LONDON (ShareCast) - (Sharecast News) - Ship broker Braemar warned of weaker full-year profits on Thursday, weighed down by heightened geopolitical uncertainty.
Posting numbers for the year to 28 February, Braemar - which provides investment, chartering and risk management services to the shipping and energy markets - said market conditions had become more challenging.

In particular, it noted that while tanker rates were recovering from lows seen in the second half, macro conditions remained "weaker at the start of the year, given increased geopolitical uncertainty and a weaker dollar".

In particular, it pointed to "ongoing conflicts, a potential tariff-driven trade war and more volatile foreign current markets".

It continued: "These are likely to have some short-term impact, as charterers and owners adjust and manage an uncertain environment."

As a result, Braemar now expects underlying operating profits before acquisition-related items for the 2026 full year to come in between £13m and £14m.

In the 2025 full year, underlying revenues fell 7% to £141.9m, while operating profits before acquisition-related items were 7% lower at £16.7m.

As at 0830 BST, shares in the broker were 7% lower at 237.35p.

Braemar said chartering revenues had softened in the second half. It also pointed to a more uncertain geopolitical backdrop and increased regulation on the back of a conflict and a "complex" sanctions regime.

But James Gundy, chief executive, called the overall performance "solid".

He continued: "As market conditions became more challenging in the second half, we have seen the benefits of the work we have done in recent years to build a business with a more diversified revenue base.

"Looking ahead, amid current market challenges comes opportunity. While there is clearly short-term uncertainty around the global economic outlook and currency volatility, I believe this will present us with further opportunities to hire talent, make strategically suitable acquisitions and grow our market share.

"The medium to long-term fundamentals continue to look favourable and we will seize the opportunity to make investments that will drive shareholder value."

Braemar also flagged its "strong" order book, which stood at $82.2m as at the year end.

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