Braemar PLC (LSE: BMS), a specialist provider of chartering, investment, and risk management advisory services to the shipping and energy markets, has reported a strong set of unaudited half-year results for the six months ended 31 August 2026. Group revenue rose 16% to £74.3m, with all three business segments — Chartering, Investment Advisory, and Risk Advisory — delivering growth. The board has declared an increased interim dividend of 2.75 pence per share, up from 2.5 pence in the prior year, and confirmed the full year remains on track to meet market expectations.

Key Points

  • Braemar PLC (BMS), listed on the London Stock Exchange since November 1997
  • Revenue increased 16% to £74.3m for the six months ended 31 August 2026, driven by shipping market disruption through the Strait of Hormuz
  • Underlying operating profit before acquisition-related expenditure rose 7% to £6.0m; interim dividend increased 10% to 2.75p per share
  • Investors should watch progress on the FY27 broker hiring target, the pending EU OTF approval, and acquisition pipeline developments

Strait of Hormuz Disruption Drives Revenue Growth Across All Three Braemar Segments

Increased volatility in global shipping and energy markets, driven by disruption through the Strait of Hormuz, was a significant factor in Braemar's first-half performance. Chartering, the largest segment, grew revenue 18% to £44.4m, led by Deep Sea Tankers, which saw revenue 27% higher than in the prior period as crude tanker rates surged. Investment Advisory rose 10% to £15.1m, benefiting from elevated second-hand vessel values and near-record newbuilding contracting activity. Risk Advisory advanced 17% to £14.7m, as heightened freight and energy market volatility increased client hedging and trading activity across the Tanker Derivatives, Natural Gas, and Coal desks.

Braemar Invests £1.4m in Senior Brokers and New Power Desk Against FY27 Targets

The announcement states that Braemar charged £1.4m of strategic investment to its first-half results, covering seven senior broker hires and the establishment of a new power desk within the Risk Advisory division. These actions deliver two of the four operational targets the company set for FY27. The remaining targets — embedding AI across the business and completing one complementary acquisition — are described as in progress. The company's graduate programme attracted over 1,400 applications, with seven trainees joining under a new structured training programme. Underlying operating profit before acquisition-related expenditure grew 7% to £6.0m, with margin growth partially offset by these growth costs.

Zero Net Debt and Enlarged HSBC Credit Facility Support Braemar's Acquisition Strategy

Braemar ended the period with zero net debt, compared with net debt of £5.6m at the same point last year and £2.9m at the February 2026 year-end. Net cash generated from operating activities was £8.4m, against £1.0m in the prior half-year. The company renewed and increased its revolving credit facility with HSBC in early October, establishing a £40.0m facility with a further £10.0m accordion option, for a three-year term with an option to extend by two years. The announcement states Braemar is actively evaluating acquisition opportunities that are complementary by product or geography and earnings accretive, though no transaction has been confirmed.

Forward Order Book Reaches $80.7m and FY30 Targets of £200m Revenue Reaffirmed

Braemar's forward order book, which covers commissions to be earned in future periods up to 2039, stood at $73.6m as at 31 August 2026, rising to $80.7m by 30 September 2026. The board confirmed full-year trading remains in line with market expectations, with company-compiled consensus for the year ending 28 February 2027 citing revenue of £142.7m and underlying operating profit of £14.2m. The company's FY30 targets — £200m in revenue and a 15% underlying operating margin — remain unchanged. Risk Advisory, which has grown from 4% of Group revenue in FY21 to approximately one-fifth today, is cited as a key driver of that long-term margin ambition.