Braemar reports a ‘stable’ second half

BRAEMAR, the Hale-based property investment group, said it has had a much more “stable” second half year, following its first half loss.

The AIM-listed company said its property management division, which handles around £250m of assets, had “proved resilient” during the property downturn.

In securities, Braemar said it had further diversified its range of funds to include agricultural land, student accommodation and ground rents, with the latter being launched early in the new financial year.

All three funds are Guernsey registered open ended investment companies and income is derived from the funds through a blend of initial and recurring annual management fees.

The student accommodation OEIC has done particularly well and reported an increase in net assets per share of 23% since it started in November 2008. 

In its trading update to the stock market the company said: “This move to list funds on the Channel Islands Stock Exchange has increased our funds under management markedly during the last year.

“These structured products, which we have launched as public funds, are proving attractive to IFAs and other advisors who promote on our behalf.”

The statement added: “Having already reported a loss in the first half, the directors are pleased that…achievements are providing a more stable footing for the group.

“This will be reflected in revenue growth in the year just ended, with a more balanced income profile throughout the year, and in a build up of recurring income. As fund raising continues, the directors expect trading will have strengthened further by the time of our preliminary results announcement.”

The company will announce its preliminary results for the year to the end of March 2009 in early June.