Braemar reports strong improvement in first half
Hale-based property investment and management company, Braemar Group saw revenue rise to £1.267m in the six months to 30 September compared to £231,000 in the same period last year.
The AIM-listed group reported a pre-tax loss of £58,000, reduced from £287,000 for the first half of 2007.
Chairman Martin Robinson said the reduced loss came "through a combination of the increase in turnover, a positive contribution from both operating divisions and a pre-emptive reduction in certain costs earlier in 2008."
The breakdown of revenue saw the fund management division lead the way with £633,000, followed by £595,000 from property management through Braemar Estates and £39,000 from investment and trading.
Braemar had cash balances at the end of September of £230,000, down from £1.01m a year ago. Total equity stood at £2,67m, against a mid-2007 level of £3,348,000.
Robinson said 2008 has seen the launch of two farmland funds and before year end a student accommodation vehicle would follow.
He added: "The directors are pleased with Braemar's growing brand awareness amongst financial intermediaries, and, having built this platform for growth, anticipate that this will, in turn, generate credibility amongst financial institutions. Braemar has demonstrated that it is able to react quickly to changing economic and market conditions and to create innovative real estate products which have a place in today's asset allocation models."
Braemar Estates has 2,500 apartments under management and "continues to provide a stable cash flow".