19 September 2024
BRAEMAR PLC
("Braemar" or the "Company" or the "Group")
HY25 Trading Update
Trading in line with expectations
Braemar Plc (LSE: BMS), a leading provider of expert investment, chartering, and risk management advice to the shipping and energy markets, today announces an update on trading for the six months ended 31 August 2024.
Trading Update
The board is pleased to announce that the Group has continued to trade well and in line with expectations1.
Revenue for HY25 is expected to be not less than £75m (HY24: £74.9m), with underlying operating profit (before acquisition-related expenditure) slightly ahead of the prior year (HY24: £7.6m).
The Group has continued to maintain a positive cash position with increased net cash of £3.3m at the end of the period (HY24: £3.1m; FY24: £1.0m).
Outlook
The board remains confident in the outlook for the remainder of the financial year and beyond, as the Group continues to benefit from its increasingly resilient and focused growth strategy. The total forward orderbook2 continues to be strong and at the end of August 2024 was $80.9m (HY24: $67.2, FY24: $82.6m).
Notice of results
The Group expects to announce its HY25 results for the six months ended 31 August 2024 by mid November 2024.
1. Company compiled consensus as at the date of this announcement: FY25 revenue of £153.2m and FY25 underlying operating profit (before acquisition-related expenditure) of £18.1m
2. The total forward order book covers revenue that will be earned in future periods up until 2039
ENDS
For further information, contact:
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Braemar Plc |
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James Gundy, Group Chief Executive Officer |
Tel +44 (0) 20 3142 4100 |
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Grant Foley, Group Chief Financial Officer |
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Rebecca-Joy Wekwete, Company Secretary |
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Canaccord Genuity Adam James / Harry Rees |
Tel +44 (0) 20 7523 8000 |
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Burson Buchanan |
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Charles Ryland / Stephanie Whitmore / Jack Devoy / Abby Gilchrist |
Tel +44 (0) 20 7466 5000 |
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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 and follow Braemar on LinkedIn.