Braemar PLC said on Wednesday that results for its recently-ended financial year will be in line with market expectations, but shy of what it achieved 12 months earlier.

The London-based shipbroker and shipping investment advisor said it expects an underlying operating profit for the year ended February 29 of £18 million, down 10% from £20 million.

Revenue is expected to have declined 2.0% to £150 million from £153 million.

However, Braemar expects to propose a 13% increase in its final dividend to 9 pence per share from 8p. That would give it a total dividend of 13p per share, up 8.3% from 12p.

It said its order book entering the new financial year totalled $83 million, a rise of 47% on-year from $56 million.

It expects to announce annual results by the end of May.

Shares in Braemar were up 1.3% to 256.80 pence in London on Wednesday afternoon.

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