Braemar profits fall but sees improvement

10th May 2010 14:00

Pre-tax profits fell sharply at Braemar Shipping in the year to February 28 after the boom times of 2007 and much of 2008 came crashing to a halt with the onset of the global economic crisis.The provider of broking, consultancy, technical and other services to the shipping and energy industries, said pre-tax profits fell to £13.5m from £16.2m over the same period the previous year. Revenues were down to £119m from £127.1m.Chairman Sir Graham Hearne said conditions in the shipping sector are improving.'Demand in most shipping sectors is recovering steadily in line with the improving economic outlook,' he said. 'We go into the new financial year with a healthy forward book and we are positive on the outlook for the year ahead.'