Trading Statement
01 October 2009 - 7:27PM
UK Regulatory
TIDMBRG
RNS Number : 0405A
Braemar Group PLC
01 October 2009
Embargoed 1st October 2009
Braemar Group plc ("Braemar" or the "Group")
TRADING UPDATE
Braemar Group plc ("Braemar" or the "Group") today provides the following update
for the six months ended 30 September 2009, the full results of which will be
announced in November 2009.
The Group has made the following key achievements:
Braemar Securities
We have further diversified our range of funds to include Ground Rents, launched
during the summer, adding to the existing Agricultural Land and Student
Accommodation funds. All three funds take the form of Guernsey registered Open
Ended Investment Companies. This move to list funds on the Channel Islands Stock
Exchange has increased our funds under management by 18% during the last six
months to GBP46m.
The adverse stock market conditions experienced in recent months impacted the
fundraising for Braemar UK Agricultural Land plc and the decision was taken to
abort its admission to AIM. All the abort costs were absorbed by Braemar UK
Agricultural Land plc.
Braemar Estates
Our property management division which is now responsible for the management of
c. GBP290m of assets and representing some 2,645 apartments, has proved
resilient during the wider property downturn, particularly as our activities are
limited to the management or refurbishment of assets we own, assets in funds we
manage and third party owned freeholds. The division also acts as Property
Advisor to two of our three OEICs and we expect margins to improve accordingly
as it continues to scale up with little additional cost required to do so.
Financial Outcome
The group will report revenue growth for the period and a small pre-tax loss,
but the Directors are pleased that the above achievements are continuing to
provide a stable footing for the Group. This will be reflected in further
revenue growth in the full year and in a continued build up of recurring income.
As fund raising progresses, the Directors expect trading will have strengthened
further by the time of our interim results announcement.
For further information please contact:-
Martin Robinson, Chairman, Braemar Group plc 0161 929 4969
Marc Duschenes, Chief Executive, Braemar Group plc 0161 929 4969
Julie Serrage, Investor Relations 0161
929 4969
Alex Clarkson/Nick Cowles, Zeus Capital 0161 831
1512
This information is provided by RNS
The company news service from the London Stock Exchange
END
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