REG - Braemar PLC - Trading and FY23 Results Publication Update

BraemarAnnouncement

26/10/2023 07:00

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RNS Number : 3085R  Braemar PLC  26 October 2023

 

 

 

 

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26 October 2023

 

BRAEMAR PLC

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

 

Trading and FY23 Results Publication Update

 

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

 

First half results

 

The Group continues to trade in line with expectations. Underlying operating
profit (excluding foreign exchange movements) for H1 FY24 is expected to be
not less than £7.0m (H1 FY23: £8.9m, excluding foreign exchange movements).
The board also remains confident in the outlook for the second half of the
financial year.

 

Publication of FY23 results and investigation update

 

Further to the announcement on 22 September 2023, the independent internal
investigation has now been completed. The resulting actions relating to the
historic transactions identified in the investigation have, however, taken
slightly longer to implement than previously anticipated. As a result, the
board now expects to publish its final FY23 results in mid-November 2023, with
the FY24 interims shortly thereafter. The board expects to seek a restoration
of the Company's listing after the publication of the FY23 results.

 

Previous FY23 guidance remains unchanged, with revenue expected to be not less
than £150m (FY22: £101.3m), and underlying operating profit expected to be
not less than £20.0m (FY22: £10.1m).

 

The board will propose at the reconvened AGM (in December 2023), 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).

 

 

ENDS

For further information, contact:

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

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

                                                                     Tel +44 (0) 20 7397 8900

 Ben Jeynes / Charlie Combe (Corporate Finance)

 Leif Powis (Sales)
 Buchanan
 Charles Ryland / Stephanie Whitmore /Jamie Hooper / Jack Devoy      Tel +44 (0) 20 7466 5000

 

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

 

 

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