In a change from past practice this year’s final dividend of £3 (2003 - £2) will be paid in July (previously October), opening the way for twice-yearly dividends.
In drawing attention to the shareholders’ assets, Peter Kerr-Dineen, Chairman said “Good management and rising dividends ought to provide the confidence for our member shareholders to continue entrusting their capital to the Baltic. This will ensure the Baltic’s role in the marketplace, which members and users consider should be broadly non profit-making, can be further enhanced in the future.”
He added: “It is encouraging that our focus on the provision of relevant member services and freight market information is attracting a broadly-based range of new members and subscribers from around the globe.”
In its annual accounts for the year to end March 2004, the Baltic recorded an operating loss of £475,813 (2003 - loss £1,912,433); a profit after adding back income from non-property investments of £1,112 (2003 - loss £1,390,313); and profit before tax of £1,145,990 (2003 - loss of £3,488,318), which was due to a partial write-back of an investment impairment provision.
The results will be presented to Baltic Exchange members and shareholders on 13 July at the company’s Annual General Meeting.
Click here for Annual Report and Accounts.
