Braemar (BMS) H2 2025 earnings summary

Executive summary

• Revenue for FY2025 was £141.9 million, down 7% year-over-year, with a strong first half offset by a weaker second half due to lower tanker and dry cargo rates.

• Underlying profit before tax (excluding acquisition-related items) was £16.7 million, £1.4 million lower than the prior year, but margins were maintained at 12%.

• Statutory profit before tax rose 23% to £9.2 million, reflecting lower specific costs compared to FY2024.

• The business has focused on diversification and operational resilience, with revenue up 70% and underlying operating profit up 88% since FY2021.

• Strategic framework launched, targeting £200 million group revenue and 15% operating margin by FY2030.

Financial highlights

• Chartering revenues fell 14%, mainly due to a £14.5 million drop in tanker revenues; dry and specialized segments also declined.

• Investment advisory revenues increased 18%, with the sale and purchase desk up 19%.

• Risk advisory revenues were broadly unchanged, with the division receiving FCA approval for a UK organized trading facility.

• Net debt at year-end was £2.5 million, but the group returned to a cash-positive position in March.

• Final dividend reduced to 2.5p per share (total 7.0p for the year), with a £2 million share buyback announced.

Outlook and guidance

• FY2026 underlying operating profit is guided at £13-14 million.

• Strong forward order book maintained at $82.2 million.

• Market fundamentals remain strong, with confidence in medium- and long-term growth.

• Strategic targets include £200 million group revenue, £30 million risk advisory revenue, and 15% operating margin by FY2030.