists and politicians continue to debate the speed and extent of the recovery, both in the UK and globally, we are well placed in our major markets and enter the new financial year with a healthy pipeline of business," Hearne added.The company also announced the acquisition of marine consultancy and surveying company BMT Marine and Offshore Surveys for £2.4m.---mm