Braemar PLC (LSE:BMS, OTC:BSEAF) said it expects to report record full-year revenues and profits while also hiking its final dividend.
The provider of investment, chartering and risk management advice to shipping and energy markets said it expects revenues of no less than £150mln for the year ended 28 February 2023, up from £101.3mln for the same period a year earlier.
Underlying operating profit, according to a trading update, is expected to nearly double to £20mln from £10.1mln the year before.
As a result of the company’s “strong” results, the board said it intends to recommend a final dividend of 8p per share. Coupled with an interim dividend of 4p per share, this equates to a total dividend of 12p, a 33% increase over the prior year.
Additionally, Braemar said it expects the group to be cash positive for the year at £6.9mln compared to debt of £9.3mln in the prior year.
The £6.9mln takes into account the payment for Southport Maritime in the US and the recruitment of a new team in Madrid, which were both announced in December.
Looking ahead, the company said “trading in the first few weeks of the financial year has started well and the board looks forward to the rest of the year with confidence”.
Full-year results are expected to be released at the end of May.