Braemar PLC, the maritime-services group, is on track to achieve market expectations for its underlying operating profit in fiscal 2024. The company remains confident in its second-half outlook and plans to release its delayed results for fiscal 2023 next month.
Positive Financial Outlook
For the current year, Braemar anticipates its underlying operating profit, excluding foreign exchange movements, to reach approximately £18 million ($22.1 million). In the first half of the year, the company expects a figure of at least GBP7.0 million.
Despite lower shipping rates in certain sectors, Braemar reports that revenue for the first six months of the year exceeded that of the previous year's comparable period.
Steady Growth and Order Book Increase
Braemar's total forward order book is currently 21% ahead of the prior year, indicating steady growth and demand for its services.
Financial Projections and Guideline Confirmation
The company projects revenue of at least GBP150 million for the fiscal year ending in February 2023. Additionally, Braemar expects an underlying operating profit of no less than GBP20.0 million and net cash of GBP6.9 million at year-end. These projections align with the company's guidance, with final results set to be published in October.
Investigation Update
Braemar recently conducted an investigation into a $3 million transaction from 2013, which caused delays in the publication of its fiscal 2023 results and resulted in the suspension of its shares. The investigation is nearing completion.
