THE INFORMATION CONTAINED WITHIN
THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS
STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014)
WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT,
THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
20 March 2024
BRAEMAR PLC
("Braemar" or the "Group")
FY24 TRADING
UPDATE
Revenue and underlying
operating profit in line with market expectations
Braemar (LSE: BMS), a leading
provider of expert investment, chartering, and risk management
advice to the shipping and energy markets, announces a trading
update for the twelve months ended 29 February 2024
(FY24).
Trading update
The board is pleased to report that
the Group has achieved another strong performance, with revenue and
underlying operating profit1 for FY24 in line with
market expectations2.
Revenue is expected to be not less
than £150m (FY23: £153m) with underlying operating profit of not
less than £18m (FY23: £20m), subject to audit.
The Group maintained a positive cash
position with net cash at 29 February 2024 of £1m (FY23: £7m), a
decrease from the prior year after expensing the cost of the
previously announced internal independent investigation conducted
and concluded last year, certain tax payments and share buy backs
during the period.
Proposed dividend
In line with the Group's progressive
dividend policy, the board expects to recommend a final dividend of
9p (FY23: 8p) per ordinary share, delivering a total dividend for
the year of 13p (FY23: 12p), an increase of 8%.
Outlook
The Group entered FY25 with a total
forward order book3 of US$83m, a substantial increase of
47% on the prior year (FY23: US$56m), providing the board with
confidence for the year ahead.
Notice of results
The Group expects to announce its
FY24 results for the year ended 29 February 2024 by the end of May
2024.
1.
Underlying operating profit: after adjusting for acquisition
related expenditure.
2.
Company compiled consensus as at the date of this announcement:
FY24 revenue of £150.4m and FY24 underlying operating
profit
(before acquisition-related expenditure) of £18m.
3.
The total forward order book covers revenue that will be earned in
future periods up until 2039.
Enquiries:
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Braemar Plc
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Tel: +44 (0) 20 3142
4100
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James Gundy, Group Chief Executive
Officer
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Grant Foley, Group Chief Financial
Officer
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Investec Bank plc
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Tel: +44 (0) 20 7597
5970
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Gary Clarence / Harry Hargreaves /
Alice King
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Cavendish Securities PLC
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Tel: +44 (0) 20 7220
0500
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Ben Jeynes / Matt Lewis (Corporate
Finance)
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Leif Powis / Charlie Combe (Sales
and ECM)
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Buchanan
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Tel: +44 (0) 20 7466
5000
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Charles Ryland / Stephanie Whitmore
/ Jamie Hooper / Abby Gilchrist
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Notes to Editors:
About Braemar
Braemar provides expert investment,
chartering, and risk management advice that enable its clients to
secure sustainable returns and mitigate risk in the volatile world
of shipping and energy. Our experienced brokers work in tandem with
specialist professionals to form teams tailored to our customers'
needs, and provide an integrated service supported by a
collaborative culture.
Braemar joined the Official List of
the London Stock Exchange in November 1997 and trades under the
symbol BMS.
For more information, including our
investor presentation, visit www.Braemar.com and follow Braemar on LinkedIn.