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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 £150 million, up from £101.3 million in financial 2022. Underlying operating profit is expected to be no less than £20 million, up from £10.1 million the year before. Further, Braemar expects to be in a net cash positive position of around £6.9 million at the end of the financial year, swung from net debt of £9.3 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. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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