Braemar senses tide is turning, with profits set to rise

SHIPPING service firm Braemar said it anticipates full-year profits will be significantly ahead of last year's pre-tax profits of 11 million.

The group, which has a market cap of 84.19m, said it anticipates the second-half result to be similar to the 7.1m pre-tax profit reported in the first half.

It said that in the ten-and-a-half months to February 2008, shipbroking revenues are "comfortably ahead" of last year, while it reported that transaction volumes have been strong.

Deep-sea tanker chartering freight rates have recovered rapidly over the past two months after a quiet summer and autumn and dry bulk rates have remained at historically high levels.

Braemar said other divisions had performed well, in line with internal expectations, and added that its forward order book remains at record levels.

Braemar said in a statement: "The acquisitions of Falconer Bryan in June 2007 and 80 per cent of Fred Olsen Freight in December 2007 will add to second-half earnings of our technical services and logistics divisions."

Braemar saw shares rise 3.35 per cent, or 13.25p, yesterday to 409p.