Braemar : FY24 Annual report and accounts

Resilience Growth

Braemar Plc

Annual Report and

Accounts 2024

Strategic Report		Governance		Financial Statements	1

Highlights

Resilience

Growth

We are a leading provider of expert advice in shipping investment, chartering and risk management.

Financial highlights		Braemar
-	Revenue at £152.8 million unchanged on prior year, illustrating
	improved resilience across the Group (FY23: £152.9 million), with strong	Plc
	performances from acquisitions and Risk Advisory offsetting weaker
	performances in other parts of the business.	Annual
-	Underlying operating profit of £16.5 million a decrease of 18% due
-	to acquisition-related costs and foreign exchange movements	Report
Reported profit before tax £7.5 million (FY23: £9.5 million), with lower
	(FY23: £20.1 million).
	underlying operating profit offset by lower specific items than the prior year.	and
-	Balance sheet remains strong with positive net cash position maintained.	Accounts
- Underlying earnings per share decreased by 21% to 36.62 pence
	(FY23: 46.22 pence).
-	Final dividend of 9.0 pence per share. Total dividends for the year are	2024
	13.0 pence per share (FY23: 12.0 pence) an increase of 8%.

Operational highlights

• Acquisition of Southport Maritime Inc. in the USA and Madrid Tanker desk in Spain, have performed well in their first full year as part of the Group, realising the opportunities and benefits of being part of Braemar's global business.
• Natural Gas desk has grown strongly throughout the year.
• Transaction volumes continued to grow with fixture numbers up 8% from prior year.
• Average revenue per head continues to be strong at £373,000, 6% down on the prior year as the business continued to invest in new headcount.
• The Group's forward order strengthened throughout the year, standing at $82.6 million as at 29 February 2024, 47% higher than the $56.2 million as at 28 February 2023.
• The internal independent investigation commenced in June 2023 was completed in October 2023.

Our Purpose

To leverage our expertise and experience to secure sustainable returns and mitigate risk for our clients in the volatile worlds of shipping and energy.

Our Vision

To enable more prosperous, secure and sustainable global trade within the shipping and energy industries.

Contents

Strategic Report

• Highlights

• Braemar at a Glance
  4 Chairman's Statement
  7 Investment Case
  8 Business Model
  10 Our Strategy
  12 Group Chief Executive Officer's Statement
  14 Q&A with Management
  16 Key Performance Indicators
  18 Market Overview and Outlook
  20 Operating Review
  24 Financial Review
  28 Section 172 Statement
  30 Environmental, People and Social
  Governance ("EPSG") Report 32 Our environmental
  responsibilities
  36 Task Force on Climate-related Financial Disclosures
  38 People
  40 Society
  41 Governance
  42 Non-Financial Information Statement
  43 Principal Risks and Uncertainties

Governance

1. Compliance Statement
2. Letter from the Chairman

1. Board of Directors

1. Report of the Audit & Risk Committee

1. Report of the Nomination Committee
2. Directors' Remuneration Report 65 Remuneration Policy
   72 Annual Report on Remuneration

1. Directors' Report

Financial Statements

1. Independent auditor's report

1. Consolidated Income Statement
2. Consolidated Statement of Comprehensive Income
3. Consolidated Balance Sheet
4. Consolidated Cash Flow Statement
5. Consolidated Statement of Changes in Total Equity
6. Notes to the Financial Statements

1. Company Balance Sheet
2. Company Statement of Changes in Total Equity
3. Notes to the Company Financial Statements

1. Five-yearfinancial summary (unaudited)

1. Contact information

2	Strategic Report	Governance	Financial Statements

3

Braemar PlcAnnual Report and Accounts 2024

Braemar at a Glance

Who we are

Expert advisers in investment, chartering and risk management for the shipping and energy markets. Our integrated teams deliver creative solutions and tailored support for customers around the world, placing Braemar at the forefront of the shipbroking industry.

How we operate

Our experienced brokers work in tandem with specialist professionals to form teams tailored to our customers' needs, and provide an integrated service supported by a collaborative culture.

Shipbroking

Focus

Braemar Plc Annual Report and Accounts 2024

What we do

The business is structured in three divisions, reflecting our operations

Investment Advisory

Chartering

Risk Advisory

The right vessels, at the right price, at the right time. Our team combines years of commercial, financial, technical and operational expertise with the most comprehensive market analytics in the industry to create investment opportunities that are both protected and maximised for sustainable returns. Complemented by our Corporate Finance desk which assists those facing liquidity crunches with loan portfolio pricing, management and restructuring.

