Braemar confident of reduced losses

Braemar Group, the property fund manager based in Hale, revealed funds under management rose by 20% to over £44m in the past year.

In a brief trading update ahead of its annual results, due to be announced in June, the company said progress had been made on all sides of the business in the year to 31 March 2010.

Braemar Estates, the property management arm, said assets under management were up more than 100% to £500m.

The company said it has today taken on the management of flats in the Beetham Towers in Manchester and Birmingham.

Financial performance improved in the second half of the year, Braemar said, as a result of efficiency savings and a rise in recurring income, which now covers 76% of overheads (2009: 53%).

Braemar expects a reduced operating loss for the second half when compared to that of the first half. In November 2009, the group reported an interim loss of £109,000.