Braemar (BMS) H1 2026 earnings summary

Executive summary

• Revenue declined 16% year-over-year to £63.9m for H1/HY26, mainly due to weaker chartering rates and a softer US dollar, but business resilience and diversification supported performance.

• Underlying operating profit fell 29–30% to £5.1m–£5.6m, with statutory profit before tax at £0.9m, down 74%.

• Board expectations for FY26 remain unchanged, with optimism for H2 due to market recovery and a strong forward order book.

• Strategic progress includes global expansion, new trading facilities, and key senior hires.

• Interim dividend of 2.5p per share declared, reflecting confidence in outlook.

Financial highlights

• Group revenue for H1/HY26 was £63.9m, down 16% year-over-year from £76.0m, mainly due to weaker chartering, especially in tankers.

• Underlying operating profit before acquisition-related items was £5.1m–£5.6m, down 29–30% year-over-year; margin at 8–9%.

• Statutory profit before tax was £0.9m, down 74% from HY25.

• Interim dividend declared at 2.5p per share, down from 4.5p.

• Net debt at period end was £5.6m, returning to net cash by end of October.

Outlook and guidance

• FY26 guidance remains unchanged, with a strong forward order book and improving H2 market conditions.

• Forward order book at $81.2m in September 2025, up from $73.8m at end of August.

• Strategic targets include £200m group revenue and 15% operating margin by FY2030.

• Market fundamentals remain strong, with positive forecasts for global GDP, China industrial output, and oil demand.

• Risk advisory segment continues to perform well; acquisition opportunities under evaluation.