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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 £3.6 million in the six months to August 31, from £1.9 million a year ago. Notably, underlying pretax profit rose 3.3% to £6.2 million from £6.0 million. Underlying pretax profit excludes among others investigation costs which fell to £40,000 from £1.4 million, while costs regarding board changes fell to none from £232,000. Further, the company had reported a one-off unlawful dividend rectification cost of £229,000 a year ago. Revenue rose 1.5% to £76.0 million from £74.9 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 $85.8 million as at September 30. It is 31% higher than the order book Braemar had reported a year ago, which stood at $65.6 million as at October 31, 2023. It is also 3.9% higher than $82.6 million as at February 29. The company expects to meet market expectations for the current financial year ending February 28, citing revenue of £152.7 million, which would be similar to £152.8 million in financial 2024. Further, it cited an anticipated underlying operating profit before acquisition-related expenditure of £17.8 million, down 1.7% from £18.1 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. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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