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Braemar Plc Expects H1 Revenue To Be Not Less Than £69 Mln

Braemar Plc (BMS.L), on Thursday, issued trading update for the six months ended 31 August 2022, and said it expects H1 revenue to be not less than £69 million.

Revenue to 31 August 2022 is expected to be not less than £69 million, an increase of 47%, versus the prior year's revenue of £47 million. The company also projects H1 underlying operating profit to be not less than £10.5 million, an increase of 88%, over last year's £5.6 million.

Of the 47% increase in revenue, 36% has been derived from the Group's business activities and 11% from exchange rate movements between the US dollar and Sterling. In US dollar terms, revenue for the period is expected to be not less than $88 million compared to $65 million last year.

Braemar said it continues to benefit from the increased scale and breadth of its broking operations which have "achieved significantly higher trading activity and transaction volumes during the Period." Trading has been very strong with all sectors of the core Shipbroking business generating higher revenue than in the previous six months, the company added.

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