Trading Statement
02 April 2009 - 9:15AM
UK Regulatory
TIDMBRG
RNS Number : 9835P
Braemar Group PLC
02 April 2009
2nd April 2009
Braemar Group plc ("Braemar" or "the Company")
TRADING UPDATE
Braemar Group plc ("Braemar" or the "Group") today provides the following end of
year trading update. Preliminary results for the year ended 31 March 2009 will
be announced in early June 2009.
The Group has made the following key
achievements in the second half of the year ended 31 March 2009:
Braemar
Securities
We have further diversified our range of funds to include Agricultural Land,
Student Accommodation and Ground Rents, the latter being launched early in the
new financial year. 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 markedly during the last year.
Income is derived from these funds through a blend of initial and recurring
annual management fees.
These structured products, which we have launched as public funds, are proving
attractive to IFAs and other advisors who promote on our behalf. Momentum has
gained throughout the last 12 months, especially since the launch of our Student
Accommodation OEIC, which has reported an increase in net assets per share of
23% since inception in November 2008.
Braemar Estates
Our property management division, now responsible for the management of c.
GBP250m of assets, representing some 2,500 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.
Growth in this business during the year was buoyed towards the end of the year
with the acquisition of Manchester Ground Rent Company Limited, details of which
were announced on 3 March 2009, which the division will now manage.
Financial Outcome
Having already reported a loss in the first half, the
Directors are pleased that the above achievements are providing a more stable
footing for the Group. This will be reflected in revenue growth in the year just
ended, with a more balanced income profile throughout the year, and in a build
up of recurring income. As fund raising continues, the Directors expect trading
will have strengthened further by the time of our preliminary results
announcement, which is expected to be in early June.
For further
information please contact:
Martin Robinson, Chairman, Braemar Group
plc
Marc Duschenes, Chief Executive, Braemar Group plc
Julie Serrage,
Investor Relations, Braemar Group plc
Tel: 0161 929 4969
Alex
Clarkson/Nick Cowles, Zeus Capital
Tel: 0161 831 1512
Stuart Forshaw, WH Ireland Tel: 0161 832 2174
Notes to Editor:
Established in 2001 and quoted on AIM in December 2005, Braemar Group plc,
through its two core divisions Braemar Securities Limited and Braemar Estates
(Residential) Limited, creates and manages a range of real estate investment
funds.
Braemar Securities
Braemar Securities specialises in fund raising for public and private companies.
It sponsors and operates a range of property investment funds for the Group and
for third parties. Braemar designs, promotes and manages innovative structured
financial products and promotes its funds to high net worth individuals, via
IFAs and other regulated entities.
Braemar Estates
Braemar Estates is responsible for the property management for Group funds and
also manages a diverse leasehold portfolio of approximately 2,500 residential
properties with a combined worth of over GBP250 million in the UK on behalf of
freeholders and leaseholders. In addition, it provides a full management service
to ten residential property funds operated by Braemar Securities.
Website:
www.braemar-group.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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