(BRG.L) Braemar Group PLC Buy/Sell

RNS Number : 5477C Braemar Group PLC 16 November 2009

RNS RELEASE BRG/16/11/2009

CONTRACT WIN

Braemar Group plc ("Braemar"), the AIM quoted real estate fund and management group, is pleased to announce the signing of block management and lettings management contracts for two significant developments on behalf of its property management division Braemar Estates.

The required corresponding investment in additional resources means that these contracts will not have a material effect in the remaining few months of this financial year. However, we are pleased to report that Braemar's total number of apartments under management has risen by over 10% and total assets under management have increased to in excess of £500 million.

Further details will be provided to Investors in our year end trading statement to be published in April. For further information please contact:

Marc Duschenes, CEO, Braemar Group plc Martin Robinson, Chairman, Braemar Group plc Julie Serrage, Investor Relations, Braemar Group plc Tel: 0161 929 4969

Alex Clarkson/Nick Cowles, Zeus Capital Limited Tel: 0161 831 1512

This information is provided by RNS The company news service from the London Stock Exchange

CNTEAPFKFFPNFEE

RNS Number : 8139B Braemar Group PLC 03 November 2009

BRAEMAR GROUP PLC

HALF-YEARLY REPORT 2009

CHAIRMAN'S STATEMENT

Braemar Group plc ("Braemar" or "the Group") is pleased to announce its unaudited half-yearly report for the six months ended 30 September 2009, during which time the Group has further increased its funds under management and achieved turnover and recurring income growth.

FINANCIAL OVERVIEW

The unaudited results for the six months to 30 September 2009 report revenue of £1,439,000 (30 September 2008: £1,267,000) and a loss before tax of £109,000 (30 September 2008 £58,000 loss), which was in line with the Directors' expectations.

Recurring income has increased to £545,000 (30 September 2008: £308,000). With the reduction in administration expenses to £862,000 (30 September 2008: £894,000), recurring income for the period covered 63% of administration expenses (30 September 2008: 34%), demonstrating significant progress in management's medium term goal of recurring income covering administration expenses in full. This can be achieved by continuing to focus on building the size of each existing fund, on which the Group earns recurring income in both divisions, and gain the benefit of economies of scale on the performance of both the Group and each fund.

Cash balances and cash equivalents at the period end were £478,000, (30 September 2008: £230,000) and the total equity of the Group stood at £2,673,000 (30 September 2008: £2,668,000).

BUSINESS REVIEW

The business is monitored internally by the performance of the two operating divisions and the highlights for the period under review are as follows:

Braemar Securities

Braemar Securities' revenue for the period was £923,000 (30 September 2008: £633,000).

We have further diversified our range of funds to include Ground Rents, launched during the summer, adding to the existing Agricultural Land and Student Accommodation funds. All three funds take the form of Guernsey registered Open Ended Investment Companies ("OEICs"). Our funds under management increased by 18% during the last six months to £46m, the impact of which is reflected in the growth in recurring income.

The OEICs are promoted to independent financial advisers by Braemar Securities and a number of independent introducers, who share in the initial commissions charged by the division. These charges and other direct marketing costs have absorbed a significant proportion of the initial commissions earned, resulting in an increase in cost of sales. The corresponding growth in funds under management will benefit the Group in the longer term due to the increase in recurring income from these funds.

The adverse stock market conditions impacted the fundraising for Braemar UK Agricultural Land plc and the decision was taken to abort its admission to AIM. All the abort costs were absorbed by Braemar UK Agricultural Land plc.

Braemar Estates

Braemar Estates' revenue for the period was £484,000 (30 September 2008: £595,000).

Our property management division, which is now responsible for the management of over £300m of assets, representing some 2,800 apartments, has 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. The division also acts as Property Adviser to two of our three OEICs and we expect margins to improve accordingly, as the division has the capacity to grow without incurring significant additional costs.

The fall in revenue for this division is attributable to a reduction in one-off fees earned from the Coronation residential property partnerships from finder's fees and the supervision of the development of property in the partnerships as these funds become fully invested.

