20 April 2012 – trading update

The company has confirmed that despite difficult trading conditions, results for the year to 31 March will be in line with expectations.  The group is looking to expand its sale and purchase division over the coming months, whilst the last financial year saw the group launch a new shipbroking company in Dubai.  As and when market conditions improve, the group looks well-placed to benefit and, with the support of a dividend yield of 7.8% in the meantime, we therefore continue to rate the shares a BUY.