London-listed Braemar said it is “confident” in the shipping markets as it reported a likely increase in key performance figures.
In a trading update for the six months to 31 August, the company said it has continued to trade well and in line with expectations.
Revenue for the first half of the financial year is expected to exceed £75m ($99m), compared to the £74.9m achieved a year ago.
Underlying operating profit, before acquisition-related expenditure, will be slightly ahead of the prior year’s £7.6m figure, the company believes.
The group has continued to maintain a positive cash position, with increased net cash of £3.3m at the end of the period, compared to £3.1m a year ago and £1m at the end of the 2024 financial year.
James Gundy-led Braemar said it remains “confident in the outlook for the remainder of the financial year and beyond, as the group continues to benefit from its increasingly resilient and focused growth strategy”.
The total forward orderbook was again strong, reaching $80.9m at the end of August.
This is up from $67.2m a year ago and $82.6m at the end of the 2024 fiscal year.
Braemar expects to release full half-year results by mid-November, the London shop said.
In August, the brokerage’s joint global head of sale and purchase, Dimitris Kyrtsos, departed, leaving David Holland in sole charge of the division.
S&P team exit?
Rumours that Athens-based Kyrtsos was leaving the UK shipbroker and possibly taking members of his S&P team with him had been sweeping through the London market.
A further five brokers are listed as working in this sector in the company’s Athens office.
Holland and Kyrtsos were appointed joint bosses of worldwide S&P in October after former desk chief Sebastian Davenport-Thomas left as part of an internal restructuring in September.
Kyrtsos began his career with SSY as a tanker freight derivatives broker in 2008 before leaving to join Braemar three years later.
Holland joined Braemar in 2013 from an S&P role at Hartland Shipping Services. He has also worked on tanker projects and newbuildings at Braemar.
