Final Results

RNS Number : 2055N

Braemar Group PLC

08 June 2010

 

Braemar Group plc

8 June 2010

Audited final results for the year ended 31 March 2010

Chairman's Statement

I am pleased to report that the Group has made good progress in the year ended 31 March 2010, once more increasing the value of funds and properties under management, with the consequential increase in recurring fee income.

Financial overview

Group revenue for the year ended 31 March 2010 was £2,593,000 (2009: £2,610,000). Divisional turnover for the year is made up of £1,575,000 from corporate finance and fund management ("Braemar Securities") (2009: £1,513,000), £967,000 from property management ("Braemar Estates") (2009: £1,097,000) and £51,000 of unallocated revenue (2009: £Nil). 

Recurring income has increased to £1,327,000 (2009: £915,000). With the reduction in administration expenses to £1,747,000 (2009: £1,840,000), recurring income for the period covered 76% of administration expenses (2009: 50%), demonstrating significant progress in management's medium term goal of recurring income covering administration expenses in full.  This will 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 gaining the benefit of economies of scale. 

These factors have contributed to a reduction in the loss before tax for the second half to £21,000 from the first half loss of £109,000, giving an overall loss before tax for the year of £130,000 (2009: £210,000 loss).

Cash balances at the year-end were £303,000 (2009: £206,000) and total equity of the Group stood at £2,657,000 (2009: £2,545,000). The increase in total equity has arisen due to the issue of new ordinary shares in the year as outlined in note 25.

Business Review

Strategy

Our strategy remains that of developing our fund management business, backed by the continued development of our support services in corporate finance and property management.  The medium-term aim of the Group is to ensure that recurring income is sufficient to cover all administrative costs and to build profitability thereafter.

Braemar Securities

During the year, we diversified our range of Open Ended Investment Companies ("OEIC's") to include Ground Rents, launched during the summer of 2009, adding to the existing UK Agricultural Land and Student Accommodation funds. Funds under management have increased by more than 20% to over £44m.

The Directors continue to explore the possibility of creating funds for other property assets, but expect the focus of the current year to be on building the size of each existing fund.  In particular, the size of the Ground Rents fund will be a key driver in the profitability of Braemar Estates. 

Braemar Estates

When the Group joined the Alternative Investment Market ("AIM") in 2005, Braemar Estates' business plan was to service the funds created and managed by Braemar Securities, which remains the case. However, Braemar Estates has more recently attracted business from external clients. We have, therefore, invested further in personnel and systems to facilitate this growth.

On 1 April 2010, Braemar Estates took over as block and lettings manager for two landmark properties, both known as the Beetham Tower, in Manchester (Europe's tallest residential building) and in Birmingham.  These appointments, together with other contractual gains during the year, have increased the value of assets under management by more than 100% to over £500m. As most of the increase came at or close to the year end, the benefit of this increase will only begin to show in the current financial year. 

Current trading and prospects

The Directors are pleased that the above achievements, in particular the increase in recurring income, are providing a stable financial footing for the Group and a platform for solid profitable growth. Current trading is in line with Directors' expectations.

Martin Robinson

Chairman

8 June 2010

                           Consolidated statement of comprehensive income for the year ended 31 March 2010

		Year ended 31 March 2010	Year ended 31 March 2009
	Notes	£'000	£'000
Revenue	3	2,593	2,610
Cost of sales		(919)	(922)
Gross profit		1,674	1,688
Fair value adjustments to investment properties	15	-	(28)
Administrative expenses		(1,747)	(1,840)
Operating loss		(73)	(180)
Investment income	8	5	29
Finance costs	9	(62)	(59)
Loss before taxation		(130)	(210)
Taxation	10	-	8
Loss for the year		(130)	(202)
Other comprehensive expense
Losses on investments available for sale		-	(3)
Other comprehensive expense for the year		-	(3)
Total comprehensive expense for the year		(130)	(205)
Loss per share - basic and diluted	11	(0.08p)	(0.12p)

All results derive from continuing operations.

Consolidated statement of financial position at 31 March 2010

		31 March 2010	31 March 2009
	Notes	£'000	£'000
Non-current assets
Goodwill	12	2,736	2,736
Other intangible assets	13	118	99
Property, plant and equipment	14	142	141
Investment properties	15	607	607
Held-to-maturity investments	16	9	59
Other financial assets	17	-	67
Available for sale investments	18	-	8
		3,612	3,717
Current assets
Trade and other receivables	19	200	327
Held-to-maturity investments	16	41	-
Other financial assets	17	56	-
Cash and cash equivalents	21	303	206
		600	533
Total assets		4,212	4,250
Equity and liabilities
Issued capital	25	1,721	1,638
Share premium	27	3,092	2,945
Accumulated loss	27	(2,156)	(2,038)
Total equity		2,657	2,545
Non-current liabilities
Interest bearing loans and borrowings	22	308	533
Obligations under finance leases	22	-	11
Deferred tax	23	40	40
		348	584
Current liabilities
Trade and other payables	24	657	587
Interest bearing loans and borrowings	22	537	512
Obligations under finance leases	22	13	22
		1,207	1,121
Total liabilities		1,555	1,705
Total equity and liabilities		4,212	4,250

The consolidated financial statements for Braemar Group plc (company number 5084921) were approved and authorised for issue by the Board and were signed on its behalf on 8 June 2010.

