BRG Braemar

 

TIDMBRG 
 
RNS Number : 5291J 
Braemar Group PLC 
01 April 2010 
 
1 April 2010 
                                TRADING STATEMENT 
 
Braemar Group plc (the "Group") provides the following end of year trading 
update. Preliminary results for the year ended 31 March 2010 will be announced 
in June 2010. 
 
 The Group has made the following progress in the year ended 31 March 2010: 
 
 Braemar Securities - funds under management up more than 20% 
 
We have diversified our range of OEICs to include Ground Rents, launched during 
the summer, adding to the existing UK Agricultural Land and Student 
Accommodation funds. Funds under management have increased by more than 20% to 
over GBP44m. 
 
Braemar Estates - assets under management up more than 100% 
 
Braemar Estates has today taken over as block and lettings manager for two 
landmark properties, both known as the Beetham Tower, in Manchester (the UK's 
tallest mixed use development) and in Birmingham.  These appointments, together 
with other contractual gains during the year, have increased the value of assets 
under management by more than 100% to over GBP500m. 
 
When the Group joined AIM in 2005, Braemar Estates' business plan was to service 
the funds created and managed by Braemar Securities, which remains the case. 
However, Braemar Estates has more recently attracted business from external 
clients. We have, therefore, invested further in personnel and systems to 
facilitate this growth. 
 
Financial Outcome 
 
The Group's performance has improved in the second half as a result of 
efficiency savings coupled with a rise in recurring income, which now covers 76% 
of overheads (2009: 53%) and will result in a reduction in operating loss for 
the second half when compared to that of the first half.  The improving trend in 
performance is expected to continue in the new financial year as the full effect 
of the growth in 2009/10 becomes apparent. 
 
 
 
For further information please contact: 
 
 Martin Robinson, Chairman, Braemar Group plc 
Marc Duschenes, Chief Executive, Braemar Group plc 
Julie Serrage, Investor Relations, Braemar Group plc 
Tel: 0161 929 4969 
 
 Alex Clarkson/Nick Cowles, Zeus Capital 
Tel: 0161 831 1512 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTLLFSFVRILVII 
 

Braemar (LSE:BRG)
Historical Stock Chart
From May 2024 to Jun 2024

Braemar (LSE:BRG)
Historical Stock Chart
From Jun 2023 to Jun 2024