Our locations

Customised chartering solutions built around the specific needs of our clients. By investing in cutting-edge technology and bespoke databases, our brokers and analysts create innovative strategies that deliver long-term gains over short-term fixes.

Volatile price movements are commonplace in shipping markets. Our Securities desk helps our clients manage their exposure by providing access to liquid marketplaces.

+16	+15	+400
Global offices	Sectors	Employees

	United Kingdom	USA	Australia
	Aberdeen	Houston	Perth
	Greece	United Kingdom	People's Rep. China
	Athens	London	Shanghai
	People's Rep. China	Spain	Singapore
	Beijing	Madrid	Singapore
	UAE	Australia	USA
	Dubai	Melbourne	Florida
	Switzerland	India
We operate 24/7 across	Geneva	Mumbai
the world, covering all of	Germany	India
the major shipping hubs	Hamburg	New Delhi
to provide our customers
with unique opportunities
in both established and
emerging markets.

4		Strategic Report		Governance			Financial Statements
	Chairman's
2024AccountsandReportAnnual Plc	Statement
Invest			Nigel Payne
					Chairman
Braemar	Perform

5

Braemar Plc Annual Report and Accounts 2024

Through our growth strategy we are building an increasingly resilient business, designed to generate sustainable returns for our shareholders.

I am delighted to report another strong revenue and underlying operating profit performance for the Group. These results underline the success of our strategy to grow the business, build resilience and generate sustainable shareholder returns, across the shipping cycle. We are confident that through this strategy, we are well placed to perform strongly throughout any cycle.

Furthermore, this performance was delivered against the backdrop of the independent internal investigation, which took place during the year, further illustrating the strength of the business and our people. I would like to thank all our stakeholders, once again, for their patience as the board worked through this.

Looking ahead, we have established a strong platform for growth and will continue to focus on growing the business, through making key hires and acquisitions, which further bolster our offering, to ensure that Braemar provides the best possible service to its clients and generates strong sustainable returns for shareholders.

Results for the year

Revenue for the year at £152.8 million (FY23: £152.9 million), was broadly unchanged from the prior year, while fixture numbers increased by 8%, as we continued to grow our market share. As anticipated, underlying operating profit was £16.5 million, £3.5 million lower than FY23 due to a £2.6 million negative swing in foreign exchange translation movements and acquisition costs relating to the Madrid Tanker desk (£1.5 million).

Reported profit before tax at £7.5 million was £1.9 million lower than the prior year, with the £3.4 million decrease in underlying profit before tax being slightly offset by lower specific costs than the prior year. Underlying earnings per share was 36.62p (FY23: 46.22p) and reported earnings per share 15.65p (FY23: 15.85p).

The Group maintained a positive net cash position of £1 million at the end of the year (FY23: £6.9 million), lower than the previous year due to tax payments and the cost of the independent internal investigation that was conducted and concluded during the year.

As we continue to execute our growth strategy we have continued to invest in our people. Average headcount in the year has increased by 7% to 409 (FY23: 384), as we invested further in our platform for growth by adding both brokers and support staff.

Board

During the year, we continued to strengthen our board. Cat Valentine joined the board as non-executive director in May 2023, adding valuable communications experience to the board. Grant Foley also joined the board in August 2023 as Group Chief Financial Officer. Grant brings significant financial and operating expertise, having worked in a number of public and private companies in executive finance and operations roles. Grant's contribution since his appointment has been impactful.

The board is well balanced and functioning well and I look forward to working with my colleagues in the year, as we continue to execute our strategy.

Internal independent investigation

As announced on 26 June 2023, the board commenced an internal independent investigation into an historical transaction dating back to 2013.

6

Chairman's Statement continued

Braemar Plc Annual Report and Accounts 2024

Our impact

At Braemar we care about the impact that we have on the environment and society, the shipping industry accounts for approximately 3% of global emissions and we work closely with our clients

	Strategic Report		Governance			Financial Statements		7
	Investment Case
Building	Braemar Plc Annual Report and
	Resilience
	through the shipping cycle	Accounts2024
	Braemar has a clear and successful	Braemar is led by an experienced board Braemar leverages its strong networks

13.0p

total dividend for the year

+8%

The investigation was conducted by FRP Advisory Trading Limited, an independent specialist forensic accounting firm, and independent external counsel. The investigation was complex, comprehensive and ultimately focused on a review of several transactions between 2006 and 2013. The provision in relation to these transactions was accounted for in the prior year Financial Statements.