W M Robinson          J S Murphy

Chairman                    Director

Consolidated statement of cash flows for year ended 31 March 2010

		Year ended 31  March 2010	Year ended 31 March 2009
	Notes	£'000	£'000
Cash generated/(absorbed) from operating activities	20	188	(195)
Interest paid		(35)	(24)
Net cash inflow/(outflow) from operating activities		153	(219)
Cash flows from investing activities
Interest received		5	29
Purchase of property, plant and equipment		(29)	(21)
Purchase of intangible assets		(34)	(6)
Purchase of held-to-maturity investments		-	(41)
Sale of available for sale investments		22	-
Acquisition of subsidiary		-	(107)
Net cash used in investing activities		(36)	(146)
Cash flows from financing activities
Proceeds from issue of share capital		-	-
Transaction costs of issue of share capital		-	-
Proceeds from borrowings		-	308
Repayment of borrowings		(20)	(26)
Net cash (used)/from financing activities		(20)	282
Net increase/(reduction) in cash and cash equivalents		97	(83)
Cash and cash equivalents at 1 April 2009		206	289
Cash and cash equivalents at 31 March 2010	21	303	206

Consolidated statement of changes in equity for the year ended 31 March 2010  

	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 year ended 31 March 2009
Total comprehensive expenditure for the year	-	-	(202)	(202)
Available-for-sale investments fair value movement	-	-	(3)	(3)
Credit arising on share options	-	-	12	12
Balance at 31 March 2009	1,638	2,945	(2,038)	2,545
Changes in equity for the year ended 31 March 2010
Total comprehensive expenditure for the year	-	-	(130)	(130)
Credit arising on share options	-	-	12	12
Issue of share capital	83	147	-	230
Balance at 31 March 2010	1,721	3,092	(2,156)	2,657

1.             Basis of preparation

The Group's financial statements for the year ended 31 March 2010 have been prepared in accordance with IFRS's as adopted by the European Union, and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS's. 

The preparation of financial statements in conformity with IFRS's requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts in the financial statements. The areas involving a higher degree of judgement or complexity, or areas where assumptions or estimates are significant to the financial statements are disclosed in note 2.

The parent company financial statements have been prepared under UK GAAP and have been presented separately at the end of the report.

1.1            IFRS's adopted during the year

IAS 1 Presentation of Financial Statements (revised 2007)

The Group has adopted this standard in its consolidated financial statements, which has been applied retrospectively.  The adoption of the standard does not affect the financial position or losses of the Group, but gives rise to additional disclosures.

IFRS 8 Operating Segments

The Group has adopted this standard in its consolidated financial statements, which has been applied retrospectively.  The adoption of the standard does not affect the financial position or losses of the Group, but gives rise to additional disclosures.  The Group has updated its accounting policy to comply with this standard and its operating segments are now recognised based on internal management reporting and not on geography or business type.  The revised operating segments are disclosed in note 3 and the comparative information has been restated where appropriate.

1.2           IFRS's effective during the year but not relevant

The following interpretations were mandatory for the Group's accounting period, but had no impact on the financial statements in the year:

IFRS 3 (revised) Business Combinations

IAS 27 (revised) Consolidated and separate financial statements

IAS 39 (Amended) Share based payments - Group cash-settled share-based payment transactions

IFRIC 12 Service concession arrangements

1.3           EU adopted IFRS's not yet applied

It is not expected that adoption of standards or interpretations which have been issued by the International Accounting Standards Board but have not been adopted will have a material impact on the Group's financial statements.

2.             Accounting policies

The principal accounting policies adopted by the Group are as follows:

2.1           Basis of consolidation

The consolidated statement of comprehensive income and consolidated statement of financial position includes the financial statements of the Company and its subsidiary undertakings made up to 31 March 2010.  The results of subsidiaries sold or acquired are included in the statement of comprehensive income up to, or from, the date control passes. Intra-group revenue and profits are eliminated fully on consolidation.

2.2           Revenue recognition

The revenue shown in the consolidated statement of comprehensive income comprises gross rentals, commissions and sundry income and the invoiced value of goods and services supplied by the Group net of VAT.  Where amounts are due conditional on the successful completion of fund-raising for investment vehicles revenue is recognised where, in the opinion of the Directors, there is a reasonable certainty that sufficient funds have been raised to enable the successful operation of that investment vehicle.  Amounts due on an annual basis for the management of third party investment vehicles are recognised on a time apportioned basis.

2.3           Business combinations

Acquisitions are accounted for using the purchase method as required by IFRS 3 (revised) Business Combinations.

2.4           Operating segments

Operating segments are identified in line with the internal management information reporting to the chief operating decision maker.  The Directors consider the chief operating decision maker to be the Board collectively and as such have adopted the reporting as included in monthly board meeting papers for the purposes of segmental reporting. 

2.5           Taxation

Current tax, including UK corporation tax, is provided on any amounts expected to be paid (or recovered) using tax rates and laws that have been enacted by the balance sheet date.

Deferred tax is provided in full in respect of taxation deferred by temporary differences between the treatment of certain items for taxation and accounting purposes.  Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered.

2.6           Goodwill

Goodwill arising on the acquisition of subsidiary undertakings or businesses, representing any excess of fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is recognised as an asset.  Goodwill is reviewed for impairment at least annually and any impairment is recognised in the statement of comprehensive income and is not subsequently reversed.  Goodwill is carried at cost less accumulated impairment losses.

2.7           Intangible assets

In accordance with IFRS 3 Business Combinations, an intangible asset acquired in a business combination is deemed to have a cost to the Group of its fair value at the acquisition date.  The fair value of the intangible asset reflects the probability that the future economic benefits embodied in the asset will flow to the Group.  Intangible assets are tested for impairment on an annual basis.  Separately identifiable intangible assets are recognised at their fair value and amortised over their useful economic lives on a straight line basis as follows:

Customer contracts                                               20 years

Software                                                                 4 years

2.8           Property, plant and equipment

Property, plant and equipment are stated at cost, net of depreciation and any provision for impairment. Depreciation is calculated to write down the cost of assets to their estimated residual values of each asset over their estimated useful economic life on a straight line basis, as follows:

Long leasehold property                                       50 years

Short leasehold improvements                            Term of lease

Fixtures, fittings and office equipment                4 years

Motor vehicles                                                       4 years

2.9           Investment properties

Investment property comprises non-owner occupied buildings held to earn rentals and for capital appreciation. Investment property is carried at fair value and is restated at each balance sheet date. Changes in fair values are recognised in the statement of comprehensive income in the period in which the change arises.   

2.10         Financial instruments

The Group classifies financial instruments, or their component parts, on initial recognition as a financial asset, a financial liability or an equity instrument in accordance with the substance of the contractual arrangement.

Financial instruments are recognised on the balance sheet at fair value when the Group becomes a party to the contractual provisions of the instrument.

