REG - Braemar PLC - Trading update - a record year for Braemar

BraemarAnnouncement

22/03/2023 07:15

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RNS Number : 7778T  Braemar PLC  22 March 2023

 

 
 

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      22 March 2023

 

 

BRAEMAR PLC

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

 

Trading update - a record year for Braemar

 

Braemar Plc (LSE: BMS), a provider of expert investment, chartering, and risk
management advice to the shipping and energy markets, today announces an
update on trading for the year ended 28 February 2023.

 

Trading Update

 

The board is delighted to announce that Braemar has achieved record revenue
and record profitability for the financial year ended 28 February 2023 on a
simplified business strategy. The Company expects to report revenue for the
year of not less than £150m (2022: £101.3m), with underlying operating
profit of not less than £20m (2022: £10.1m).

 

The Group's cash generation has also been strong, and the board expects the
Group to be in a net cash positive position of circa £6.9m at the end of the
financial year (2022: net debt of £9.3m). This net cash figure is after the
payment of the acquisition consideration for Southport Maritime Inc. in the US
and the recruitment of the new team in Madrid, both of which were announced by
the Company in December 2022.

 

Trading in the first few weeks of the financial year has started well and the
board looks forward to the rest of the year with confidence.

 

Final Dividend - recommended increase

 

In line with the Company's progressive dividend policy and in view of the
Company's strong results for the year, the board intends to recommend a final
dividend of 8 pence per share (2022: 7 pence) to shareholders for approval at
the forthcoming annual general meeting. Together with the interim dividend of
4 pence per share, this equates to total dividends per share for the year of
12 pence, a 33% increase over the prior year dividend of 9 pence per share.

 

The Company intends to announce its financial results for the year ended 28
February 2023 by the end of May 2023.

 

 

 

ENDS

 

For further information, contact:

 Braemar Plc
 James Gundy, Group Chief Executive Officer        Tel +44 (0) 20 3142 4100
 Nick Stone, Chief Financial Officer
 Investec Bank plc
 Gary Clarence / Harry Hargreaves / Alice King     Tel +44 (0) 20 7597 5970
 Cenkos Securities plc

                                                   Tel +44 (0) 20 7397 8900

 Ben Jeynes / Max Gould (Corporate Finance)

 Alex Pollen / Leif Powis (Sales)
 Buchanan
 Charles Ryland / 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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