Braemar Shipping Regulatory News (BMS)

22 Mar 2006 07:00

Braemar Seascope Group PLC22 March 2006 For immediate release 22 March 2006 Braemar Seascope Group plc ("the Group") Acquisition of DV Howells and trading update The Board of Braemar Seascope Group plc is pleased to announce the purchase ofDV Howells. DV Howells is a leading UK pollution response business providing servicesprimarily to the marine sector but also to the rail network, police forces, theMinistry of Defence and others. It has 27 employees based in the UK at officesin Milford Haven, Harlow, Rotherham, Huddersfield, Falmouth, Didcot and Perth. The Group will pay cash of £400,000 on completion and a further £150,000 overthe next 18 months to the current owner, Milford Haven Port Authority. In itsfirst year as part of the Group it is not expected to make a significantfinancial contribution to the Group's profits but the Board expects that itsmarine business will be capable of significant growth as part of the BraemarSeascope Group. Alan Marsh, CEO of Braemar Seascope Group plc, commented, "We are delighted towelcome DV Howells into the Group and look forward to working with themanagement to expand the business in the future. The acquisition is another stepin our overall strategy of building a broadly-based shipping services group." Commenting on current trading Alan Marsh said, "At the close of our financialyear to 28 February 2006 trading was strong and the final results are likely tobe somewhat ahead of market expectations. The new financial year has startedwell with good business already concluded for this year and future years." ENDS For further information, contact:Braemar Seascope Group plcAlan Marsh Tel 020 7535 2650James Kidwell Tel 020 7535 2881 Aquila Financial LimitedPeter Reilly Tel 020 7849 3319 Charles Stanley SecuritiesPhilip Davies Tel 020 7953 2000 This information is provided by RNS The company news service from the London Stock Exchange