2.11          Held-to-maturity investments

Held-to-maturityinvestments are measured at amortised cost.

2.12         Other financial assets

Other financial assets are recognised at their fair value. Movement in fair values are taken directly to the statement of comprehensive income.

2.13         Available for sale investments

Subsequent to initial recognition movements in the fair value of available for sale investments are taken directly to equity.  Fair values are based on prices quoted in an active market if such a market is available. If an active market is not available, the Group establishes the financial instrument's fair value by using a valuation technique, mainly discounted cash flow analysis. Available for sale investments are reviewed for impairment on an annual basis by the Directors with particular emphasis on factors such as the published forecasts or expectations for the investment or any indication of the risk of restricted realisations.  Any impairment loss is taken direct to the statement of comprehensive income to the extent that it reflects the difference between acquisition cost and fair value, with the balance taken direct to equity.

2.14         Cash and cash equivalents

Cash comprises cash in hand and cash on demand deposits which may be accessed without penalty. Cash equivalents comprise short term highly liquid investments with a maturity of less than three months from the date of acquisition.

2.15         Trade receivables

Trade and other receivables are stated at their original invoiced value, as the interest that would be recognised from discounting future cash receipts over the short credit period is not considered to be material. Trade receivables are reduced by appropriate allowances for estimated irrecoverable amounts.

2.16         Trade payables

Trade and other payables are stated at their original invoiced value, as the interest that would be recognised from discounting future cash payments over the short payment period is not considered to be material.

2.17         Interest-bearing borrowings

Interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the statement of comprehensive income over the period of the borrowings on an effective interest rate basis. Transaction costs are amortised, as a finance cost, over the expected term of the facility, using the effective interest rate method.  Borrowings are classified as either current or non-current liabilities, dependent on the maturity date and terms of the loan.

2.18         Carried interest receivable

The Group earns a performance fee ("carried interest receivable") on funds it manages on behalf of its investors.  Carried interest receivable is recognised where, at the balance sheet date, the performance criteria have been met based on the valuations of the funds.  Carried interest that has been earned, but where the amounts are not yet due for payment, is discounted to its present value.

2.19         Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as property, plant and equipment and are depreciated over their useful economic lives.  Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.20         Operating leases 

Rentals under operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged on a straight line basis over the lease term.

2.21         Pensions               

The Group operates a defined contribution pension scheme and the pension costs charged against profits represent the amount of contributions payable to the scheme in the year. Differences between contributions payable and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

2.22         Holiday pay         

The Group recognises an asset or liability for holiday pay obligations at the balance sheet date.  Movements in the period are taken to the statement of comprehensive income.

2.23         Share based payments       

The Group issues equity-settled share-based payments to certain employees (including Directors) and suppliers.  The fair value of the services received from suppliers is recognised as a charge.  Equity-settled share-based payments are measured at fair value at the grant date.  The fair value determined at the grant date of the equity-settled share-based payment is expensed on a straight-line basis over the vesting period, together with a corresponding increase in equity, based upon the Group's estimate of the shares that will eventually vest.

Fair value is determined using the Black-Scholes pricing model.  The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.

Critical accounting policies and key sources of uncertainty

Estimates and accounting judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.  The preparation of financial statements under IFRS's requires management to make assumptions and estimates about future events.  The resulting accounting estimates will, by definition, differ from the actual results.  The following judgments, estimates and assumptions have been made in preparing the financial statements.

Impairment of goodwill - determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which goodwill has been allocated.  The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. The selection of the discount rate applied is a subjective judgment and a 1% movement in the discount rate applied would represent approximately a £83,000 movement in the fair value assessment for the goodwill arising from the acquisition of The Braemar Group Limited, approximately a £25,000 movement in the fair value assessment for the goodwill arising from the acquisition of the block management business of Main & Main (Developments) Limited and approximately a £2,000 movement in the fair value assessment for the goodwill arising from the acquisition of The Manchester Ground Rent Company Limited.  

Intangible assets - values calculated in respect of customer contracts and relationships, in assessing the fair values of consideration for acquisitions, are subject to assumptions on client retention rates and the estimated future cash flows expected to arise from these contracts and relationships and a suitable discount rate in order to calculate present value.  The rate of amortisation applied to these intangible assets requires an estimate of the likely duration of the economic benefits to flow from these contracts and relationships. The duration requires a subjective judgment and a movement in the number of years applied by a single year would have an impact on the valuation of approximately £5,000.  

Share option charges - the calculation of the share option charge requires an estimate of the expected life of share options, volatility of shares, risk free yield rate to maturity and expected dividend yield.

Investment property valuation - the estimated fair value of the Harrogate investment property held by the Group as at 31 March 2010 has been based on the value of the income stream arising from the property using a theoretical yield to a potential acquirer that reflects current market conditions. This yield assumption includes an element of subjective judgment and a 1% movement in the yield assumption would account for approximately a £25,000 movement in the valuation.

Classification of Convertible Loan Notes- the Convertible Loan Notes are classified as a debt instrument as at the date of issue it was expected that the loans would be held until the full-term of the loan agreement and then repaid in full by the Group.  An alternative assessment would require an apportionment of the amounts owed between equity and debt, which given the materiality of the amounts owed (£435,000 at 31 March 2010) could have a significant impact on the presentation of the financial statements.  There would be no impact on the statement of comprehensive income.

3.             Segmental reporting

For management purposes the Group is organised into two divisions: corporate finance and fund management (Braemar Securities) and property management (Braemar Estates).  These divisions are the basis on which the Group reports its major income generating and cash flow results to its chief operating decision maker.  This has resulted in a reduction of operating segments from three to two and all comparative financial information has been restated.

	Securities		Estates		Unallocated		Consolidated
	2010 £'000	2009 £'000	2010 £'000	2009 £'000	2010 £'000	2009 £'000	2010 £'000	2009 £'000
Revenue	1,575	1,513	967	1,097	51	-	2,593	2,610
Segment result (EBITDA)	200	318	(85)	(73)	42	(11)	157	234
Central costs							(187)	(357)
EBITDA							(30)	(123)
Depreciation and amortisation	(3)	-	(9)	(9)	(31)	(48)	(43)	(57)
Operating loss							(73)	(180)
Investment income							5	29
Finance costs							(62)	(59)
Loss before tax							(130)	(210)

There is no inter-group revenue between the segments recorded in the year.

