The revenue increase was driven by its technical services division, while its traditional shipbroking business saw its revenues suffer from the poor shipping market.
"We have reported a robust group performance, in extremely challenging shipping markets, thanks to our progressive diversification into a broad range of maritime services," commented James Kidwell, ceo of Braemar.
The company's revenue increase was driven by its technical division where revenues jumped from £32m in 2012 to £36.8m in 2013 and profits nearly doubled from £1.8m in 2012 to £3.4m in 2013.
Braemar Seascope, the company's shipbroking division, saw a 6.9% decrease in revenue despite increased activity, achieving a higher number of transactions than in the previous year. "The value of each transaction is down significantly due to lower ship values, lower freight rates and a smaller proportion of revenue coming from the forward orderbook," Kidwell said.
With work related to the recovery of containers from the Rena now complete, revenues at the company's environmental division, Braemar Howells, is set to fall from 2013's high of £23.4m back to around £5m for 2014.
Whilst the company considers itself well positioned to benefit from a recovery in the shipping markets, it considers recovery unlikely in the short term.
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