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Braemar Plc unaudited results for six months ended 31 August 2023

Posted on: 29 November 2023

Braemar Plc (LSE: BMS), a leading provider of expert investment, chartering and risk management advice to the shipping and energy markets, announces its unaudited half‐year results for the six months ended 31 August 2023 (“H1 FY24” or the “Period”).

The Group has delivered a strong performance in the Period, against a global backdrop of weakening rates in certain sectors. The addition of Southport Maritime Inc. in FY23, along with two new desks, more than offset this reduction in rates, enabling the Group to deliver revenue growth of 8%. Underlying operating profit was, as expected, lower than H1 FY23, due to an unfavourable foreign exchange swing (£2.8m) and acquisition-related expenditure (£0.9m). As a result, underlying profit after tax was £5.1m, a decrease of £4.0m from the prior period.

This set of results demonstrates that our strategy, to concentrate on shipbroking, expand into new geographies and grow the highly complementary securities business, while maintaining a keen focus on operational leverage and cost management, is delivering a more resilient Group. As a result, Braemar remains on track to double FY21’s underlying operating profit by FY25 on a sustainable basis.

The Group has continued to trade well in H2 FY24 and remains on course to meet market expectations1 for FY24 and the board views the future with confidence.

The highlights includes:

  • Strong performance in the Period, against a global backdrop of weakening rates in certain sectors
  • Increase in Group revenue of 8% driven by strong performance in Chartering and Risk Advisory
  • Balance sheet remains strong with net cash position of £3.1m at 31 August 2023 (H1 FY23: £1.8m and FY23: £6.9m)
  • Interim dividend maintained at 4.0 pence per share (H1 FY23: 4.0 pence), reflecting strong underlying performance and the board’s confidence in the outlook for the Company
  • Forward order book increased to $67.2m as at 31 August 2023 (28 February 2023: $56.2m)
  • The Group is continuing to trade well in H2 FY24 and is on track to meet FY24 market expectations
  • Opportunities for growth remain strong and Braemar is on-track to double FY21 underlying operating profit by FY25

Download the full report here.

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