	Securities		Estates		Unallocated		Consolidated
	2010 £'000	2009 £'000	2010 £'000	2009 £'000	2010 £'000	2009 £'000	2010 £'000	2009 £'000
Segment assets	1,496	1,246	811	847	1,905	2,157	4,212	4,250
Segment liabilities	363	346	1,055	974	137	385	1,555	1,705

The total revenue of the Group for the year has been derived wholly from activity undertaken in the United Kingdom.    Therefore a geographical segmental analysis is not appropriate.  No one customer accounts for more than 10% of Group revenue.

4.      Operating loss

         The operating loss is stated after charging:

	Year ended   31 March 2010	Year ended 31 March 2009
	£'000	£'000
Amortisation of other intangible assets	15	28
Depreciation of property, plant and equipment	28	29
Rentals under operating leases	81	86
Change in fair value of investment property	-	28
Change in fair value of available for sale investments	(6)	21
Change in fair value of held to maturity investments	9	-
Change in fair value of other financial assets	11	(30)
Employee costs	1,251	1,195

5.      Auditor's remuneration                                                           

	Year ended   31 March 2010	Year ended 31 March 2009
	£'000	£'000
Fees payable to the Group's auditor for the audit of the Group's annual financial statements	5	5
Fees payable to the Group's auditor and its associates for other services:
- the audit of the Group's subsidiaries, pursuant to legislation	15	20
- other services relating to tax	5	5
	25	30

6.             Particulars of employees

	2010	2009
The average number of employees including Directors during the year was:	No.	No.
Securities	4	3
Estates	19	18
Unallocated	11	12
	34	33
	2010	2009
The aggregate payroll costs of the above were:	£'000	£'000
Wages and salaries	1,094	1,020
Social security costs	110	112
Pension costs	35	51
Share option charge	12	12
	1,251	1,195

7.             Directors' emoluments

         The total amounts for Directors' remuneration and other benefits were as follows:

	Salary	Bonus	Pension contributions	2010	2009
Executive	£'000	£'000	£'000	£'000	£'000
M J Duschenes	119	-	13	132	142
W M Robinson	95	-	10	105	108
J S Murphy	95	-	10	105	110
Non-executive
A B S McFarland	23	-	-	23	23
	332	-	33	365	383

Details of the Directors' emoluments can be found in the Directors' Report on page 7.  The section of the report that is subject to audit by PricewaterhouseCoopers LLP is indicated with an asterisk (*). This information includes executive share options.

In addition to the above the charge to income in the year in respect of share options for Directors was £10,000 (2009: £10,000).

8.             Investment income            

	2010	2009
	£'000	£'000
Bank interest receivable	5	15
Interest receivable on government securities	-	14
	5	29

9.             Finance costs      

	2010	2009
	£'000	£'000
Interest and other similar charges payable on bank borrowings	26	18
Finance lease interest payable	4	6
Interest on loan notes	27	35
Other	5	-
	62	59

10.           Income tax expense

	2010	2009
	£'000	£'000
Current tax:
On profit for the year	-	-
Adjustment in respect of prior year	-	-
	-	-
Deferred tax:
Origination and reversal of temporal differences	-	8
	-	8

The differences between the total current tax shown above and the amount calculated by applying the standard rate of UK corporation tax of 28% (2009: 28%) to the loss are as follows:

	2010	2009
	£'000	£'000
Loss for the year from operations	(130)	(202)
Loss on ordinary activities multiplied by the standard rate of corporation tax in the UK of 28% (2009:28%)	(36)	(57)
Effects of:
Expenses not deductible for tax purposes	18	57
Income not taxable	-	(9)
Tax losses not recognised	18	17
	-	8

No adjustment has been made to the financial statements to reflect a potential deferred tax asset that would arise from future utilisation of the Group's available losses for tax purposes, due to the uncertainty over the timing of such utilisation. The potential deferred tax asset that would arise on full utilisation would amount to approximately £483,000 (2009: £467,000).

11.            Loss per share

   The calculation of loss per share is based on the following losses and numbers of shares:

	2010	2009
	£'000	£'000
Loss for the year	130	202
Weighted average number of ordinary shares	169,881,136	163,786,903
Loss per ordinary shares- basic and diluted	0.08p	0.12p

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

12.           Goodwill

	2010	2009
Net book value	£'000	£'000
At 1 April	2,736	2,694
Additions - current period acquisitions at cost	-	42
At 31 March	2,736	2,736

Goodwill was allocated for impairment testing purposes to cash generating units which contained carrying amounts of goodwill allocated as follows:

	2010	2009
	£'000	£'000
The Braemar Group Limited	2,244	2,244
Block management division of Main & Main (Developments) Limited	450	450
The Manchester Ground Rent Company Limited	42	42
	2,736	2,736

The recoverable amounts of the cash generating units noted above are determined based on a value in use calculation using discounted cash flow forecasts.  Cash flow forecasts were prepared for each cash generating unit, based on the financial projections included in the Group's forecasts to March 2013 and extended to five years based on a growth rate assumption of 3% (2009: 0%). The five year cash flows were discounted at an assumed cost of capital of 12% (2009: 15%) based on an assumed risk free rate of 4% (2009: 4%) and a risk premium of 8% (2009: 11%).

