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Revenues up but profits down at Braemar

May 14 - Braemar Shipping Services has issued its annual results for year ending February 28, 2013.

The UK based provider of brokering, consultancy and technical services to the shipping and energy industries saw its revenue grow by 7.7 percent year-on-year in 2013 to GBP143.8 million (USD220.1 million), although its operating profit slipped by 5 percent to GBP9.3 million (USD14.2 million).
James Kidwell, chief executive of Braemar Shipping Services, praised the company's "robust group performance" in tough economic conditions thanks to its "progressive diversification into a broad range of maritime services".
"This year's performance shows that the strategy to develop a more broadly-based business has reduced volatility of the group's results and the exposure to the shipping cycle," he added.
The group's Technical, Environmental and Logistics division accounted for 60 percent of its operating profit - up from 44 percent in 2012. Notably, Braemar Technical Services performed strongly in 2013 with an 88 percent rise in operating profit over 2012 driven by growth for its offshore services.

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