The Braemar Plc board will recommend a final dividend for the current financial year of 7.0p per share for approval by shareholders at its reconvened AGM which will be held on 6 October 2022. This is in addition to the interim dividend of 2.0p per share in respect of the 6 months to 31 August 2021 which was paid on 16 December 2021, yielding a total dividend for the year of 9.0p per share (2021: 5.0p).
The final dividend will be paid on 14 October 2022 to shareholders who are on the register at the close of business on 9 September 2022, with a corresponding ex-dividend date of 8 September 2022. The last date for Dividend Reinvestment Plan (DRIP) elections will be 23 September 2022.
Other financial highlights include:
21% increase in revenue from continuing operations to £101.3m (2021: £83.7m)
31% increase in underlying operating profit* to £10.1m (2021: £7.7m)
15% increase in the forward order book to US$50.0m (2021: US$43.4m)
Cashflow from operating activities in the year increased by 61% to £20.5m (2021: £12.7m)
Reported profit after tax for the year up 209% to £13.9m (2021: £4.5m)
Balance sheet strengthened. EBITDA to net bank debt ratio reduced by 27% to 0.96x (2021: 1.32x), well below the board's target net debt to EBITDA ratio of 1.5x.
Net bank debt reduction of £17.2m from 29 February 2020 to 2 March 2022 following receipt of funds from Cory Brothers disposal
Successful refocus on core Shipbroking and Corporate Finance business
Disposal of non-core investments in AqualisBraemar LOC ("AqualisBraemar"), Cory Brothers, and Wavespec completed
Underlying earnings per share increased by 100%