Braemar (BMS) investor relations material

Executive summary

• H1 revenue rose 16% to £74.3m, with growth across all three segments; stronger shipping and energy markets supported trading and investment in future growth.

• Underlying operating profit before acquisition-related expenditure was £6.0m after £1.4m of strategic investment; net debt was nil and the interim dividend rose to 2.75p.

Financial highlights

• Revenue was £74.3m vs £63.9m YoY; operating expenses rose 17% to £68.3m, mainly from higher bonuses and strategic hires.

• Underlying operating profit before acquisition-related expenditure rose 7% to £6.0m; reported operating profit increased 85% to £5.6m, with £0.5m acquisition-related expenditure in H1.

• Underlying basic EPS rose 28% to 11.89p from 9.30p; statutory basic EPS was 11.03p vs 0.68p, reflecting lower specific items.

• Profit before tax was £4.7m vs £0.9m; specific items fell to £0.4m from £2.1m.

• Net cash generated from operating activities was £8.4m vs £1.0m; cash was £30.4m and net debt was nil at period end.

Outlook and guidance

• Full-year trading remained expected to be in line with market expectations; FY27 consensus was £142.7m revenue and £14.2m underlying operating profit before acquisition-related expenditure.

• Forward order book increased from $73.6m at 31 August to $80.7m at 30 September 2026; trading since period end remained strong and in line with expectations.

• FY30 targets include £200m revenue, £30m Risk Advisory revenue, a 15% underlying operating profit margin and net debt below 1.5x EBITDA.

• The new Power desk is expected to generate revenue from H2 FY27; complementary acquisition opportunities remain under evaluation with disciplined deal selection.