Conversion of loan notes into equity

The conversion of some of the convertible loan notes reduced Braemar's debt by £200,000; enhancing net assets by the same amount and results in a saving in interest costs of approximately £20,000 over the next 18 months.

OUTLOOK

The Directors are pleased with the progress that has been made during the first half of the year. In particular, the growth in recurring income demonstrates what can be achieved from growth in funds under management while keeping costs under control. There are no immediate plans for further fund launches, the focus being on building the size of each of the existing OEICs and taking control of the management of the assets within the funds.

The Directors look forward to reporting further improvements in the Group's performance in the second half.

Martin Robinson

Chairman

3 November 2009

FOR THE SIX MONTHS ENDED 3O SEPTEMBER 2009

Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 September 2009 30 September 2008 31 March 2009

Notes £'000 £'000 £'000
Revenue 1,439 1,267 2,610

Cost of sales (654) (417) (922)

Gross profit 785 850 1,688
Decrease in fair value of - - (28)
investment properties
Administration expenses (862) (894) (1,840)
Operating loss (77) (44) (180)

Investment income 2 17 29
Finance costs (34) (31) (59)
Loss before tax (109) (58) (210)
Taxation - - 8
Loss for the period (109) (58) (202)

Other comprehensive income/
(expense)
Losses on investments - (18) (3)
available for sale
Other comprehensive expense - (18) (3)
for the period

Total comprehensive expense (109) (76) (205)
for the period

Loss per share - basic and 2 0.07p 0.04p 0.12p
fully diluted

All of the loss and the total comprehensive expense for the period are attributable to the equity holders of the parent.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 3O SEPTEMBER 2009

Unaudited Unaudited Audited
30 September 2009 30 September 2008 31 March 2009
Notes £'000 £'000 £'000
Non-current assets
Goodwill 2,736 2,694 2,736
Other intangible assets 95 90 99
Property, plant and equipment 132 172 141
Investment properties 607 225 607
Held-to-maturity investments 59 58 59
Other financial assets 67 317 67
Available-for-sale investments 18 14 8
3,714 3,570 3,717
Current assets
Trade and other receivables 373 462 327
Cash and cash equivalents 478 230 206

Total assets 4,565 4,262 4,250

Equity and liabilities
Issued capital 4 1,721 1,638 1,638
Share premium 4 3,092 2,945 2,945
Accumulated loss (2,140) (1,915) (2,038)
Total equity 2,673 2,668 2,545

Non-current liabilities
Interest bearing loans and 533 225 533
borrowings
Obligations under finance 1 18 11
leases
Deferred Tax 40 23 40

Current liabilities
Trade and other payables 983 793 587
Interest bearing loans and 313 512 512
borrowings
Obligations under finance 22 23 22
leases
1,318 1,328 1,121

Total liabilities 1,892 1,594 1,705

Total equity and liabilities 4,565 4,262 4,250

FOR THE SIX MONTHS ENDED 3O SEPTEMBER 2009

Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 September 2009 30 September 2008 31 March 2009
Notes £'000 £'000 £'000
Cash generated/(absorbed) by 3 314 247 (195)
operations
Interest paid (19) (13) (24)
Net cash inflow/(outflow) from 295 234 (219)
operating activities

Cash flows from investing
activities
Interest received 2 17 29
Purchase of property, plant (4) (7) (21)
and equipment
Purchase of intangible assets (12) - (6)
Purchase of held-to-maturity - (40) (41)
investments
Purchase of other financial - (252) -
assets
Acquisition of subsidiary - - (107)
Net cash used in investing (14) (282) (146)
activities

Cash flows from financing
activities
Proceeds from borrowings - - 308
Repayment of borrowings (9) (11) (26)
Net cash (outflow)/inflow from (9) (11) 282
financing activities

Net increase/(reduction) in 272 (59) (83)
cash and cash equivalents
Cash and cash equivalents at 1 206 289 289
April
Cash and cash equivalents at 478 230 206
30 September

