Cyclical challenges continue
While the shipbroking activity continues to trade in line with expectations, weakness in the oil & gas market has continued to adversely impact the Technical division. Corrective actions have been accelerated, with £6m of benefit expected in FY18. FY17 EBIT guidance is cut to £3-3.5m and the reduced dividend should more closely reflect the underlying earnings potential, with an historic yield of 5.7% likely to build as earnings recover.Braemar is an international provider of knowledge and skills-based services to the shipping, marine, energy, offshore and insurance industries. Co. provides a combination of skills and advice through its three operating divisions: Shipbroking, which provides shipbroking services as agent to the owners and charterers of vessels; Technical, which provides a range of shipping, marine, energy, offshore and insurance market related services; and Logistics, which operates under the name Cory Brothers and provides ship agency, freight forwarding and logistics services.
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