Braemar (LSE:BMS) reported a 16% increase in revenue to £74.3m in the six months to 31 August, up from £63.9m a year earlier, driven by a strong rate environment across its shipping and energy markets.
The chartering, investment and risk management adviser reported underlying operating profit up 7% to £6m, after absorbing £1.4m of strategic investments including senior hires and the establishment of its new power desk.
Net debt fell to zero at the period end, from £5.6m a year earlier, marking a further strengthening of the balance sheet following the group's return to net cash in March.
The forward order book stood at $73.4m, roughly in line with $72.5m at the last financial year-end and $73.8m a year earlier.
Braemar's growth push has included opening a Cape Town office, globalising its tankers operations and launching a UK Organised Trading Facility, part of a stated ambition to build a £200m revenue business with a 15% underlying operating profit margin by FY30.
"We have made deliberate investment in our platform and people during the period as we continue to execute our strategy," said Grant Foley, Group Chief Executive Officer, adding that trading "remains in line with market expectations for the year."
Company-compiled consensus for the year to 28 February 2027 stands at revenue of £139.5m and underlying operating profit of £14.2m.
Braemar expects to announce its full first-half results by mid-November.