REG - Braemar PLC - Update on trading, FY23 results & investigation

BraemarAnnouncement

26/06/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230626:nRSZ8117Da&default-theme=true

RNS Number : 8117D  Braemar PLC  26 June 2023

 

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE
INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO.
596/2014) WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL)
ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION
IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

 

 

26 June 2023

 

 

BRAEMAR PLC

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

 

Update on FY23 trading

Publication of FY23 results & investigation into a 2013 transaction

Braemar (LSE: BMS), a provider of expert investment, chartering, and risk
management advice to the shipping and energy markets, provides an update on
its annual results for the 12 months ended 28 February 2023 ("FY23") together
with details of an on-going investigation into a historic transaction.

 

Trading Update

As announced on 22 March 2023, Braemar is pleased to reconfirm its expectation
of reporting record revenue and record profitability for FY23, with revenue
for the year of not less than £150m (2022: £101.3m), underlying operating
profit of not less than £20m (2022: £10.1m) and net cash of £6.9m at the
year end. It remains the board's intention to recommend a final dividend of 8
pence per share (2022: 7 pence) to shareholders for approval at the
forthcoming annual general meeting, representing a dividend for the year of 12
pence per share, a 33% increase over the previous year (2022: 9 pence).

 

Publication of FY23 results & investigation into 2013 transaction

During the past two years, in addition to establishing and developing the
Group's growth strategy, the board has focused on ensuring that proper
procedures are in place to deliver good practice throughout the business as it
scales. As part of this work, the board and the Group's auditors have been
carrying out an investigation into a particular transaction of circa $3m,
which originated in 2013, and involves payments being made through to 2017.

 

The board is not presently comfortable with the manner in which the
transaction has been historically represented and the remaining liability
recorded in the Company's balance sheet. Upon conclusion of the investigation,
should this liability be released, it would not affect the underlying trading
profit or cash position of the Company for FY23.

 

The investigation into this transaction and any related matters which may
arise, is still ongoing. The board has appointed FRP, an independent
specialist firm to assist with the investigation and has established a
specific investigation committee, chaired by the Group's non-executive
Chairman, to oversee the matter. As a result, the Company's Final results for
FY23 will be delayed until this work has completed and will not be published
by 30 June 2023.

 

Under the Financial Conduct Authority's Disclosure Guidance and Transparency
Rules, the Company is required to publish its audited FY23 results by 30 June
2023. As the Company does not expect to be able to comply with this
requirement, the Group will request that trading in the Company's ordinary
shares be suspended with effect from 7.30 a.m. on 3 July 2023.

 

The Company will provide further updates on expected timings for publication
of its FY23 results in due course. The Company expects to request a
restoration of the listing of its ordinary shares on publication of its FY23
results.

 

 

 

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) .

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCPPUCCQUPWGRA