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Shipping and energy services provider Braemar Shipping Services as lower costs associated with acquisitions and higher revenue bolstered performance.
For the year ended 29 February 2020, the company reported a profit of £4m compared with a loss of £27.4m on-year as revenue increased 2.5% to £117.9.
'Very strong' performance for shipbroking, well ahead of expectations, helped underpin revenue growth.
The company incurred acquisition-related items expenditure of £2m, down from £11.0m.
As previously announced, the company said it would not recommend a final dividend, reflecting the ongoing uncertainties surrounding Covid-19.
'The year has started well and current trading is resilient, despite the ongoing impact of COVID-19, and therefore we look forward to the year ahead with cautious optimism,' the company said.
At 8:48am: (LON:BMS) Braemar Shipping Services PLC share price was +10p at 129p