Braemar: Unaudited interim results for the six months ended 31 August 2013

Braemar Shipping Services plc ("Braemar", "the Company" or the "Group"), an international provider of shipping, marine and energy services, today announces unaudited half-year results for the six months ended 31 August 2013.

FINANCIAL HIGHLIGHTS

• Revenue from continuing operations £66.1 million (interim 2012/13: £79.4 million). The higher revenue in the first half of last year includes revenue of £15.0 million from the RENA project which came to a conclusion in February 2013.

• Pre-tax profit £4.3 million (interim 2012/13: £5.2 million). The first half profits last year included £1.8 million from the RENA project.

• Strong performance from Braemar Technical Services which is benefiting from involvement in LNG vessel technical consulting and provision of expertise to large energy projects.

• Basic EPS 15.12p (interim 2012/13: 17.70p).

• Interim dividend of 9.0p per share unchanged.

Sir Graham Hearne, chairman of Braemar, said:

"Braemar is a leading provider of services to the shipping and energy industries globally. The results, which show a 3% growth in revenue excluding the RENA project, reflect a strong and growing contribution from Braemar Technical Services.

"Although freight rates and vessel values continued to be depressed, during the period under review, there is now a degree of optimism in some shipping markets that a cyclical recovery is underway. We believe the Shipbroking division is well placed to benefit from this recovery.

"Overall the Group delivered a stable first half performance and our expectation for the full year remains unchanged."
Source: Braemar Shipping Services plc