Braemar has increased its broker headcount as its reputation grows worldwide, according to chairman Nigel Payne.
The London-listed group’s annual report reveals 384 brokers on the books as of 28 February, up 6% from 362 the year before.
Payne said a targeted hiring strategy proved successful during the financial year.
Vessel fixtures increased 18%.
“It is important to note that this growth in fixtures was proportionately much greater than the increase in the group’s broker headcount, and demonstrates the group’s ability to achieve non-linear growth,” he added.
The average revenue per employee rose 42% to £398,000 ($493,000).
The chairman said the firm has continued to invest in its people: “We expanded our teams across the globe, implemented new programmes to attract and retain top talent, and our strong performance is due to their hard work and creativity.”
Payne argues that this success means “the Braemar brand continues to rise”.
“This is now beginning to create a virtuous circle, in which, as our reputation grows, we are better able to attract high performers, who further enhance Braemar’s performance, working environment, brand and overall client offering to the benefit of all stakeholders,” he said.
Energy renewed
The group has completed a probe into unpaid legacy commissions arising from deals between 2006 and 2013, making a £2m provision in its accounts.
Payne noted “a renewed energy” at Braemar.
“The business is in a good place, led by our excellent group CEO, James Gundy, and his experienced executive management team,” he added.
Gundy said the product portfolio has been expanded, and new markets entered in new locations.
The aim is to diversify the revenue streams and mitigate risk.
“The investments that we have made, as we implemented our growth strategy, have enabled us to stay ahead of the curve in a rapidly changing industry, and will provide the foundations for an even stronger business in the years to come,” Gundy concluded.
