TIDMBMS

RNS Number : 2823N

Braemar PLC

22 September 2023

22 September 2023

   BRAEMAR   PLC

("Braemar" or the "Company" or the "Group")

Update on Trading, FY23 Results and Investigation

Braemar Plc (LSE: BMS), a provider of expert investment, chartering, and risk management advice to the shipping and energy markets, today announces the following updates.

Trading update for the financial year ending February 2024 (FY24)

The board is pleased to report that the Group continues to trade well and is on track to deliver FY24 underlying operating profit (excluding foreign exchange movements) of c.GBP18m, in line with market consensus. Underlying operating profit (excluding foreign exchange movements) for H1 FY24 is expected to be not less than GBP7.0m.

The board's strategy of growing scale and market breadth with increased diversification and global reach continues to deliver strong results. Revenues for the first six months of the financial year are moderately higher than the same period last year, against a backdrop of significantly lower shipping rates in certain sectors.

The board remains confident in the outlook for the second half, with the Group's total forward order book being 21% higher than the same period last year.

Publication of FY23 results and investigation update

As announced on 26 June 2023, the board commenced an independent investigation into a historic transaction dating back to 2013. The investigation has been conducted by FRP, an independent specialist firm and has been overseen by an investigation committee chaired by the Group's non-executive Chairman. The investigation has been thorough and complex, but is now nearing completion and has focused on a small number of transactions which were carried out between 2006 to 2013.

The board is pleased to report that it expects previous guidance for FY23 to remain unchanged, with record revenue and underlying profitability achieved. Revenue for FY23 is expected to be not less than GBP150m (FY22: GBP101.3m), with underlying operating profit expected to be not less than GBP20.0m (FY22: GBP10.1m) with net cash of GBP6.9m at the year end.

The board is presently working through the conclusions of the investigation and any resulting amendments to the Group's accounts for prior periods. The board currently expects to publish final results for FY23 in October 2023, whereafter the board expects to request a restoration of its listing. As far as the board is able, further detail will be provided at that time.

As previously announced, the board will propose at the reconvened AGM (to be held after the release of the FY23 results), a final dividend of 8 pence per share (2022: 7 pence). Total dividends in respect of FY23 will be 12 pence per share, a 33% increase over the previous year (FY22: 9 pence).

James Gundy, Group CEO commented:

"I would like to thank all our shareholders and the Braemar team for their patience and understanding during this period. We continue to deliver on our strategy, and I am delighted with the performance of the business and the strong start to this year. I am also pleased that the investigation, which has been time consuming, and complex is now coming to an end and the business has shown considerable resilience throughout this period, which makes me incredibly proud."

ENDS

For further information, contact:

 
 Braemar Plc 
 James Gundy, Group Chief Executive         Tel +44 (0) 20 3142 4100 
  Officer 
 Grant Foley, Group Chief Financial 
  Officer 
 Investec Bank plc 
 Gary Clarence / Harry Hargreaves /         Tel +44 (0) 20 7597 5970 
  Alice King 
 Cavendish Securities PLC                  Tel +44 (0) 20 7397 8900 
 
  Ben Jeynes / Charlie Combe (Corporate 
  Finance) 
 
  Leif Powis (Sales) 
 Buchanan 
 Charles Ryland / Stephanie Whitmore        Tel +44 (0) 20 7466 5000 
  /Jamie Hooper / Jack Devoy

Notes to Editors:

About Braemar Plc

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 .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTLBMRTMTBTBRJ

(END) Dow Jones Newswires

September 22, 2023 02:00 ET (06:00 GMT)

Braemar (AQSE:BMS.GB)
Historical Stock Chart
Von Dez 2024 bis Jan 2025 Click Here for more Braemar Charts.
Braemar (AQSE:BMS.GB)
Historical Stock Chart
Von Jan 2024 bis Jan 2025 Click Here for more Braemar Charts.