The Braemar Plc board will recommend a final dividend for the year ended 28 February 2025 of 2.5 pence for approval by shareholders at the Company's Annual General Meeting to be held on 2 July 2025. Subject to shareholder approval, the final dividend will be paid on 8 September 2025 to shareholders who are on the register at the close of business on 1 August 2025, with a corresponding ex-dividend date of 31 July 2025. The last date for Dividend Reinvestment Plan ("DRIP") elections will be 15 August 2025.
Other financial highlights include:
o Revenue of £141.9 million, 7% below the prior year due to lower revenue from Chartering in the second half partially offset by a strong performance from Investment Advisory, demonstrating the benefits of the Group's diversified business model
o Underlying operating profit (before acquisition-related expenditure) of £16.7 million (FY24: £18.1 million)
o Underlying operating profit of £15.6 million, a decrease of 6%, with costs continuing to be well controlled
o Reported profit before tax of £9.2 million, (FY24: £7.5 million), with lower underlying operating profit offset by lower specific items than the prior year
Balance sheet remains strong
o Net debt position of £2.5 million at 28 February 2025, swiftly turning to a positive net cash position at the start of the new financial year after timing of certain working capital items
o ntention to commence an on-market share buyback programme of up to £2.0 million, reflecting the board's belief that the Company's share price undervalues the business and confidence in the cash generation capabilities of the Group, also providing a positive enhancement to future EPS. Total shareholder returns maintained.
