LONDON (ShareCast) - (Sharecast News) - Braemar Shipping turned in a "strong" full-year performance, analysts in the City said, and guided towards an outturn for the current financial year "well ahead" of its board's previous expectations.
The shipbroker posted a 21% jump in revenues from continuing operations for the 2022 financial year to reach £101.3m.

That drove a two-thirds surge in profit before tax to £8.5m while earnings per share doubled to 27.95p.

Alongside its full-year numbers, the company published a trading update in which it described trading across the first five months of FY 2023 as "very strong", adding that the group had benefitted significantly from the Greenback's appreciation.

Hence the improvement in the board's outlook with Braemar guiding towards underlying profits of not less than £20.0m.

"Having awaited these results which show a strong performance which has continued into the current financial year," said analyst Peter Ashworth at ShoreCap.

"The shares are currently on a FY22 PER of 10.3x and a yield of 3.1%. A further rally from the 239p in early July seems likely, given the update. There is an analyst meeting due to be held later."

The board recommended a final dividend payout of 7.0p, for a full-year dividend of 9.0p, with the latter up from 5.0p paid out in 2021.

As of 0957 BST, shares of Braemar were rising fast, trading up by 15.16% to 338.0p - their highest level since November 2016.

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