Business
FY25 Trading Update
FY25 Trading Update.
About this update from Braemar Plc
[{"type":"text","content":"\n\n\n \nTHE 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.\n \n 24 March 2025\n\nBRAEMAR PLC\n(\"Braemar\", \"the Company\" and together with its subsidiaries the \"Group\")\n\n \nFY25 TRADING UPDATE\nDiversified business model delivers robust full year performance\n \n\nBraemar 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\").\nTrading Update\nBraemar 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 £141.0m3 (FY24: £152.8m), with underlying operating profit (before acquisition-related expenditure) of c.£16.5m3 (FY24: £18.1m), subject to audit.\nOperating 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.\nOutlook\nThe 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.\nWhilst 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...