UK shipbroker Braemar is handing out more cash to investors after what it called a “strong performance” in the year to 29 February.
The company said in a trading update to the London Stock Exchange that it had “achieved another strong performance, with revenue and underlying operating profit in line with market expectations”.
Operating earnings are expected to be at least £18m ($22.9m), compared with £20m in the previous year.
Revenue has been forecast at upwards of £150m, against £153m a year earlier.
The group has maintained a positive cash position of £1m.
But this is down £6m year on year due to the cost of an internal independent investigation into legacy broking deals concluded last year, as well as certain tax payments and share buybacks.
“In line with the group’s progressive dividend policy”, the board expects to recommend a final payout of £0.09 per share, bringing the total annual dividend to £0.13, an increase of 8%.
Braemar said it entered the current 12-month period with a total forward orderbook of $83m, a “substantial increase” of 47% on the previous year, which provides the board with confidence for the year ahead.
Full results are expected before the end of May.
Leadership changes
Last week, Braemar said it was concentrating on bringing through the next generation of leaders after two high-profile departures.
TradeWinds had reported that global head of tankers David Collins had left the company, two weeks after the resignation of Nick Edwards, the other senior name on the deepsea tankers desk.
Chief executive James Gundy has stepped in to run the desk.
Chief operating officer Tris Simmonds told TradeWinds that the London shop wants to pave the way for the next 10 years and provide career progression for all its brokers.
“We see the importance of empowering all of our brokers so that they can lead us as the shipping market evolves,” he said.
“Our new business heads are young dynamic brokers with clear objectives.”
