Braemar: Shipbroker meets expectations despite choppy geopolitical backdrop

Shipbroker Braemar has traded in line with expectations and “remains confident” of the outlook for the rest of the financial year, it said in an update to investors.

The London-listed firm, one of the largest shipbrokers in the UK, said it had “continued to trade well” in since the start of April, when its reporting period for the half began.

It expects revenue for the six months ended August 31 to be at least £75m, a slight nudge up on last year’s £74.9m.

And it anticipates an underlying profit slightly ahead of the £7.6m profit it generated the prior year.

The figures from the London-listed firm allowed it to add to its net positive cash position, which it said had grown to £3.1m, up from the £1m figure it reported six months ago.

The comparatively steady performance from the shipbroker will be welcome after a tumultuous period of trading.

Braemar, which has a market capitalisation of approximately £96m, has had to perform against an increasingly febrile geopolitical backdrop, with flashpoints in the Red Sea hampering much of the shipbroking sector for a period.

Its stock price was rocked last year after the market suspended trading on its shares when it missed a financial reporting deadline because of an internal probe into legacy broking deals.

Shares in the firm are up over seven per cent in the year to date. It expects to report its half-year results for the six months ended August 31 by mid November of this year.