The board of Braemar Plc, a provider of expert investment, chartering, and risk management advice to the shipping and energy markets, is delighted to announce that Braemar has achieved record revenue and record profitability for the financial year ended 28 February 2023 on a simplified business strategy.
The Company expects to report revenue for the year of not less than £150m (2022: £101.3m), with underlying operating profit of not less than £20m (2022: £10.1m).
The Group’s cash generation has also been strong, and the board expects the Group to be in a net cash positive position of circa £6.9m at the end of the financial year (2022: net debt of £9.3m). This net cash figure is after the payment of the acquisition consideration for Southport Maritime Inc. in the US and the recruitment of the new team in Madrid, both of which were announced by the Company in December 2022.
Trading in the first few weeks of the financial year has started well and the board looks forward to the rest of the year with confidence.
