REG - Braemar PLC - FY24 Trading Update

BraemarAnnouncement

20/03/2024 07:00

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RNS Number : 4930H  Braemar PLC  20 March 2024

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE
INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO.
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                       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 profit(1) for FY24 in line
with market expectations(2).

 

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 book(3) 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:

 Braemar Plc                                                          Tel: +44 (0) 20 3142 4100
 James Gundy, Group Chief Executive Officer
 Grant Foley, Group Chief Financial Officer

 Investec Bank plc                                                    Tel: +44 (0) 20 7597 5970
 Gary Clarence / Harry Hargreaves / Alice King

 Cavendish Securities PLC                                             Tel: +44 (0) 20 7220 0500
 Ben Jeynes / Matt Lewis (Corporate Finance)
 Leif Powis / Charlie Combe (Sales and ECM)

 Buchanan                                                             Tel: +44 (0) 20 7466 5000
 Charles Ryland / Stephanie Whitmore / Jamie Hooper / Abby Gilchrist

 

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 (http://www.braemar.com/)  and follow Braemar
on LinkedIn (https://www.linkedin.com/company/braemar-ltd) .

 

 

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