Global trade turbulence will persist through this year and next. Braemar will use this opportunity to accelerate growth by adding more broking and financial derivatives capacity. Medium term targets have been set to lift revenue by 40% (FY30E £200m vs. FY25A £141.9m) and the operating margin by 300bps (£30m profit/15% vs. £16.7m/12%). This is sensible, but right now trading remains challenging. We cut our forecasts in line with new guidance, based on a weaker outlook for tankers and chartering. ....