Braemar

BMS · Main Market · Industrial Goods and Services · mcap £74m · 237.0p

Braemar arranges ship sales, charters and energy and freight derivative deals for clients, earning commission. Its divisions cover chartering, shipbroking for sales and purchases, and risk advisory.

Target	Promise	Said	Status
2023
30 Nov 2023	Publish final FY23 results in mid-November 2023.	26 Oct 2023	✓ Kept
	“the board now expects to publish its final FY23 results in mid-November 2023” Result FY23 results published 16 November 2023. “Braemar PLC (LSE: BMS), a leading provider of expert investment, chartering and risk management advice, today announces its audited final results for the year ended 28 February 2023 ("FY23").”16 Nov 2023 · FY23 Final Results
30 Nov 2023	Seek restoration of the listing after FY23 results.	26 Oct 2023	✓ Kept
	“The board expects to seek a restoration of the Company's listing after the publication of the FY23 results” Result Listing restored on 21 November 2023. 21 Nov 2023 · Restoration of Listing
31 Dec 2023	Propose 8p final dividend at December 2023 reconvened AGM.	26 Oct 2023	✓ Kept
	“The board will propose at the reconvened AGM (in December 2023), a final dividend of 8 pence per share” Result AGM on 18 December 2023 approved the 8p final dividend. “To approve a final dividend of 8 pence per ordinary share for the year ended 28 February 2023. \| 12,094,411 \| 99.98 \| 2,748 \| 0.02 \| 12,097,159 \| 36.74”18 Dec 2023 · Result of AGM
2024
23 May 2024	Final dividend of 9p, total 13p for FY24.	20 Mar 2024	✓ Kept
	“the board expects to recommend a final dividend of 9p per ordinary share, delivering a total dividend for the year of 13p, an increase of 8%” Result FY24 total dividend was 13.0p; the 9p final was approved at the 2024 AGM. “the board has recommended a final dividend for FY24 of 9.0 pence per share. Total dividends for the year if approved will be 13.0 pence per share”23 May 2024 · FY24 Final Results “To approve a final dividend of nine pence per ordinary share for the year ended 29 February 2024, to be paid on 9 September 2024.”3 Jul 2024 · Result of AGM
6 Nov 2024	Interim dividend of 4.5p for HY25.	25 Oct 2024	✓ Kept
	“in line with the Group's stated progressive dividend policy, expects to recommend an interim dividend of 4.5 pence per share” Result Interim dividend of 4.5p confirmed in the 6 November results. 6 Nov 2024 · Half-year Results
2025
FY25	Underlying operating profit of at least £18m from FY25 onwards.	16 Nov 2023	✗ Missed
	“continues to trade well in FY24, remaining on track to deliver underlying operating profit of not less than £18m from FY25 onwards” Result FY25 underlying operating profit was £16.7m, and FY26 £13.2m. “Underlying operating profit (before acquisition-related expenditure) of £16.7 million”29 May 2025 · FY25 Final Results
FY25	Double FY21 underlying operating profit on a sustainable basis by FY25.	29 Nov 2023	✗ Missed
	“remain on track to double FY21's underlying operating profit by FY25 on a sustainable basis” Also stated 6 Nov 2024 Result FY25 profit of £16.7m was 88% above FY21, short of doubling. “Strong performances in our Investment Advisory and Risk Advisory segments partially offset the fall in Chartering revenues, helping generate underlying operating profits (before acquisition related costs) of £16.7 million, 88% higher than FY21 when we last set our medium-term targets.”29 May 2025 · FY25 Final Results
30 Sep 2025	Run a £2.0m buyback to 30 September 2025, cancelling the shares.	29 May 2025	◐ Partly kept
	“all Ordinary Shares purchased under the Buyback Programme will be immediately cancelled” Result Shares in issue fell from 32.92m to 32.60m by July 2025. Completion is not confirmed.
2026
FY26	In FY26: hire 10 brokers, enter one new jurisdiction, globalise tankers, complete one M&A deal.	29 May 2025	✓ Kept
	“hiring 10 new brokers; expanding into one new jurisdiction; globalising tanker operations; and completing one M&A transaction” Result Cape Town office opened and Southport Maritime acquired, with senior hires made. Broker count not stated. “The office, which will initially offer tanker chartering services, will be led by Bryn Ressell and Clinton Schultz. Bryn brings over 35 years of experience in the oil and shipping industry, whilst Clinton has over 27 years of broking experience.”14 Jul 2025 · Opening of First African Office in Cape Town “Against the FY26 operational objectives, a number of senior hires have been made, a new office in South Africa has been opened, efficiencies are being delivered in Tanker operations, and the Group continues to evaluate potential acquisitions.”25 Sep 2025 · HY26 Trading Update
FY26	Meet FY26 expectations.	25 Sep 2025	✓ Kept
	“On track to meet the board's unchanged FY26 expectations” Result FY26 results of £13.2m were in line with expectations. “Revenue for the year was £135.6 million (FY25: £141.9 million), and underlying operating profit (before acquisition-related expenditure) was £13.2 million (FY25: £16.7 million).”21 May 2026 · Final Results
Today · 10 Oct 2026
2027
FY27	In FY27: hire 10 brokers, set up one Risk Advisory desk, complete one M&A deal.	21 May 2026	… In progress
	“Hiring 10 new brokers” Status so far Not yet due.
FY27	Profitable growth in FY27 in line with market expectations, with second-half conversion of investments.	2 Jul 2026	… In progress
	“expect the strategic investments made in the first half, including senior hires and the establishment of our power desk, to convert to profitable growth in the second half” Also stated 29 Sep 2026 Status so far Not yet due.
2030
FY30	By FY30: £200m revenue, 15% underlying operating margin, £30m Risk Advisory revenue, net debt below 1.5x EBITDA.	29 May 2025	… In progress
	“£200m of Group revenues; £30m Risk Advisory revenues; 15% underlying operating profit margin; and net debt maintained below 1.5x EBITDA through all years” Also stated 5 Nov 2025 · 17 Feb 2026 · 21 May 2026 · 27 May 2026 · 29 Sep 2026 Status so far Not yet due.