Braemar Shipping H1 profit drops 28%

27th Oct 2009 08:33

Shipping and marine services firm Braemar Shipping said first half pre-tax profit fell 28% as shipping rates fell and global trade slowed. Pre-tax profit from continuing operations fell to £7m for the six months to 31 August from £9.8m the same time a year before. Revenue from continuing operations fell to £57.1m from £69.1m. Commenting on trading the group said, "Operating in more difficult circumstances, the group has benefited from the strategic decision to invest in a broader range of shipping services which now account for more than one third of the group's operating profits before central costs. We have a solid platform from which to continue to build as markets gradually recover." The group said freight rates and vessel values remain low, but business at its ship broking business has returned to similar levels seen before the financial crisis. It added that full year prospects are good and increased its dividend 3% to 8.75p.