UK-based provider of broking, consultancy and technical services, Braemar Shipping services has reported its strongest-ever results.

According to Braemar’s unaudited preliminary results for the year ended February 28, 2009, its pre-tax profit was up ten percent to US$24.74 million compared with US422.48 million the year before.  

Cash generated from operating activities was US$32.07 million compared with US$32.38 million.

Commenting on the results and outlook, Sir Graham Hearne, Chairman of Braemar, said that 2008 to 2009 was an excellent year for Braemar.

“Shipping has enjoyed an unprecedented boom over the past three years. Since August 2008, with the contraction of credit and weaker economies, freight rates and vessel values have reverted to pre-boom levels.

“Our activity is higher than we might have expected with transaction volumes remaining steady and the strength of the US dollar has a positive effect on our results. “Our non-broking businesses have begun the new financial year strongly and demand for their services remains good. Overall the prospects for the year are positive.”