13.           Other intangible assets

	2010 Software costs	2009 Software costs	2010 Customer databases	2009 Customer databases	2010 Customer contracts	2009 Customer contracts	2010 Total	2009 Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Cost
At 1 April	30	-	-	160	110	110	140	270
Reclassification		24	-	-	-	-	-	24
Additions	34	6	-	-	-	-	34	6
Disposals		-	-	(160)	-	-	-	(160)
At 31 March	64	30	-	-	110	110	174	140
Amortisation
At 1 April	10	-	-	160	31	9	41	169
Reclassification	-	4	-	-		-		4
Impairment charge	-	-	-	-		-		-
Charge for the year	12	6	-	-	3	22	15	28
Disposals	-	-	-	(160)		-		(160)
At 31 March	22	10	-	-	34	31	56	41
Net book value
At 31 March	42	20	-	-	76	79	118	99

At 31 March 2010 the average remaining useful economic life for software costs was 2.6 years (2009: 2.7 years) and for customer contracts was 17 years (2009: 4 years).  During the year the annual review of the useful economic life of the assets identified that customer contracts were being retained for a significantly longer period than the previous accounting policy of 5 years.  As a result a detailed analysis has been performed and a revised estimated useful economic life of 20 years has now been adopted.  This is subject to annual review.

Customer contracts

These are the customer contracts acquired as part of the acquisition of the block management division of Main & Main (Developments) Limited. 

Customer databases

These are the customer databases acquired as part of the acquisition of The Armchair Property Investor Limited.  They were written off in full in the prior year following this business being discontinued.

Software costs

These are costs of acquisition and development of software utilised by companies within the Group.  Included within software costs are assets with a book value of £5,000 subject to finance leases.

14.           Property, plant and equipment

	Property		Plant and equipment		Total
	2010	2009	2010	2009	2010	2009
Cost	£'000	£'000	£'000	£'000	£'000	£'000
At 1 April	91	91	101	118	192	209
Reclassification	-	-	-	(24)	-	(24)
Additions	-	-	29	21	29	21
Disposals	-	-	-	(14)	-	(14)
At 31 March	91	91	130	101	221	192
Depreciation
At 1 April	2	-	49	26	51	26
Reclassification	-	-	-	(4)	-	(4)
Charge for the year	2	2	26	27	28	29
Disposals	-	-	-	-	-	-
At 31 March	4	2	75	49	79	51
Net book value
At 31 March	87	89	55	52	142	141

Property comprises a long leasehold interest in office premises in Reading.  The premises are occupied by Braemar Estates (Residential) Limited and are utilised as part of the Group's property management business.

Included within plant and equipment are assets with a book value of £11,000 subject to finance leases.

15.           Investment properties

	2010	2009
	£'000	£'000
At 1 April	607	225
Additions	-	410
Fair value adjustments	-	(28)
At 31 March	607	607

The Directors have estimated the fair value of the Harrogate investment property at the balance sheet date.  This property enjoys the benefit of a 15 year lease to a tenant and the value has been estimated based on an effective yield of 8.5% (2009: 8.5%), which is consistent with current conditions in the commercial property market. 

The investment property acquired as part of the acquisition of The Manchester Ground Rent Company Limited was valued in March 2010 by an independent professionally qualified valuer, which was used as the basis for the Director's estimate of fair value at the balance sheet date.

Property with a fair value of £607,000 has been pledged as collateral for borrowings. 

Amounts recognised in the statement of comprehensive income

	2010	2009
	£'000	£'000
Rental income	60	17

There are no material operating costs associated with the investment properties in the year.

16.           Held-to-maturity investments

Current	2010	2009
Net book value	£'000	£'000
At 1 April	-	-
Additions	-	-
Reclassification	50	-
Fair value adjustment	(9)	-
At 31 March	41	-
Non current
At 1 April	59	18
Additions	-	41
Reclassification	(50)	-
At 31 March	9	59

Held-to-maturity investments represent holdings in investment schemes and companies operated by the Group.

The fair value adjustment and reclassification relates to the 50,000 £1 shares held by the Group in Braemar UK Agricultural Land plc, which is expected to enter into a solvent members' voluntary liquidation.  The fair value adjustment reflects the amount expected to be received and the classification as current reflects the likely timing of the receipt.

17.           Other financial assets

Current	2010	2009
Net book value	£'000	£'000
At 1 April	-	-
Additions	-	-
Reclassification	67	-
Fair value adjustment	(11)	-
At 31 March	56	-
Non current
At 1 April	67	37
Additions	-	30
Reclassification	(67)	-
At 31 March	-	67

Other financial assets represents the fair value of the warrant held by Braemar Securities Limited, which entitles the holder to subscribe for 3% of the share capital of Braemar UK Agricultural Land plc at par.  The warrant has no expiry date.  The fair value adjustment reflects the amount expected to be received and the classification as current reflects the likely timing of the exercising of the warrant and the resultant receipt.

18.     Available for sale investments

	2010	2009
	£'000	£'000
Net book value
At 1 April	8	32
Additions	8	-
Market value movements taken directly to equity	-	(3)
Fair value adjustment	6	(21)
Disposal	(22)	-
At 31 March	-	8

The available for sale investments represented shares in Regenesis Group Limited, which was liquidated during the year with gross proceeds of £22,000. 

19.           Trade and other receivables            

	2010	2009
	£'000	£'000
Trade receivables	102	30
Related party receivables (see note 30)	4	20
Prepayments and accrued income	94	255
Other receivables	-	22
	200	327

Trade receivables do not carry interest. There are no impaired trade receivables (2009: £nil).

Ageing of past due but not impaired trade and related party receivables:	2010 £'000	2009 £'000
0-30 days past due	26	15
31-60 days past due	1	1
Over 60 days past due	7	34
	34	50

20.           Reconciliation of operating loss to net cash flow from operations

	Year ended 31 March 2010	Year ended 31 March 2009
	£'000	£'000
Loss before tax	(130)	(210)
Depreciation of property, plant and equipment	28	29
Amortisation of intangible assets	15	28
Impairment of available for sale assets	-	21
Share option charge	12	12
Share based payments	31	-
Share-based expense/(income)	6	(29)
Loss on sale of fixed assets	-	9
Decrease in fair value of investment properties	-	28
Interest income	(5)	(29)
Interest expense	62	59
Operating cash inflow/(outflow) before movements in working capital	19	(82)
Decrease in trade and other receivables	127	1,593
Increase/(decrease) in trade and other payables	42	(1,706)
Cash generated/(absorbed) by operations	188	(195)

21.           Cash and cash equivalents

	2010	2009
	£'000	£'000
Cash and cash equivalents	303	206

Cash and cash equivalents comprises short-term deposits, the effective rate of interest earned on these deposits for the year ended 31 March 2010 was 1.22% (2009: 3.15%).

