Braemar Shipping Services plc (LON:BMS) has told investors it traded in line with management expectations in the second half of 2018.
In a statement, ahead of full-year results due on 14 May, the company said it expects to report pre-tax profit between £6.8mln to £7.2mln.
READ: Braemar shares drop as technical division disappoints
Braemar described a strong second half for its shipbroking business, with the unit set to show a performance ahead of market expectations.
Meanwhile, the Braemar Naves business – a provider of maritime focussed corporate finance services – will show profits “somewhat lower than the market forecast” and Braemar’s technical division continued to experience challenging conditions and structural changes are presently being worked on.
It noted that the Braemar Naves business had experienced an active year, despite the financial performance, and it has a growing pipeline of mandated business and retainer income, and, it reaffirmed internal expectations that the unit would in time exceed prior expectations.
Braemar’s logistics business is said to have traded robustly and is expected to show profits in line with expectations.
Looking ahead, the company said: “Braemar believes that the outlook for the year ending 29 February 2020 is positive as the shipbroking division continues to trade strongly, supported by performance in the financial division as the extensive pipeline of business materialises.”