FOR THE SIX MONTHS ENDED 3O SEPTEMBER 2009

Ordinary Shares Share Premium Accumulated loss Total equity
£'000 £'000 £'000 £'000
Balance at 1 April 2008 1,638 2,945 (1,845) 2,738

Changes in equity for the six months ended 30 September 2008
Total comprehensive - - (58) (58)

expenditure for the period
Available-for-sale investments - - (18) (18)
fair value movement
Credit arising on share - - 6 6
options
Balance at 30 September 2008 1,638 2,945 (1,915) 2,668

Changes in equity for the six

months ended 31 March 2009
Total comprehensive - - (144) (144)

expenditure for the period
Available-for-sale investments - - 15 15
fair value movement
Credit arising on share - - 6 6
options
Balance at 31 March 2009 1,638 2,945 (2,038) 2,545

Changes in equity for the six

months ended 31 March 2009
Total comprehensive - - (109) (109)

expenditure for the period
Credit arising on share - - 7 7
options
Issue of share capital 83 147 - 230
Balance at 30 September 2009 1,721 3,092 (2,140) 2,673

NOTES TO THE HALF-YEARLY REPORT

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009

1 - BASIS OF PREPARATION

The half-yearly report has been prepared in accordance with the AIM rules and the basis of accounting policies set out in the accounts for the year to 31 March 2009 and on the basis of all International Financial Reporting Standards ("IFRS") that are expected to be applicable to the Group's statutory accounts for the year ended 31 March 2010, except as disclosed below. If any amendments, new standards or new interpretations are issued these may require the financial information provided in the half-yearly report to be changed.

These financial statements are the first produced under the amended requirements of IAS 1 (Revised) "Presentation of Financial Statements" and the updated presentation has been applied to current year and comparative figures. The changes are only in presentation and disclosure and have had no impact on the reported financial results in any period.

The Directors have chosen not to comply with IAS 34, "Interim Financial Reporting" as adopted by the EU. Accordingly, the half-yearly reports do not comply with all the disclosures in IAS 34 on interim reporting and therefore are not in full compliance with IFRS.

The amounts in the half-yearly report for the periods ended 30 September 2009 and 2008 are unaudited. The amounts in this report for the year ended 31 March 2009 are extracted from the audited statutory accounts for that period and as such are not the company's statutory accounts for that financial year. Those accounts have been reported on by the company's auditors and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 237 (2) or (3) of the Companies Act 1985.

Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 September 2009 30 September 2008 31 March 2009
£'000 £'000 £'000
Loss for the period 109 58 202
Weighted average number of 167,635,892 163,786,903 163,786,903
ordinary shares
Loss per ordinary share - 0.07p 0.04p 0.12p
basic

There are 28,788,884 potentially issuable shares that have not been included in a diluted EPS calculation as they are anti-dilutive.

3 - RECONCILIATION OF OPERATING LOSS TO NET CASH FROM OPERATIONS

Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 September 2009 30 September 2008 31 March 2009
Notes £'000 £'000 £'000
Operating activities
Loss before tax (109) (58) (210)
Depreciation of property, 13 19 29
plant and equipment
Amortisation of intangible 16 11 28
assets
Impairment of - - 21
available-for-sale assets
Share option charge 7 6 12
Share based payments 30 - -
Share based income (9) (29) (29)
Loss on sale of fixed assets - - 9
Decrease in fair value of - - 28
investment properties
Interest income (2) (17) (29)
Interest expense 34 31 59
Operating cash flows before (20) (37) (82)
movements in working capital
(Increase)/decrease in trade (47) 1,457 1,593
and other receivables
Increase/(decrease) in trade 381 (1,173) (1,706)
and other payables
Cash generated from operations 314 247 (195)

4 - ISSUE OF SHARE CAPITAL

On 8 July 2009 the Group agreed with Marc Duschenes, Chief Executive, to convert £200,000 of the convertible loan notes issued to him as part of the consideration of the acquisition of The Braemar Group Limited into equity at a price of 2.75 pence per share, which resulted in 7,272,727 new ordinary shares of 1 pence each being issued to Marc Duschenes.

