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Braemar PLC on Wednesday reported lower first-half earnings as softer chartering rates and geopolitical volatility weighed on performance, though the company maintained its full-year outlook and said market conditions are improving. The London-based provider of investment, chartering and risk management advice to shipping and energy markets said pretax profit for the six months to August 31 dropped 74% to £932,000 from £3.6 million a year earlier. Revenue fell 16% to £63.9 million from £76.0 million, mainly due to weaker tanker and dry cargo markets, where average rates declined by 29% and 17%, respectively. The company’s risk advisory division continued to grow, however, with revenue up 9% year-on-year. Underlying operating profit decreased 30% to £5.1 million from £7.3 million, while net debt rose to £5.6 million from net cash of £3.3 million a year earlier, reflecting working capital movements and a £2 million share buyback. Braemar said it had returned to a net cash position by the end of October. The company declared an interim dividend of 2.5 pence per share, down 44% from 4.5p a year earlier, payable on January 13, 2026. Chief Executive James Gundy said: ‘Improvements in chartering rates, increasing sale and purchase activity and a strong forward order book in the second half of the financial year support the board’s confidence in maintaining our full-year forecast, despite the challenging global market headwinds we have faced in the first half.’ At the end of August, the company’s forward order book stood at $73.8 million, compared with $80.9 million a year earlier, rising to $81.2 million by the end of September. Looking ahead, Braemar said it remains on track to meet the board’s unchanged expectations for financial 2026, supported by improving charter rates and a ‘positive outlook’ for the second half, though it cautioned that geopolitical uncertainty remains elevated. Shares in Braemar were down 3.8% at 229.00 pence in London on Wednesday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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