22nd Mar 2023 13:36
(Alliance News) - Braemar PLC on Wednesday said that it achieved record revenue and profitability in its recent financial year, thanks to a "simplified" business strategy.
Braemar is a London-based shipbroker and advisor in shipping investment.
For the financial year that ended February 28, 2023, Braemar expects to report revenue of not less than GBP150 million, up from GBP101.3 million in financial 2022. Underlying operating profit is expected to be no less than GBP20 million, up from GBP10.1 million the year before.
Further, Braemar expects to be in a net cash positive position of around GBP6.9 million at the end of the financial year, swung from net debt of GBP9.3 million a year prior.
Looking ahead, Braemar said that trading in the first few weeks of the financial year has started well.
The board intends to recommend a final dividend of 8 pence per share, up from 7p a year earlier. Together with the interim dividend of 4p per share, this makes a total dividend for the year of 12p, up 33% from 9p in financial 2022.
Braemar shares were trading 5.8% lower at 269.50p each in London on Wednesday afternoon.
By Holly Beveridge, Alliance News reporter
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