Trading Statement

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 £44m.

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 £500m. 

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: [phone]

 
Alex Clarkson/Nick Cowles, Zeus Capital

Tel: [phone]

 

END

 

 

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