Braemar Shipping Services expects annual profits to miss forecasts

17th Jan 2014 09:36

Braemar Shipping Services, which provides shipping, marine and energy services, said it anticipates annual profits will be "modestly below expectations". The company's results have been dragged down by the Braemar Technical Services division as slower-than-expected contract awards at Braemar Casbarian in the US offset growth in the offshore energy market in Asia. The Logistics and Environmental divisions also performed slightly worse in the second half of the year, in line with management's expectations.The Shipbroking division performance, however, improved compared to the first half following an "increasing degree of optimism" in some shipping markets over the past few months.Shares fell 6.90% to 540p at 09:54 on Friday.RD