On the same day pursuant to an agreement with a supplier, who had been promoting the Company's funds, a further 1,066,750 new ordinary shares of 1 pence each were issued.

5 - BOARD APPROVAL

The Half-Yearly Report was approved by the Board on 3 November 2009.

6 - COPIES OF HALF-YEARLY REPORT

Copies of this report will be sent to shareholders shortly and are available to the public from the Registered Office at: Richmond House, Heath Road, Hale, Cheshire, WA14 2XP.

For further information please contact:-

Martin Robinson, Chairman, Braemar Group plc 0161 929 4969
Marc Duschenes, Chief Executive, Braemar Group plc 0161 929 4969
Alex Clarkson/Nick Cowles, Zeus Capital 0161 831 1512
Stuart Forshaw, Corporate Broking, WH Ireland Limited 0161 832 2174

This information is provided by RNS The company news service from the London Stock Exchange

IR VLLFBKFBLFBF

RNS Number : 0405A Braemar Group PLC 01 October 2009

Embargoed 1st October 2009

Braemar Group plc ("Braemar" or the "Group")

TRADING UPDATE

Braemar Group plc ("Braemar" or the "Group") today provides the following update for the six months ended 30 September 2009, the full results of which will be announced in November 2009.

The Group has made the following key achievements:

Braemar Securities

We have further diversified our range of funds to include Ground Rents, launched during the summer, adding to the existing Agricultural Land and Student Accommodation funds. All three funds take the form of Guernsey registered Open Ended Investment Companies. This move to list funds on the Channel Islands Stock Exchange has increased our funds under management by 18% during the last six months to £46m.

The adverse stock market conditions experienced in recent months impacted the fundraising for Braemar UK Agricultural Land plc and the decision was taken to abort its admission to AIM. All the abort costs were absorbed by Braemar UK Agricultural Land plc.

Braemar Estates

Our property management division which is now responsible for the management of c. £290m of assets and representing some 2,645 apartments, has 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. The division also acts as Property Advisor to two of our three OEICs and we expect margins to improve accordingly as it continues to scale up with little additional cost required to do so.

Financial Outcome

The group will report revenue growth for the period and a small pre-tax loss, but the Directors are pleased that the above achievements are continuing to provide a stable footing for the Group. This will be reflected in further revenue growth in the full year and in a continued build up of recurring income. As fund raising progresses, the Directors expect trading will have strengthened further by the time of our interim results announcement.

For further information please contact:-

Martin Robinson, Chairman, Braemar Group plc 0161 929 4969
Marc Duschenes, Chief Executive, Braemar Group plc 0161 929 4969
Julie Serrage, Investor Relations 0161 929 4969
Alex Clarkson/Nick Cowles, Zeus Capital 0161 831 1512

This information is provided by RNS The company news service from the London Stock Exchange

TSTIIFFAIVLLIIA

RNS Number : 6552Y Braemar Group PLC 07 September 2009

Braemar Group plc ("the Company")

Director's Dealings

The Company announces that on 4 September 2009 it received notification that on that day, Marc Duschenes, Chief Executive, purchased a total of 500,000 ordinary shares of 1p ("Ordinary Shares") in the Company at a price of 1.875 pence per share. The beneficial interest of Mr. Duschenes following the purchase is now 41,699,393 Ordinary Shares representing 24.23% of the total issued share capital of the Company.

For further information please contact:-

Martin Robinson, Chairman, Braemar Group plc 0161 929 4969
Marc Duschenes, Chief Executive, Braemar Group plc 0161 929 4969
Alex Clarkson/Nick Cowles, Zeus Capital 0161 831 1512
Stuart Forshaw, Corporate Broking, WH Ireland Limited 0161 832 2174

This information is provided by RNS The company news service from the London Stock Exchange

RDSSSFFIWSUSESU