Braemar Seascope’s profit dips
UK-based shipping services company Braemar Seascope Group says it is on track for a strong full-year result, despite a dip in half-year profits.Turnover rose from £30.6m in the first half of 2005 to £50.5m in the same period this year but pre-tax profit, before an impairment charge relating to its Australian subsidiary, was down slightly at £5.0m, against £5.3m last year.
Company chairman Sir Graham Hearne said: “The overall performance in shipbroking has been good and our forward order book is at a record level reflecting a shift towards longer-term business. The outlook for the remainder of the year is positive. The diversity of our shipbroking activities tends to moderate the influence of any one aspect of shipping on our earnings. Overall conditions are expected to remain favourable and, taking into account the level of business already concluded this year, we expect second half earnings to show an improvement over the first half.“