22.           Borrowings

	2010	2009
Current	£'000	£'000
Interest bearing loans and borrowings - Convertible loan notes	312	512
Interest bearing loans and borrowings - from Northern Rock plc	225	-
Obligations under finance leases	13	22
	550	534
Non-current
Interest bearing loans and borrowings - from Northern Rock plc	-	225
Interest bearing loans and borrowings - from Royal Bank of Scotland plc	308	308
Obligations under finance leases	-	11
	308	544
Total borrowings	858	1,078

The convertible loan notes are redeemable on the earlier of the date on which the Group has sufficient working capital to enable payment and five years from the date of issue, subject to the approval of the holders of the loan notes. The loan notes accrue interest at a fixed rate of 2% above bank base rate on the date of issue, payable upon redemption or conversion of the loan notes. The loan notes are convertible into ordinary shares at 3p per share at any time or before the fifth anniversary of issue provided the holders of the loan notes and their concert parties do not hold more than 29.99% of the entire issued share capital of the Company. The option to convert to ordinary shares is at the discretion of the holders of the loan notes.

The fifth anniversary of the loan notes and the final date for their repayment is December 2010.  The Group has received an irrevocable undertaking from all the holders of the loan notes that in the event that they are not repaid prior to this date then they will be extended for a further five years on the same terms as are currently in place.

The loan from Northern Rock plc is secured by a fixed charge on an investment property for an amount of £225,000. The interest rate has been fixed at 7.05% for the full five year term of the loan and the loan is repayable in full on the fifth anniversary of the loan in October 2012.  The loan has been classified as current as the market value of the property has been estimated at below the level that would constitute a breach under the terms of the loan.  The Group has not received any notification from the lender in this regard.

The loan from the Royal Bank of Scotland plc is secured by a fixed charge on investment property for an amount of £308,000. The loan is due for repayment in full on the 13 January 2014 and the interest rate has been set at 2.75% p.a. above the Royal Bank of Scotland plc's Base Rate.

Obligations under finance leases Obligations under finance leases are as follows:

	2010	2009
	£'000	£'000
Within one year	13	22
Between one and two years	-	11
	13	33

Obligations under finance leases had an effective borrowing rate during the year of 11.5%.  Interest rates are fixed at the contract date.  All finance lease obligations are denominated in sterling and the value of the Group's obligations are secured by the lessor's rights over the leased assets.

23.           Deferred tax

Deferred tax liabilities comprise

	2010	2009
	£'000	£'000
Fair value gains	40	40

	2010	2009
	£'000	£'000
At 1 April	40	23
Liability assumed following acquisitions	-	25
Recognised in the statement of comprehensive income	-	(8)
At 31 March	40	40

24.           Trade and other payables 

	2010	2009
	£'000	£'000
Trade payables	258	52
Taxes and social security costs	64	72
Accruals and deferred income	335	450
Other payables	-	13
	657	587

25.           Issued capital

	2010	2009
Authorised share capital:	£'000	£'000
600,000,000 (2009: 600,000,000) ordinary shares of 1p each	6,000	6,000

	2010			2009
Issued capital:	No:	£'000	No:		£'000
Ordinary shares of 1p each	172,126,380	1,721	163,786,903		1,638

	2010	2009
Issued capital:	£'000	£'000
At 1 April	1,638	1,638
Issued in the year:	83	-
At 31 March	1,721	1,638

On 8 July 2009 the Group agreed with Marc Duschenes, a Director, 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 Group's funds, a further 1,066,750 new ordinary shares of 1 pence each were issued at a price of 2.875p per share.

26.           Share options

Other than for the Directors, or disclosed in the Directors' report, no performance criteria are in place for this scheme.

26.1         Approved options

The Company operates an approved Company Share Option Plan.

Date options granted	Options held at 1 April 2009	Options granted during the year	Options exercised during the year	Options lapsed during the year	Options held at 31 March 2010	Exercise Price	Earliest date for exercise	Expiry date
13/06/2007	2,540,259	-	-	-	2,540,259	3.25p	Jun-10	Jun-17
18/06/2008	2,200,165	-	-	(165,000)	2,035,165	1.25p	Jun-11	Jun-18
06/11/2008	500,000	-	-	(60,000)	440,000	1.00p	Nov-11	Nov-18
13/08/2009	-	400,000	-	-	400,000	2.75p	Aug-12	Aug-19
	5,240,424	400,000	-	(225,000)	5,415,424

26.2         Unapproved options

Date options granted	Options held at 1 April 2009	Options granted during the year	Options exercised during the year	Options lapsed during the year	Options held at 31 March 2010	Exercise Price	Earliest date for exercise	Expiry date
13/06/2007	568,975	-	-	-	568,975	3.25p	Jun-10	Jun-17
18/06/2008	8,459,835	-	-	-	8,459,835	1.25p	Jun-11	Jun-18
	9,028,810	-	-	-	9,028,810

26.3         Share option charges

Charges to the statement of comprehensive income are summarised as follows:

	2010	2009
	£'000	£'000
Total	12	12

Options are valued using the Black-Scholes option-pricing model and the principal inputs into the model were as follows:

	2010	2009
Weighted average exercise price	2.75p	3.25p
Expected volatility weighted average	40%	40%
Expected life weighted average	3 years	3 years
Risk-free rate	4%	5.75%
Expected dividend rate	nil	nil

The volatility rate applied reflects the published industry norm for a financial services company as recorded in widely available studies on market volatility.  Given the low level of volume in the Company's shares this is considered a more statistically reliable benchmark than the actual volatility in the Company's shares.