The internal independent investigation was completed in October 2023 and the board remains committed to maintaining a high standard of corporate governance. The board acted promptly to oversee the process to address the process and control areas that were identified as requiring improvement.

Dividend

In line with the Company's progressive dividend policy, I am pleased to announce that the board is recommending a

final dividend of 9p for approval by shareholders at the 2024 AGM. This final dividend, together with the interim dividend of 4p already paid on 2 April 2024, represents a total dividend for the year of 13p, an 8% increase over the prior year dividend of 12p. The final dividend will be paid on 9 September 2024 to shareholders who are on the register at the close of business on 2 August 2024, with a corresponding ex-dividend date of 1 August 2024. The last date for Dividend Reinvestment Plan ("DRIP") elections will be 16 August 2024.

as they seek to reduce their impact through alternative fuels, new more fuel- efficient vessels and providing access to carbon credits and other offset schemes. We also focused on reducing the impact that we directly have as a business, although we have seen our GHG emissions increase this year as the business returned to more normal levels of travel following on from COVID. As in prior years, we have once again been carbon neutral though investing in offset programmes.

Our people

As noted above, we continued to invest in our people throughout the year under review. Once again, I have been impressed by their commitment and resilience. On behalf of the board, I would like to take this opportunity to thank our people for their dedication, hard work and focus.

Outlook

Global trade volumes continue to rise in an increasingly complex operating environment and the global fleet size has remained static. With the investment made in Braemar's platform to date, the Group is well positioned to capitalise on these prevailing favourable market conditions and grow its volumes further. In addition, we will continue to focus on further growth through hiring, opening new offices and a disciplined M&A in a fragmented market, while maintaining strong cost management. The new financial year has started well with trading to date in line with the board's expectation. The Group remains on track to deliver a sustainable doubling of FY21 underlying profit in FY25 and the board looks to the future with confidence.

Nigel Payne

Chairman

22 May 2024

growth strategy, orientated around	and management team who each bring	to secure the best prices and
organic and acquisitive expansion.	a wealth of experience to the business	performance for our clients. In line
Braemar therefore offers an attractive,	and together are well suited to execute	with our commitment to UN SDG 8.4
diversified opportunity to invest in the	Braemar's growth agenda. In FY24, not	- decoupling economic growth from
shipping industry, without the need	only did the successful strategy achieve	environmental degradation, the Group
to invest directly in vessels. Braemar's	a strong trading performance, but the	is promoting inclusive and sustainable
strategy is to drive sustainable profit and	combination of the Group's organic	economic growth across the industry by
growth as well as progressive dividends.	growth, the acquisitions made in FY23	incorporating climate-smart expertise
We remain focused on delivering	and the investment in the Group's	into its client services. In April 2023,
sustainable returns for our shareholders.	Securities business, have yielded a	the Group's ESG efforts and future
	business that is increasingly resilient and	commitments were recognised by
The Company has built a strong platform	well positioned to deliver sustainable	the Financial Times and Statista, who
from which to both deliver organic	profits through industry cycles.	named Braemar one of 'Europe's Climate
growth and act as a consolidator in a		Leaders'. This title reflects the progress
fragmented shipbroking market. The	With offices in 11 countries, including	Braemar has already achieved in
Group has a strong balance sheet and,	the key locations of London, Singapore,	reducing its Scope 1 and 2 emissions.
as the business continues to scale, the	Melbourne and Athens, Braemar serves
board is focused on delivering higher	its clients globally, across different
absolute profitability and further margin	time zones and cultures, with a highly
improvement. Organic growth is to be	diversified and complementary market
achieved by hiring talented brokers and	offering, covering a range of sectors,
opening new offices to provide more	including Tankers, Dry Cargo, Sale
geographic coverage and access to	& Purchase, Corporate Finance and
new clients.	Offshore as well as a Securities business,
	offering clients an increasing suite of
In 2022, the board set an objective of	freight derivative and energy products.
sustainably doubling the Group's FY21	The breadth and depth of Braemar's
underlying operating profit of £8.9 million	diversified product offering yields a
by FY25. The Company has already	business that is more insulated against
achieved this goal, two years early: the	specific market sector movements.
year to 28 February 2023 saw strong	Braemar's global teams have proven
performances across the business,	track records for delivering expert
driven by increased scale and favourable	advice in Chartering, Corporate Finance,
market rates. In the year under review,	Research and Analytics, Operations, and
the increased resilience and balance	risk management.
that we have built in the business was

evident. While market rates in some areas were lower this year, fixture numbers were up 8% on the prior year.

