Braemar Shipping Services PLC (LON:BMS) was feeling particularly buoyant about the future as it unpacked a solid set of full-year results on Monday.
An underlying profit before tax of £8.9mln for the year ended 28 February was up 29% on the previous 12 months, with revenue ahead 14% to £117.9mln. The underlying profit for the year of £7.2mln was also at the top end of the guidance.
READ: Braemar Shipping says trading met management expectations during second half
The results were issued on a continuing basis, excluding a £21.3m book loss on the disposal of the technical division which was sold post year-end in a deal that gives Braemar a 26% stake of Norwegian-listed Aqualis ASA, a larger offshore and renewables consultant.
Chairman Ronald Series said: “It is an exciting time for Braemar, having reached a good solution for the majority of the technical division. The group is now well set to focus on our shipbroking, financial and logistics businesses which have good prospects.”
He hailed the progress achieved in the last year but said “there is still much more to do and further opportunities to develop as we return the group to growth”, adding that the simplified group structure should enable a focus on higher-margin services to the maritime industry.
The shipbroking unit had a strong second half as it traded ahead of expectations for the year, while the logistics arm was “steady” amid an increase in margins and underlying profit, and the first full year of trading from the financial division was “encouraging”.
A final dividend of 10.0p will result in an unchanged full year dividend of 15p, covered 1.6 times by underlying earnings, which rose 19% to 23.32p per share.
Braemar shares were up more than 13% to 203.75p in early trading on Monday.