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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
26 October 2023
BRAEMAR PLC
("Braemar" or the "Company" or the "Group")
Trading and FY23 Results Publication Update
Braemar Plc (LSE: BMS), a leading provider of expert investment, chartering, and risk management advice to the shipping and energy markets, today announces the following updates.
First half results
The Group continues to trade in line with expectations. Underlying operating profit (excluding foreign exchange movements) for H1 FY24 is expected to be not less than £7.0m (H1 FY23: £8.9m, excluding foreign exchange movements). The board also remains confident in the outlook for the second half of the financial year.
Publication of FY23 results and investigation update
Further to the announcement on 22 September 2023, the independent internal investigation has now been completed. The resulting actions relating to the historic transactions identified in the investigation have, however, taken slightly longer to implement than previously anticipated. As a result, the board now expects to publish its final FY23 results in mid-November 2023, with the FY24 interims shortly thereafter. The board expects to seek a restoration of the Company's listing after the publication of the FY23 results.
Previous FY23 guidance remains unchanged, with revenue expected to be not less than £150m (FY22: £101.3m), and underlying operating profit expected to be not less than £20.0m (FY22: £10.1m).
The board will propose at the reconvened AGM (in December 2023), a final dividend of 8 pence per share (2022: 7 pence). Total dividends in respect of FY23 will be 12 pence per share, a 33% increase over the previous year (FY22: 9 pence).
ENDS
For further information, contact:
Braemar Plc | |||
James Gundy, Group Chief Executive Officer | Tel +44 (0) 20 3142 4100 | ||
Grant Foley, Group Chief Financial Officer
| |||
Investec Bank plc | |||
Gary Clarence / Harry Hargreaves / Alice King | Tel +44 (0) 20 7597 5970 | ||
Cavendish Securities PLC
Ben Jeynes / Charlie Combe (Corporate Finance)
Leif Powis (Sales) |
Tel +44 (0) 20 7397 8900 | ||
Buchanan | |||
Charles Ryland / Stephanie Whitmore /Jamie Hooper / Jack Devoy | Tel +44 (0) 20 7466 5000 | ||
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.