Braemar (BMS) H2 2026 earnings summary

Executive summary

• Revenue reached GBP 135.6 million, a 4% decrease year-over-year, mainly due to weaker chartering rates in the first half.

• Underlying operating profit was GBP 13.2 million, down 21% from the prior year, with margins improving in the second half.

• The business has diversified significantly, with risk advisory now 21% of revenue and global expansion to 19 offices, including new locations in Cape Town, Florida, Madrid, Seoul, Dubai, and Monaco.

• Net debt reduced, turning cash positive after year-end, and the dividend maintained at GBP 0.07 per share.

• Leadership transition announced, with Grant Foley succeeding James Gundy as CEO.

Financial highlights

• Revenue per head increased from GBP 233,000 in 2021 to GBP 350,000.

• Operating expenses decreased by 2%, mainly due to lower bonus costs.

• Underlying earnings per share fell 23% to 24.23 pence.

• Operating cash flow was GBP 12.1 million; share buybacks and dividends totaled GBP 3.6 million.

• Forward order book at year-end was $72.5 million, rising to $78 million by April.

Outlook and guidance

• Strong trading momentum carried into the new year, with a robust forward order book and strong performance in the first two months.

• FY 2030 revenue target set at GBP 200 million, with growth expected from both organic hires and acquisitions.

• Continued focus on hiring, efficiency, and AI adoption to drive productivity.

• DIFC office approval received in May 2026; European OTF approval expected in H1 FY27.

• Ongoing evaluation of complementary acquisitions with strict due diligence.