Braemar says trading "strong" as profit falls; confident in future

(Alliance News) - Braemar PLC on Thursday said it is entering its new financial year "with a reinforced operational foundation" and a clear long-term plan, as it announced a decline in annual profit.

The London-based provider of investment, chartering and risk management advice to shipping and energy markets said pretax profit fell 50% to GBP4.6 million in the year ended February 28, from GBP9.2 million a year ago.

Adjusted pretax profit fell less sharply, by 25% to GBP10.1 million from GBP13.4 million.

Revenue contracted 4.4% to GBP135.6 million from GBP141.9 million.

The company said it expanded its geographic footprint, launched "new capabilities" and completed a share buyback programme while successfully navigating a period of "considerable geopolitical uncertainty."

Central costs increased 29% to GBP7.2 million from GBP5.6 million, while net finance costs increased 68% to GBP3.3 million from GBP2.0 million.

Braemar recommended a final dividend of 4.5 pence per share, an 80% hike from 2.5p. This brings the total payout to 7.0p, unchanged.

Looking ahead, the company said current trading was "strong" amid a strengthening order book. Braemar said trading in the first two months of the new financial year that started on March 1 has been sound, as it cited geographic and revenue stream diversity.

For the current financial year, the firm aims to hire 10 new brokers and establish one new disk in its Risk Advisory unit, and embed artificial intelligence across business, among other plans.

Braemar added that it is confident in its financial 2030 targets.

Chair Nigel Payne said: "As we enter financial 2027, we do so with a reinforced operational foundation, a clear long‑term plan and a strong pipeline of opportunities. These elements position us well to advance towards our ambition of becoming the trusted broker of choice for the shipping and energy markets, delivering annual revenues of at least GBP200 million by FY30, with a 15% underlying operating profit margin and balance sheet leverage under 1.5x Ebitda."

Outgoing Chief Executive Officer James Gundy said: "We enter the new financial year with strong momentum, a strengthening forward order book and a leadership team focused on disciplined execution. As the situation in the Middle East continues to evolve, our priority remains supporting our clients with high-quality advice, market insight and execution capability. In a fragmented industry, we believe that this environment also provides opportunities to deepen client relationships and gain market share."

On July 2 following the company's annual general meeting, Gundy will be succeeded as CEO by Grant Foley. Braemar had announced the succession back in February.

Braemar shares rose 2.6% to 241.00 pence each on Thursday afternoon in London.

By Tom Budszus, Alliance News slot editor

Comments and questions to newsroom@alliancenews.com

Copyright 2026 Alliance News Ltd. All Rights Reserved.

Braemar Shipping