Our growth strategy is delivering an increasingly resilient business that will generate sustainable returns for our shareholders.

Nigel Payne, Chairman

8		Strategic Report		Governance		Financial Statements
	Business Model
ReportAnnual and Accounts 2024	Expert
Braemar Plc	Advisers

9

Braemar Plc Annual Report and Accounts 2024

Who we are

Why Braemar				What we do				How we operate

Expert advisers in investment, chartering and risk management for the shipping and energy markets.

Our integrated teams deliver creative solutions and tailored support for customers around the world, placing Braemar at the forefront of the shipbroking industry.

Purpose

To leverage our expertise and experience to secure sustainable returns and mitigate risk for our clients in the volatile worlds of shipping and energy.

How we operate

We offer an integrated service from our experienced brokers with specialised areas of expertise supported by a collaborative culture.

Management structure

Our team draws on a wealth of diverse sector experience to provide some of the most advanced market intelligence in the shipping industry.

Vision

To enable more prosperous, secure and sustainable global trade within the shipping and energy industries.

Investment Advisory:

Corporate Finance,

Sale & Purchase

The right vessels, at the right price, at the right time. Our team combines years of commercial, financial, technical and operational expertise with the most comprehensive market analytics in the industry to create investment opportunities that are both protected and maximised for sustainable returns. Complemented by our Corporate Finance desk which assists those facing liquidity crunches with loan portfolio pricing, management and restructuring.

Chartering: Deep Sea

Tankers, Specialised

Tankers, Offshore and

Dry Cargo

Our traditional shipbroking activity we deliver customised chartering solutions built around the specific needs of our clients. By investing

in cutting-edge technology and bespoke databases, our brokers and analysts create innovative strategies that deliver long-term gains over short-term fixes.

Risk Advisory: Securities

Volatile price movements are commonplace in shipping markets. Our Securities desks help our clients manage their exposure by providing access to liquid marketplaces on an agency basis.

Expertise

Information can empower

• but only when you know how to use it. Our specialists know exactly how market intelligence can be applied to give our clients the edge over competitors.

Experience

We draw on in-depth knowledge and a wide breadth of coverage to help clients navigate a complicated landscape.

Values

We are committed to proactive, measurable Environmental, People, Social

• Governance ("EPSG") initiatives and the facilitation of climate-smart shipping. We set high standards for our team and give them clear frameworks and policies within which to operate.

Collaboration

By sharing knowledge and resources across the Group, our team can anticipate our clients' needs and provide prompt, informed solutions.

10	Strategic Report		Governance		Financial Statements
Annual PlcReport and Accounts 2024	Our Strategy
Evolve	advantage of future growth opportunities.
		Our strategic priorities will enable us to take
Braemar	Progress

Enhancing our renewables offering

We continue to grow our renewables offering, as part of our overall growth- orientated strategy. We are also positioning the business to support the transition to a low carbon economy and for future growth in renewable energy and low carbon fuels.

Helping our clients navigate new regulations

Braemar sees ships throughout their lifecycle, and this presents opportunities for collaboration and value creation. We see them when they start life on our Newbuilding desk; through changes of ownership via our Sale & Purchase desk; as they voyage around the globe under instructions from our Chartering desks; and finally, as they reach the end of their

11

Braemar Plc Annual Report and Accounts 2024

Facilitating Climate-Smart Shipping

Shipping will remain the most cost and energy efficient method to transport freight for the foreseeable future. However, the industry is cumulatively responsible for 3% of worldwide greenhouse gas emissions.

Braemar's environmental footprint is a negligible percentage of the shipping industry's emissions. However, we work in an industry that is not currently on course to meet its 2050 and 'net zero' commitments. As an adviser, this presents a huge opportunity for us to provide access to solutions that help our clients to achieve their sustainability ambitions. We want to be a driver and influencer of that change, and invest further to expand our sustainability offering.

