6th Nov 2024 12:37
(Alliance News) - Braemar PLC on Wednesday said it is set to meet market expectations for the current financial year, as interim profit rose and its order book remained sound.
The London-based provider of investment, chartering and risk management advice to shipping and energy markets said pretax profit jumped 89% to GBP3.6 million in the six months to August 31, from GBP1.9 million a year ago. Notably, underlying pretax profit rose 3.3% to GBP6.2 million from GBP6.0 million.
Underlying pretax profit excludes among others investigation costs which fell to GBP40,000 from GBP1.4 million, while costs regarding board changes fell to none from GBP232,000. Further, the company had reported a one-off unlawful dividend rectification cost of GBP229,000 a year ago.
Revenue rose 1.5% to GBP76.0 million from GBP74.9 million.
The company declared an interim dividend per share of 4.5 pence, up 13% from 4.0p a year ago.
Looking ahead, Braemar noted that market conditions remained healthy, noting a forward order book of USD85.8 million as at September 30. It is 31% higher than the order book Braemar had reported a year ago, which stood at USD65.6 million as at October 31, 2023. It is also 3.9% higher than USD82.6 million as at February 29.
The company expects to meet market expectations for the current financial year ending February 28, citing revenue of GBP152.7 million, which would be similar to GBP152.8 million in financial 2024. Further, it cited an anticipated underlying operating profit before acquisition-related expenditure of GBP17.8 million, down 1.7% from GBP18.1 million a year ago.
Chief Executive Officer James Gundy said: "The outlook for the shipping industry remains positive with exciting opportunities for further organic and inorganic growth. Our growing scale, expertise and infrastructure places Braemar in a strong position to attract talented individuals and businesses as we continue to successfully execute our growth plans."
Braemar shares were 2.4% higher at 271.45 pence each on Wednesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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