27.           Reserves

	Share premium account	Accumulated loss	Share premium account	Accumulated loss
	2010	2010	2009	2009
	£'000	£'000	£'000	£'000
Balance brought forward	2,945	(2,038)	2,945	(1,845)
Retained loss for the year	-	(130)	-	(202)
New shares issued	147	-	-	-
Credit arising on share options	-	12	-	12
Available for sale investments fair value movement	-	-	-	(3)
Balance carried forward	3,092	(2,156)	2,945	(2,038)

28.           Operating leases

Operating lease costs incurred during the year were:

	2010	2009
	£'000	£'000
Land and buildings	77	81
Plant and equipment	4	5

At 31 March 2010 the Group had total commitments under non-cancellable operating leases as set out below:

	Land and buildings		Plant and equipment
	2010	2009	2010	2009
	£'000	£'000	£'000	£'000
Within one year	77	77	4	3
Between two and five years inclusive	180	251	-	-

At 31 March 2010 the Group had total amounts receivable under non-cancellable operating leases as set out below:

	Land and buildings
		2010	2009
		£'000	£'000
Within one year		17	17
Between two and five years inclusive		69	69
More than five years		121	138

29.           Capital commitments and contingent liabilities

The Group had no material capital commitments or contingent liabilities at 31 March 2010 (2009: £Nil).

30.           Related party transactions

The Group's wholly-owned subsidiaries, Coronation General Partner Limited, Coronation II General Partner Limited, Coronation III General Partner Limited, Coronation IV General Partner Limited, Coronation VI General Partner Limited, ReGen General Partner Limited, OEG General Partner Limited and OEG II General Partner Limited have a nominal holding in and managerial authority over certain aspects of the operation of: Coronation Limited Partnership, Coronation II Limited Partnership, Coronation III Limited Partnership, Coronation IV Limited Partnership, Coronation V Limited Partnership, Coronation VI Limited Partnership, ReGen Limited Partnership, OEG Limited Partnership and OEG II Limited Partnership.

The value of transactions between the Group and the following limited partnerships during the year and the amounts outstanding at the year-end were as follows:

	Revenue	Amounts outstanding at 31 March	Revenue	Amounts outstanding at 31 March
	2010	2010	2009	2009
	£'000	£'000	£'000	£'000
Coronation Limited Partnership	50	-	56	-
Coronation II Limited Partnership	38	-	44	-
Coronation III Limited Partnership	58	-	62	-
Coronation IV Limited Partnership	162	2	94	-
Coronation V Limited Partnership	34	-	88	-
Coronation VI Limited Partnership	85	-	62	-
OEG Limited Partnership	223	1	289	-
OEG II Limited Partnership	70	1	162	-
ReGen Limited Partnership	215	-	173	-

Braemar Securities Limited, a wholly-owned subsidiary of Braemar Group plc, provides administrative and corporate finance services to Braemar UK Agricultural Land plc.  Martin Robinson and Marc Duschenes are both Directors of Braemar UK Agricultural Land plc.  During the year invoices were raised of £43,000 (2009: £153,000) of which none (2009: none) were outstanding at the year-end.

Braemar Group plc provides administrative services and office space to Regenesis Group Limited. Martin Robinson and Marc Duschenes are both Directors of Regenesis Group Limited.  During the year invoices were raised of £26,000 (2009: £20,000) of which none (£2009: £20,000) were outstanding at the year-end. 

30.1         Amounts owed to key management

Amounts outstanding to key management at the balance sheet date were £435,000 (2009: £608,000) in the form of loan notes and accrued interest arising from the acquisition of The Braemar Group Limited in 2005.  The terms of these loans are set-out in note 22. 

30.2         Key management compensation

The remuneration of Directors, who are key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 "Related Party Disclosures". Further information about the remuneration of individual Directors is provided in note 7 to the financial statements.

	2010	2009
	£'000	£'000
Short term employee benefits	332	334
Post employment benefits	33	49
	365	383

The charge to income in the year in respect of share options for key management personnel was £10,000 (2009: £10,000).

31.           Post balance sheet events

There have been no material events from the date of the balance sheet until the date of this report.

32.           Pensions

The Group provides pension arrangements to the majority of full-time employees through a defined contribution scheme.  The pension charge for the year was £35,000 (2009: £51,000).

33.           Financial instruments

The Group's financial instruments are summarised below.

33.1         Financial assets

	Assets at fair value through profit and loss		Loans and receivables		Held-to-maturity		Available for sale		Total
	2010	2009	2010	2009	2010	2009	2010	2009	2010	2009
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Held-to-maturity investments	-	-	-	-	-	-	50	59	50	59
Other financial assets	56	67	-	-	-	-	-	-	56	67
Available for sale investments	-	-	-	-	-	-	-	8	-	8
Trade receivables	-	-	106	50	-	-	-	-	106	50
Other receivables	-	-	34	186	-	-	-	-	34	186
	56	67	140	236	-	-	50	67	246	370

The Group's held-to-maturity investments include nominal stakes in unlisted limited partnerships formed for the purposes of investment in residential property and an investment in Braemar UK Agricultural Land plc which was formed for the purposes of acquiring and farming agricultural land. These are not traded and are intended to be held until the maturity of the investment.  Under IAS 39 (Financial Instruments: Recognition and Measurement) as these are equity instruments they are required to be classified as "Available for sale" financial instruments.

The Group's other financial asset represents the warrant held by Braemar Securities Limited, which entitles the holder to subscribe at par for up to 3% of the share capital of Braemar UK Agricultural Land plc.  This has been recognised at fair value based on the value of shares, which has been estimated from the most recent management accounts available for Braemar UK Agricultural Land plc.

The cash at bank and in hand at the year-end was £303,000 (2009: £206,000), which was all held in instant access variable interest bearing accounts linked to bank base rate.

The available for sale investments at 31 March 2009 represented 2,350,000 shares in Regenesis Group Limited, which have been realised in full during the year.

Trade receivables represent amounts invoiced for services provided in accordance with the Group's usual contractual arrangements.  Other receivables represents accrued income but not yet invoiced, recoverable VAT and other sundry amounts due.

33.2         Financial liabilities

	Other financial liabilities
	2010	2009
	£'000	£'000
Interest bearing loans and borrowings	533	533
Convertible Loan Notes - principal	312	512
Convertible Loan Notes -accrued interest	123	96
Obligations under finance leases	13	33
Trade payables	258	52
Other payables	381	413
	1,620	1,639

The Group's interest bearing loans and borrowings comprise a loan of £225,000 from Northern Rock plc and a loan of £308,000 from the Royal Bank of Scotland plc.

