BRAEMAR PLC

Earnings Release • Mar 20, 2024

National Storage Mechanism | Additional information

RNS Number : 4930H

Braemar PLC

20 March 2024

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.

20 March 2024

BRAEMAR  PLC

("Braemar" or the "Group")

FY24 TRADING UPDATE

Revenue and underlying operating profit in line with market expectations

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 twelve months ended 29 February 2024 (FY24).

Trading update

The board is pleased to report that the Group has achieved another strong performance, with revenue and underlying operating profit1 for FY24 in line with market expectations2.

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.

Proposed dividend

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%.

Outlook

The Group entered FY25 with a total forward order book3 of US$83m, a substantial increase of 47% on the prior year (FY23: US$56m), providing the board with confidence for the year ahead.

Notice of results

The Group expects to announce its FY24 results for the year ended 29 February 2024 by the end of May 2024.

1.             Underlying operating profit: after adjusting for acquisition related expenditure.

2.             Company compiled consensus as at the date of this announcement: FY24 revenue of £150.4m and FY24 underlying operating profit                (before acquisition-related expenditure) of £18m.

3.             The total forward order book covers revenue that will be earned in future periods up until 2039.

Enquiries:
Braemar Plc	Tel: +44 (0) 20 3142 4100
James Gundy, Group Chief Executive Officer
Grant Foley, Group Chief Financial Officer
Investec Bank plc	Tel: +44 (0) 20 7597 5970
Gary Clarence / Harry Hargreaves / Alice King
Cavendish Securities PLC	Tel: +44 (0) 20 7220 0500
Ben Jeynes / Matt Lewis (Corporate Finance)
Leif Powis / Charlie Combe (Sales and ECM)
Buchanan	Tel: +44 (0) 20 7466 5000
Charles Ryland / Stephanie Whitmore / Jamie Hooper / Abby Gilchrist

Notes to Editors:

About Braemar

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 .

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