FY24 Trading Update
FY24 revenue and underlying operating profit in line with expectations; forward order book up 47% year-on-year.
vs expectations: in line
- Revenue not less than £150m (prior £153m)
- Underlying operating profit not less than £18m (prior £20m)
- Net cash £1m (prior £7m)
- Forward order book US$83m (prior US$56m)
- Total dividend per share 13p (prior 12p)
Select text to share a quote on X · sign in to keep highlights & notes in your BMS notes
596/2014) WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.
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.
- Underlying operating profit: after adjusting for acquisition related expenditure.
- 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.
- The total forward order book covers revenue that will be earned in future periods up until 2039.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.