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Shipbroker servivces company Braemar Shipping Services said it expected annual revenue to rise following 'strong' trading in the first half of the year amid a favourable market backdrop.
The strong trading seen in the first half of the financial year had continued throughout the second half to date.
Revenues for the year ended 28 February 2022 were now expected to be not less than £101 million, up from £84 million last year.
'This strong performance reflects favourable market conditions and, more importantly, the investments we have made in increasing the breadth, focus and depth of the group's shipbroking activities,' the company said.
The company also said it would halve the amount of deferred equity issued as part of the employee remunerations and increase cash bonus by the same amount to 'etter align shareholder and employee interests and support the Group's successful growth agenda.'