Further details on what this means for our business are as follows:

Neutralising our emissions via carbon offsets

We recognise that there are steps which we can take to remediate our historical emissions from our operations. Through Braemar Offset and our partner, CHOOOSE, we have completely offset our reported corporate carbon footprint since 2017. We are pleased

to be continuing to invest in projects which bring substantial benefits to underprivileged communities, protect fragile ecosystems, and create more diverse and inclusive workforces.

Developing a 'green' mindset

As a business, we are committed to reducing our carbon footprint and playing our part in the shipping industry's drive to 'net zero'. We are doing this by becoming more energy efficient, making greener commercial choices, and incorporating sustainability into our client services and our decision making at a desk and Group level.

Providing access to voluntary and mandatory emission reduction solutions

We have solutions that enable our clients to fulfil their voluntary ambitions, as well as to ensure their full compliance with the European Union's ETS ("Emissions Trading Scheme").

Braemar Offset enables clients to fulfil their voluntary sustainability ambitions. In partnering with Braemar Offset, companies can proactively play a role in improving their green credentials and help to accelerate climate action.

Our new Natural Gas derivatives desk offers direct access to European Union Allowances ("EUAs"). The EU ETS is

a cornerstone of the EU's policy to combat climate change, and from 2024 it will apply to ships calling at EU ports above 5,000 GT transporting cargo or passengers for commercial purposes.

working lives, with our Recycling desk. By working in partnership with our clients, we use our expertise and experience to maximise each vessel's potential, while minimising its aggregate environmental footprint.

The rules which govern shipping are increasing year-on-year and the primary focus currently is environmental improvement. Regulations, such as the EU ETS, as well as major new technical measures such as the Energy Efficiency Existing Ship Index ("EEXI") and the Carbon Intensity Indicator ("CII"), are changing the way ships trade and making it much less viable to operate inefficient ships. Across our Chartering and Shipping Investment desks, we are focused on helping our clients to ensure that their assets and future investments are cleaner, safer, and more productive.

12

Group Chief Executive Officer's Statement

Accounts 2024	James Gundy
and
Group Chief Executive Officer
Braemar PlcAnnual Report

Strategic Report		Governance		Financial Statements

	13
11.2bn
Braemar
tonnes	Plc Annual
2023 estimated seaborne trade	Reportand
£373,000	Accounts2024
average revenue per employee

This is my third year as Group CEO and I am immensely proud to announce another strong performance for the Company, following the significant growth that we achieved in FY23. I am particularly pleased with this performance, as it clearly demonstrates that our strategy is delivering, and our business is becoming increasingly resilient.

Group revenue for the year at £152.8 million, demonstrates our business model in action. While revenue was broadly unchanged from the prior year (FY23: £152.9 million), strong performances from the recent acquisitions and our growing Securities business offset cyclically weaker Dry Cargo and Investment Advisory markets and their associated revenues.

Revenue per head at £373,000 (FY23: £398,000) remained strong, although lower than the prior year due to the investment in new headcount made during the year.

A key focus during the year was continuing to build a strong platform for future growth. We continued to make key hires, integrated the acquisitions made in FY23 and invested in our support functions, while continuing to carefully manage our cost base. This platform provides the right foundations on which to deliver further growth in a fragmented shipbroking market through hiring and M&A.

Internal independent investigation

As mentioned in the Chairman's Statement, an internal independent investigation was completed during the year, ultimately focusing on a small number of transactions from 2006 to 2013. A provision in relation to these transactions was recognised in the prior year Financial Statements. Once again, I would like to thank the Independent Investigation Committee for overseeing the process, and our clients and shareholders for their patience and understanding, during this period. Braemar and its people showed considerable strength and focus throughout this, and I thank all our employees for their hard work throughout the process.

Delivering resilience through diversification

Our objective over the medium term has been to sustainably double the FY21 underlying operating profit of £8.9 million by FY25. We have achieved this in both FY23 and FY24, although with noticeably different revenue mixes. FY23 saw strong performances across all areas of the business, whereas FY24 illustrated the increased resilience and balance that we have built across the business through acquisition and investment.

