Last year was one to forget for the AIM company, as it battled against the impact of a disgruntled employee in Russia and destroyed records on its business in Kaliningrad.
 
A thorough audit took place, which led to duplicate invoices being prepared and a much tighter control of systems. However, Baltic is now much stronger.

The integration of Rotterdam-based Petro Broker International has gone well, with past cost savings starting to benefit the bottom line. All its tanks are fully let, and the increase in the cost of fuel oil and bunker fuel seen in recent weeks is expected to have a positive impact on rates.

Late last year Baltic acquired Danish terminals business Haahr Tank-Lager, which brought with it a 160,000-cubic-metre terminal.

It has been renamed Dan Balt and will take six months to integrate, but Baltic argues that it is already profitable and should deliver even more upside from the third quarter of 2012, following a shift from storage to transhipment.

Interim results to June revealed a dip in sales to £6 million (2010: £7.6 million) but pre-tax profits increased 3 per cent to £2.86 million.

There was also a hefty cash balance as at December 2011 of £3 million. Baltic argues that its operations in Kaliningrad have stabilised and it has boosted its management team with two recent appointments.

A broker’s note is long overdue, but at the last estimate pre-tax profits of £6.65 million were in prospect for 2012.