Braemar forecasts interim loss
Hale-based property fund manager Braemar Group said it expects to report revenue growth but a small pre-tax loss for the six months to the end of September.
In a trading statement issued this morning, the listed group said it was on a 'stable footing' and 'continued [to] build up…recurring income.' The directors said they expect trading to strengthen further by the time the half-year results are announced in November.
During the period Braemar Securities launched a ground rents fund to go alongside the existing agricultural land and student accommodation funds. All are Guernsey registered Open Ended Investment Companies. Funds under management increased by 18% during the last six months to £46m.
However, fundraising was slow for Braemar UK Agricultural Land plc and the decision was taken to abort its flotation on the Alternative Investment Market.
The property management division is now responsible for the management of £290m of assets, some 2,645 apartments. Braemar said this part of the buisiness had 'proved resilient during the wider property downturn, particularly as our activities are limited to the management or refurbishment of assets we own, assets in funds we manage and third party owned freeholds.'
