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Braemar profits hit by technical division restructuring costs

Braemar Shipping Services 2016 profits for the year ended 28 February 2017 were hit restructuring costs for its technical division.

Braemar reported a GBP3.5m profit for the year ended 28 February 2017 compared to GPB13.8m in the previous year.

The last financial year saw Braemar being hit by GBP3m in restructuring costs mainly relating to its technical division. “Tough action was taken in the Technical division to restructure our businesses and address the cost base in this economic climate. Despite this we have maintained our core skills and capabilities and, as a result, are well placed for the future,” said David Moorhouse, chairman of Braemar.

The restructuring of the technical division, which was led by a new management team, is expected to lead to GBP6m in annual cost savings starting from 2017/18.

On the positive side Braemar booked a GBP1.7m profit from the sale of its shares inthe Baltic Exchange which was sold to the Singapore Exchange last year.

Commenting on its shipbroking business Braemar said: “Shipbroking division achieved a resilient performance in difficult market conditions, with increased transaction volumes in almost all areas.”

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