7 May 2008
Unaudited Results – Year ended 29 February 2008
Braemar Shipping Services plc (the "Group"), a leading international provider of broking, consultancy, technical and other services to the shipping and energy industries, today announced full year unaudited results for the year ended 29 February 2008.
HIGHLIGHTS
 Pre-tax profit up 47% to £14.7m (2007: £10.0m). On an adjusted basis this represents an increase of 34%*.
Basic EPS from continuing operations up 53% to 48.99p (2007: 32.08p). On an adjusted basis this represents an increase of 33%*.
Net cash generated from operating activities £17.0m (2007: £6.6m)
Net cash at 29 February 2008: £21.6m (28 Feb 2007: £14.6m)
Final dividend 15.00p per share (up 22%), full year 23.00p (2007:19.00p) up 21%
Strategy of broadening the business into shipping and energy services is developing well.
*Adjusted profits exclude an impairment charge of £950,000 taken in 2006/7, representing an adjustment to earnings per share of 4.82p.
Commenting on the results and outlook, Sir Graham Hearne, Chairman, said:
"Shipbroking has thrived in shipping markets which have been both volatile and buoyant. The demand for oil and raw materials has continued unabated attracting further new investment in shipping."
"Our other shipping services businesses have also made good progress, the most notable performance coming from our Environmental business, DV Howells. We have continued to invest part of our operating cash flows in these businesses."
"Market conditions remain favourable for our businesses and the financial year has begun well, so far with no adverse effect from the global credit squeeze. Freight rates and vessel values are both firm and there is strong demand for our services, all of which bodes well for the new year."
For further information, contact:
Braemar Shipping Services plc
Alan Marsh
Tel +44 (0) 20 7535 2650
James Kidwell
Tel +44 (0) 20 7535 2881
Aquila Financial
Peter Reilly
Tel +44 (0) 118 979 4100
Elaborate Communications
Sean Moloney
Tel +44 (0) 1296 682356
Charles Stanley Securities
Philip Davies
Tel +44 (0) 20 7149 6457
Notes
Braemar Shipping Services plc is a leading international provider of broking, consultancy, technical and other services to the shipping and energy industries. Its principal businesses are as follows:
Braemar Seascope
Specialised shipbroking and consultancy services to international ship owners and charterers in the sale & purchase, tanker, gas, chemicals, offshore, container and dry bulk markets.
www.braemarseascope.com
Falconer Bryan
Falconer Bryan provides specialised marine and offshore services. It has offices at the following locations: Australia, China, India, Indonesia, Malaysia, Singapore, Vietnam, United Kingdom
www.falconer-bryan.com
Steege Kingston
Steege Kingston provides specialist loss adjusting and other expert services to the energy (oil and gas), marine, power and other related industrial sectors. It has offices in London, Houston, Singapore, Calgary and Mexico City.
www.steegekingston.com
Cory Brothers Shipping Agency
Port agency, freight forwarding and logistics services within the UK.
www.cory.co.uk
Wavespec
Marine engineering and naval architecture consultants to the shipping and offshore markets.
www.wavespec.com
DV Howells
Pollution response service primarily in the UK for marine and rail operations.
www.dvhowells.co.uk
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