Braemar (LSE:BMS), a provider of chartering, investment and risk management advice to the shipping and energy markets, reported revenue of £135.6m for the year ended 28 February, down from £141.9m in FY25.
Underlying operating profit (before acquisition-related expenditure) fell to £13.2m (FY25: £16.7m) while the group generated net cash from operations of £12.1m (FY25: £5.9m) and ended the year with net debt of £2.9m, returning to a net cash position in March 2026.
"Our performance in line with expectations demonstrates the value and resilience of our diversified business model and reinforces our confidence in Braemar's ability to perform across market cycles," said James Gundy.
The board proposed a final dividend of 4.5p per share and completed a £2m share buyback during the year.
Braemar reported a forward order book of $72.5m at 28 February, rising to $77.9m at 30 April, and said trading in the first two months of FY27 has been strong.
The board reiterated its FY30 objective of £200m revenue with a 15% underlying operating profit margin, and James Gundy will step down as Group CEO at the AGM on 2 July with Grant Foley succeeding him.
