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Braemer benefits from diversification

Braemer benefits from diversification

Braemar Shipping Services (BMS) spent its last financial year building up its financial advisory work and presence in the dry freight futures market in an effort to diversify its business. It did so via the purchases of Atlantic Brokers and NAVES Corporate Finance. So far, performance in this financials division has exceeded management’s expectations. But £6.1m worth of acquisition-related charges wiped out operating profit during the first half, leading to a £3.3m loss. Strip this out and operating profit would have been up 12 per cent on last year to £2.8m.

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