While overall revenue in FY24 was the same as the prior year, the underlying mix changed. Dry Cargo rates were cyclically quieter resulting in revenue 38% lower than the prior year and our Investment Advisory division was 30% lower. This, however, was offset by the strong contributions from our newly acquired businesses, with Tankers increasing 31%, Specialised Tankers increasing 18%, Offshore increasing 44% and Securities increasing by

36%. This clearly illustrates that our strategy to diversify across shipbroking, build a complementary Securities business is delivering a more balanced business, better able to generate strong performances throughout the cycle.

Importantly, while we cannot control shipping market rates, we can focus on growing our market share and we increased total fixture numbers by 8% during the year.

Markets

With the global fleet continuing to age and newbuilds continuing to remain low by historical standards, the markets remained strong for much of the year. This was further impacted by geopolitical and natural events, resulting in longer routes being needed and squeezing supply further. Dry Cargo was the exception with average rates being 35% lower than the prior year, partly due to reduced COVID restrictions and improving efficiencies in Chinese ports.

Global trade levels continued to grow, up approximately 2% year on year and the global fleet continued to remain at a similar level with limited numbers of new vessels, putting a floor under rates.

Investing in our EPSG

We remain committed to delivering sustainable growth and value to our shareholders, while contributing to the communities and environments in which we operate, and I am proud of the positive impact that we make.

Our sustainability strategy focuses on minimising our environmental impact, encouraging diversity and inclusion through our hiring and development programmes, and supporting local initiatives that drive positive change.

While shipping is an efficient method of transporting goods, it is critical that there is a strong focus on reducing its environmental impact and we work closely with our clients, helping them towards this, advising on the developing alternative fuels, new regulations and emission offset solutions.

Outlook

The strong performance during the period clearly demonstrates that the Group's strategy is delivering as our selective acquisition and hiring of talented individuals are improving the Group's resilience, maintaining revenues and growing market share.

During the year, we made further investment to enhance our platform, ensuring that we can continue to scale the business and improve our operating margins in future years. This investment will continue in FY25 as we make further improvements to our IT infrastructure, replacing legacy technologies to create significant efficiencies going forward.

In 2022, we stated our objective was to sustainably double underlying operating profit by FY25. We achieved this in FY23 and FY24 and we remain on track to continue to deliver this, with further growth through acquisitions and hires in existing and new markets.

As we entered FY25, the Group had a forward order book of $83 million, 47% up on the prior year with particularly strong growth in Sale & Purchase. The outlook for rates is also positive so we remain optimistic for the future and continuing to successfully execute our growth-focused strategy.

I would like to take this opportunity to thank our employees for their hard work and dedication, as well as our clients and partners for their ongoing support, which combined to deliver this year's strong result. I look forward to another successful year in FY25 and to executing our growth strategy and continuing to deliver exceptional results for all our stakeholders.

James Gundy

Group Chief Executive Officer 22 May 2024

14

Strategic Report		Governance		Financial Statements	15

	Q&A with management
ReportAnnual  and Accounts 2024	Future
Braemar Plc	Focus

An interview with Group Chief Executive Officer James Gundy, Group Chief Operating Officer Tris Simmonds and Group Chief Financial Officer Grant Foley. They answer some of your frequently asked questions.

Q

A

What does Braemar offer its clients?

JG: We are a global business, with 16 offices in 11 countries, our teams are highly experienced, and we have access to data and intelligence that provides real value to our clients.

Also, as a business listed on the London Stock Exchange, we give our clients confidence that they are dealing with a strong and reputable broker.

Q

A

How do you work together as an executive team?

JG: We constantly talk to one another, so we are all aware of what is happening around the Group, the industry and the markets. Furthermore, we know each other's strengths, this allows us to be a highly effective executive team. I have been in the industry for over 40 years so understand it from top to bottom, Tris has been a broker and understands shipping and securities so is focussed on growth both through hiring and acquisitions. Grant brings significant experience on scaling businesses successfully for growth. Crucially, we challenge one another.

Q

A

The Securities business has grown strongly, where can this go?

TS: James and I had a clear vision for our Securities business. I sold my business to Braemar in 2018 and this was the catalyst for our Securities business. Since then, we have added different products, most recently natural gas and oil. This part of the business has grown by 93% over the last 3 years and there are a number of other areas that we can drive future growth by product and geography. Securities accounted for

15% of revenue in FY24 and during FY25 we are establishing Organised Trading Facilities in the UK and Europe that will drive future growth. Importantly, we are a broker, we take no balance sheet risk, so our Securities business is very capital light. I believe that Securities can double over the next three to four years.