The loan from Northern Rock plc is secured by a fixed charge on an investment property. The interest rate has been fixed at 7.05% for the full five year term of the loan and the loan is repayable in full on the fifth anniversary of the loan in October 2012.

The loan from the Royal Bank of Scotland plc is secured by a fixed charge on an investment property. The loan is due for repayment in full on the 13 January 2014 and the interest rate has been set at 2.75% p.a. above the Royal Bank of Scotland plc's Base Rate.

The Convertible Loan Notes are redeemable on the earlier of the date on which the Group has sufficient working capital to enable payment and December 2010, subject to the approval of the holders of the loan notes. The loan notes accrue interest at a fixed rate of 2% above bank base rate on the date of issue, payable upon redemption or conversion of the loan notes. The loan notes are convertible into ordinary shares at 3p per share at any time or before the fifth anniversary of issue provided the holders of the loan notes and their concert parties do not hold more than 29.99% of the entire issued share capital of the Company. The option to convert to ordinary shares is at the discretion of the holders of the loan notes.

Interest due on these notes is accrued and paid on redemption or conversion. The value of the loan notes including accrued interest outstanding, which are all at a fixed rate, at the year-end was £435,000 (2009: £608,000). 

The Convertible Loan Notes have been classified as a debt instrument as at the date of issue it was expected that the loans would be held until the full-term of the loan agreement and then repaid in full by the Group.

Obligations under finance leases comprise various leases used to fund the acquisition of office equipment and software used by the Group.  These leases are all on fixed interest rates, with an average effective interest rate of 11.5% and will be fully repaid by December 2010.

Trade payables represents amounts invoiced for services received in the ordinary course of business. Other payables represents accruals, VAT and employment taxes payable and other sundry amounts payable.

33.3         Fair value of financial instruments

The fair value of the Group's financial instruments is summarised below:

Financial assets

	Carrying amount	Fair         value	Carrying amount	Fair           value
	2010	2010	2009	2009
	£'000	£'000	£'000	£'000
Held-to-maturity investments	50	50	59	59
Other financial assets	56	56	67	67
Available for sale investments	-	-	8	8
Trade receivable	106	106	50	50
Other receivables	34	34	186	186
Total	246	246	370	370

Financial liabilities

	Carrying amount	Fair         value	Carrying amount	Fair           value
	2010	2010	2009	2009
	£'000	£'000	£'000	£'000
Interest bearing loans and borrowings	533	537	533	555
Convertible Loan Notes - principal	312	319	512	549
Convertible Loan Notes - accrued interest	123	121	96	96
Obligations under finance leases	13	13	33	33
Trade payables	258	258	52	52
Other payables	381	381	413	413
Total	1,620	1,629	1,639	1,698

33.4         Risk management for financial instruments

The main risks arising from the Group's financial instruments are credit risk and liquidity risk.  There is limited currency risk as the Group trades only in Sterling.

Liquidity risk

The Group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the Group has sufficient liquid resources to meet the operating needs of the business.  In the current credit constrained environment the Group's primary focus has been on maximising the liquidity for the Group.

The Group's liabilities have contractual maturities summarised as follows:

	Within 6 months	6 to 12 months	1 to 5  years	Within 6 months	6 to 12 months	1 to 5  years
	2010	2010	2010	2009	2009	2009
	£'000	£'000	£'000	£'000	£'000	£'000
Bank loans	225	-	308	-	-	533
Hire purchase obligations	10	3	-	12	10	11
Other loans	312	-	-	512	-	-
Trade payables	258	-	-	52	-	-
	805	3	308	576	10	544

Other loans comprise Convertible Loan Notes, the terms of which are disclosed above.  The Convertible Loan Notes are redeemable on the earlier of the date on which the Group has sufficient working capital to enable payment and December 2010 and as a result they have been analysed as due within six months.  The Group has received an irrevocable undertaking from all the holders of the loan notes that in the event that they are not repaid prior to this date then they will be extended for a further five years on the same terms as are currently in place.

Interest rate risk

The Group is exposed to interest rate risk on its surplus cash available for short-term investment and its borrowings to finance the acquisition of The Manchester Ground Rent Company Limited.  All other borrowings are on a fixed rate basis.

Interest rate sensitivity

The following table illustrates the sensitivity of the net results for the year and equity to a reasonably possible change in interest rates of +5% and -0.5% with effect from the beginning of the year.  The calculations are based on the Group financial instruments held at the balance sheet date.  All other variables are assumed to be constant.

	2010	2010
	£'000	£'000
	-0.5%	+5%
Net result for the year	-	-
Equity	-	-

Credit risk

Investments of cash surpluses are made through banks that the Board considers a suitable credit risk.  The Group invested surplus cash balances in the year through the Royal Bank of Scotland plc, Anglo-Irish Bank plc and Investec plc.

All customers who wish to trade on current terms are subject to credit verification procedures and trade receivables are reviewed on a regular basis and credit control procedures are in place to minimise the risk of non-recovery.  The level of risk suffered in relation to trade receivables is relatively low for the Group as the majority of its transactions are with related companies and funds where the Group either has control over the payments of that entity or has full financial information on that entity.

The Group's maximum exposure to credit risk, without taking into account any collateral held or other credit enhancements, is as follows:

	2010	2009
	£'000	£'000
Held-to-maturity investments	50	59
Other financial assets	56	67
Available for sale investments	-	8
Trade receivables	106	50
Other current assets	34	186
Cash and cash equivalents	306	206

34.           Capital management

The Group manages its capital to ensure that the entities in the Group will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance.  The Group does not seek to maintain any particular debt to equity ratio, but reviews the funding for investment opportunities on their merits and funds them in the most effective manner.  The limited amount of capital expenditure committed during the year was funded from cash resources given the relatively high costs of finance lease credit given the current low interest rate environment.

Notes:

Copies of the Audited Accounts for the year to 31 March 2010 will be posted to shareholders today.

For further information please contact:

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

 

END

 

 

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