Braemar PLC issues trading update for FY24

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Braemar (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 12 months ended 29 February 2024 (FY24).

The board is pleased to report that the Group has achieved another strong performance, with revenue and underlying operating profit for FY24 in line with market expectations. Revenue is expected to be not less than £150m (FY23: £153m) with underlying operating profit of not less than £18m (FY23: £20m), subject to audit.

The Group maintained a positive cash position with net cash at 29 February 2024 of £1m (FY23: £7m), a decrease from the prior year after expensing the cost of the previously announced internal independent investigation conducted and concluded last year, certain tax payments and share buy backs during the period.

In line with the Group’s progressive dividend policy, the board expects to recommend a final dividend of 9p (FY23: 8p) per ordinary share, delivering a total dividend for the year of 13p (FY23: 12p), an increase of 8%.

The Group entered FY25 with a total forward order book of US$83m, a substantial increase of 47% on the prior year (FY23: US$56m), providing the board with confidence for the year ahead.
The Group expects to announce its FY24 results for the year ended 29 February 2024 by the end of May 2024.

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