Q

A

What do you mean when you talk about a platform for growth?

GF: As we continue to grow, it is crucial that we have the right infrastructure to allow brokers that join the business or acquisitions to focus on servicing clients. We have invested in our support functions (finance, compliance, IT, HR) to ensure that is the case, and ensuring that, as the businesses scales, these functions are well positioned to support that growth. This will improve our margins as we go forward.

Q

A

Where do you see growth coming from?

TS: We see growth coming from three areas, leveraging our market position to continue to gain market share, build new desks and teams through hiring and finally strategic acquisitions. When we look at hiring individuals, we want to ensure that being part of Braemar means that they can grow rather than maintain the level of business. This comes back to ensuring that we have the right platform in place. When it comes to acquisitions, we are looking to ensure that once a business comes into the Group it can fully leverage our data, intelligence and other desks to really grow the business. Our acquisitions of Southport Maritime Inc. and the Madrid Tanker Desk have been excellent examples of this.

Q

A

What is Braemar doing from an ESG perspective?

GF: Braemar is a people business, so we have added people to form EPSG. Braemar has two roles to play when it comes to the environment: helping our clients understand how they can make voyages more environmentally friendly through alternative fuels or new more efficient vessels, and how they can offset their carbon footprint. While internally we are moving forward to reduce our impact through recycling, being more energy efficient and offering our employees electrical vehicle schemes. However, we have more to do in this area.

As a management team we have a clear and aligned vision to grow our business.

James Gundy, Group CEO

During the year, we have continued to make charitable donations to a wide variety of employee-selected charities and we have sought to diversify our workforce through our trainee broker programme and apprenticeship schemes. From a people perspective, we have rolled out training and offer our employees access to a number of health and well-being plans.

Q

A

You set a target to double underlying profit by FY25, haven't you done that?

JG: Yes, but our target was to deliver sustainable profits of not less than £18 million by FY25. In FY23 we saw the benefits of our simplified strategy and strong rates and activity across all sectors, which delivered underlying operating profit of £20 million. Shipping is inherently volatile with different sectors typically being at different points in the cycle, that is what we saw this year. Weaker performances in some sectors offset by our more resilient business and delivering £18 million. We are building a resilient business that can deliver £18 million, wherever we are in the cycle.

Q

A

How do you retain people in the Company?

JG: Braemar has an active policy of promoting people and creating clear career progression. In the last five years we have appointed new business heads in three departments and have opened new offices and moved existing staff to grow new markets and business lines. We pay our brokers using a clear formula that gives them transparency on their earnings and offer a full suite of employee benefits. In non-broking areas we aim to promote from within and provide training and development opportunities.

Braemar Plc Annual Report and Accounts 2024

16	Strategic Report		Governance		Financial Statements
	Key Performance Indicators
ReportAnnual  and Accounts 2024	Solid
Braemar Plc	Foundations

17

Braemar Plc Annual Report and Accounts 2024

Braemar continued to trade well throughout FY24.

The performance of our business was strong, with revenue and profit in line with the board's expectations.

The strategy of focussing on Shipbroking and building our Securities business

is producing a stronger business, generating sustainable returns for our shareholders as well as superior service and value for our clients.

Revenue was unchanged year on year. Our Chartering and Risk Advisory segments grew year on year. This, however, was offset by lower Investment Advisory revenues.

All KPIs relate to continuing operations.

Revenue

Number of employees

Revenue per head

(average across the year)

£152.8 million	£152.9 million		409	384		£373,000	£398,000
2024	2023	-%	2024	2023	+7%	2024	2023	-6%
£152.8m 409		£373k
2023: £152.9m		2023: 384		2023: £398,000

	Cash generated	Number of countries		Underlying EPS
	from operations
			£22.1 million						12						46.22 pence
						11
	£5.2 million									36.62 pence
2024		2023		-76%		2024		2023				2024		2023		-21%
	£5.2m		11					36.62p
	2023: £22.1m			2023: 12			2023: 46.22p
	Number of offices	Reported EPS			Full-year dividend
													per share
								15.85 pence				13 pence
			17
												12 pence
16
			15.65 pence
2024		2023				2024		2023		-1%		2024		2023		+8%
				15.65p		13p
	16

Underlying operating profit

		£20.1 million
£16.5 million
2024		2023	-18%

£16.5m

2023: £20.1m

2023: 17

2023: 15.85p

2023: 12p