Last checked at 29 Sep 2022 07:00
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN
29 September 2022
BRAEMAR PLC
("Braemar", the "Company" or the "Group")
Pre-close trading update
Braemar Plc (LSE: BMS), a leading international Shipbroker and provider of expert advice in shipping investment, chartering and risk management services, is pleased to provide a trading update for the six months ended 31 August 2022 (the "Period").
Braemar continues to benefit from the increased scale and breadth of its broking operations which have achieved significantly higher trading activity and transaction volumes during the Period. Trading has been very strong with all sectors of the core Shipbroking business generating higher revenue than in the previous six months.
Revenue to 31 August 2022 is expected to be not less than £69m (H1 2021: £47m), an increase of 47%, with underlying operating profit for the period not less than £10.5m, an increase of 88% (H1 2021 £5.6m). Of the 47% increase in revenue, 36% has been derived from the Group's business activities and 11% from exchange rate movements between the US dollar and Sterling. In US dollar terms, revenue for the period is expected to be not less than $88m (H1 2021 $65m).
The board looks forward to the second half of the year with a high degree of confidence in the ongoing execution of its growth strategy.
The Group will announce its Interim Results for the six months ended 31 August 2022 in mid-November 2022.
For further information, contact:
Braemar Plc | |||
James Gundy, Group Chief Executive Officer | Tel +44 (0) 20 3142 4100 | ||
Nick Stone, Chief Financial Officer | |||
Investec Bank plc | |||
Gary Clarence / Harry Hargreaves / Alice King | Tel +44 (0) 20 7597 5970 | ||
Cenkos Securities plc Ben Jeynes / Max Gould (Corporate Finance) Alex Pollen / Leif Powis (Sales) |
Tel +44 (0) 20 7397 8900 | ||
Buchanan | |||
Charles Ryland / Stephanie Whitmore / Jack Devoy | Tel +44 (0) 20 7466 5000 | ||
Notes to Editors:
About Braemar Plc
Braemar provides expert advice in shipping investment, chartering, and risk management to enable its clients to secure sustainable returns and mitigate risk in the volatile world of shipping. 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