REG - Braemar PLC - FY25 Trading Update

BraemarAnnouncement

24/03/2025 07:00

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RNS Number : 7360B  Braemar PLC  24 March 2025

 

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         24 March 2025

BRAEMAR PLC

("Braemar", "the Company" and together with its subsidiaries the "Group")

 

FY25 TRADING UPDATE

Diversified business model delivers robust full year performance

 

Braemar Plc (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 year ended 28 February 2025 ("FY25" or "the year").

Trading Update

Braemar is pleased to report that the Group's balanced and diversified
business model performed well, during the year, to deliver a robust overall
trading performance for FY25. Global charter rates, notably in the Tanker and
Dry Cargo markets, came under pressure in the second half of the financial
year, due to increased geopolitical volatility; however, the impact of this
was partially offset by a strong performance in other parts of the Group such
as Sale and Purchase. The board now expects revenue for FY25 to be in the
region of £141.0m(3) (FY24: £152.8m), with underlying operating profit
(before acquisition-related expenditure) of c.£16.5m(3) (FY24: £18.1m),
subject to audit.

Operating cash flow remains strong, however, the timing of certain working
capital items yielded a net debt position of £2.5m at 28 February 2025 (FY24:
net cash £1.0m). The Group swiftly returned to a positive net cash position
at the start of the new financial year.

Outlook

The Group's forward order book at the end of February 2025 was strong, having
increased from H1 ($80.9m) to $82.2m (FY24: $82.6m) and fixture levels
achieved in FY25 are expected to be maintained in the year ahead.

Whilst mindful of the short-term volatility in the Group's markets, the strong
fundamental drivers of the global shipping markets and the scale and
diversified breadth of the Group's operations underpin the board's confidence
in the longer-term prospects for the business. The board remains focused on
leveraging the integrated capabilities in the Group's core market segments and
driving further growth, through both organic investment and strategic
acquisitions.

Commenting, James Gundy, Group CEO of Braemar said:

"The Group has made significant strides to strengthen the business in recent
years, and it is encouraging to see the benefits of our actions come through
in FY25. We have diversified our revenue streams and improved our operational
platform, creating a more balanced and insulated business, and in so doing
reduced the impact of cyclical rate pressures on individual market segments.

Braemar is in a strong position, and we remain focused on driving further
progress against our long-term, strategic plans to scale the business for the
benefit of all stakeholders".

Notice of Results

The Group will announce its FY25 results for the year ended 28 February 2025
by the end of May 2025.

1.    Underlying results measures above are before specific items

2.   The total forward order book covers revenue that will be earned in
future periods up until 2039

3.  Company compiled consensus prior to the release of this announcement:
revenue £152.0 million (£150.8 million - £153.7 million);     underlying
operating profit (before acquisition-related expenditure) £17.5 million
(£17.1 million - £17.9 million)

 

Enquiries:

 Braemar Plc                                 Tel: +44 (0)20 3142 4100
 James Gundy, Group Chief Executive Officer
 Grant Foley, Group Chief Financial Officer
 Rebecca-Joy Wekwete, Company Secretary

 Houston                                     Tel: +44 (0)20 4529 0549
 Kate Hoare / Charlie Barker / Ben Robinson

 Canaccord Genuity                           Tel: +44 (0) 20 7523 8000
 Adam James / Harry Rees

 

About Braemar Plc

Braemar provides expert advice in shipping investment, chartering, and risk
management to enable its clients to secure sustainable returns and mitigate
risk in the volatile world of shipping. 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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