Braemar (BMS)

Sector:

Commercial Transport

272.00p
   
  • Change Today:
      3.00p
  • 52 Week High: 312.50
  • 52 Week Low: 233.00
  • Currency: UK Pounds
  • Shares Issued: 32.92m
  • Volume: 40,494
  • Market Cap: £89.56m
  • RiskGrade: 201
  • Beta: 0.25

Investigation into transaction mars strong end to year for Braemar

By Josh White

Date: Monday 26 Jun 2023

LONDON (ShareCast) - (Sharecast News) - Shipping and energy markets advisor Braemar updated the market on its results for the 12-month period ended 28 February on Monday, while also revealing an investigation into a historic transaction.
The London-listed company said it was expecting to report record revenue and profitability for the financial year, with revenue projected to be at least £150m - a significant increase from £101.3m in 2022.

Underlying operating profit was estimated to reach at least £20m, up from £10.1m in the prior, while Braemar anticipated having net cash of £6.9m at the end of the 2023 period.

Braemar said it was intending to recommend a final dividend of 8p per share to shareholders at the upcoming annual general meeting, making for a full-year distribution of 12p per share.

That would represent a notable 33% increase compared to the prior year's full dividend of 9p per share.

However, alongside the positive trading update, Braemar disclosed that it was currently conducting an investigation into a historic transaction dating back to 2013.

The transaction in question involved around $3m in payments made until 2017.

The board, in collaboration with the company's auditors, had been scrutinising the transaction and its representation in the company's balance sheet.

Braemar's board expressed discomfort with the historical representation of the transaction and the remaining liability recorded on the balance sheet.

The company noted that the potential release of the liability on conclusion of the investigation would not impact its underlying trading profit or cash position for the 2023 financial year.

To conduct a thorough investigation, Braemar said it had engaged the services of FRP - an independent specialist firm.

In addition, the firm had formed a dedicated investigation committee, led by its non-executive chairman, to oversee the matter.

As a result of the ongoing investigation, the publication of Braemar's final results for 2023 would be delayed beyond the original deadline of 30 June.

Under FCA rules, Braemar is required to publish its audited results by 30 June, but the company said it would request that trading in its shares be suspended from 0730 BST on 3 July.

"The company will provide further updates on expected timings for publication of its 2023 results in due course," the board said in its statement.

"The company expects to request a restoration of the listing of its ordinary shares on publication of its 2023 results."

At 0915 BST, shares in Braemar were down 20.07% at 223p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Braemar Market Data

Currency UK Pounds
Share Price 272.00p
Change Today 3.00p
% Change 1.12 %
52 Week High 312.50
52 Week Low 233.00
Volume 40,494
Shares Issued 32.92m
Market Cap £89.56m
Beta 0.25
RiskGrade 201

Braemar Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
75.43% above the market average75.43% above the market average75.43% above the market average75.43% above the market average75.43% above the market average
60.00% above the sector average60.00% above the sector average60.00% above the sector average60.00% above the sector average60.00% above the sector average
Price Trend
10.99% above the market average10.99% above the market average10.99% above the market average10.99% above the market average10.99% above the market average
33.33% below the sector average33.33% below the sector average33.33% below the sector average33.33% below the sector average33.33% below the sector average
Income
71.51% above the market average71.51% above the market average71.51% above the market average71.51% above the market average71.51% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Growth
3.19% below the market average3.19% below the market average3.19% below the market average3.19% below the market average3.19% below the market average
27.27% below the sector average27.27% below the sector average27.27% below the sector average27.27% below the sector average27.27% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Braemar Dividends

  Latest Previous
  Interim Final
Ex-Div 21-Nov-24 01-Aug-24
Paid 13-Jan-25 09-Sep-24
Amount 4.50p 9.00p

Trades for 08-Nov-2024

Time Volume / Share Price
16:35 2,972 @ 272.00p
16:35 1 @ 272.00p
16:35 1,344 @ 272.00p
16:35 776 @ 272.00p
16:35 180 @ 272.00p

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