Business
Update on Trading, FY23 Results and Investigation
Update on Trading, FY23 Results and Investigation.
About this update from Braemar Plc
[{"type":"text","content":"\n\n\n \n \n22 September 2023\n \n \nBRAEMAR PLC\n(\"Braemar\" or the \"Company\" or the \"Group\")\n \nUpdate on Trading, FY23 Results and Investigation\n \nBraemar Plc (LSE: BMS), a provider of expert investment, chartering, and risk management advice to the shipping and energy markets, today announces the following updates.\n \nTrading update for the financial year ending February 2024 (FY24)\n \nThe board is pleased to report that the Group continues to trade well and is on track to deliver FY24 underlying operating profit (excluding foreign exchange movements) of c.£18m, in line with market consensus. Underlying operating profit (excluding foreign exchange movements) for H1 FY24 is expected to be not less than £7.0m.\n \nThe board's strategy of growing scale and market breadth with increased diversification and global reach continues to deliver strong results. Revenues for the first six months of the financial year are moderately higher than the same period last year, against a backdrop of significantly lower shipping rates in certain sectors.\n \nThe board remains confident in the outlook for the second half, with the Group's total forward order book being 21% higher than the same period last year.\n \n \nPublication of FY23 results and investigation update\n \nAs announced on 26 June 2023, the board commenced an independent investigation into a historic transaction dating back to 2013. The investigation has been conducted by FRP, an independent specialist firm and has been overseen by an investigation committee chaired by the Group's non-executive Chairman. The investigation has been thorough and complex, but is now nearing completion and has focused on a small number of transactions which were carried out between 2006 to 2013.\n \nThe board is pleased to report that it expects previous guidance for FY23 to remain unchanged, with record revenue and underlying profitability achieved. Revenue for FY23 is expected to be not less than £150m (FY22: £101.3m), with underlying operating profit expected to be not less than £20.0m (FY22: £10.1m) with net cash of £6.9m at the year end.\n \nThe board is presently working through the conclusions of the investigation and any resulting amendments to the Group's accounts for prior periods. The board currently...