Shipbroker Braemar runs aground as accounts delay threatens share suspension

Braemar, the London-listed shipbroker, faces being plunged into disaster as a delay to the publication of its full-year accounts threatens to set off the suspension of its shares.

Sky News has learnt that Braemar, which has a market capitalisation of roughly £92m, is prone to inform buyers inside days that it is going to be unable to fulfill a beforehand introduced deadline of the second half of June to launch its figures.

City sources stated this weekend that BDO, the corporate’s auditor, had notified the corporate of issues about sure gadgets in its accounts.

The nature of these was unclear this weekend.

BDO is known to have drafted in specialists from FRP Advisory, one other skilled providers agency, to analyze the scenario.

One supply stated that Braemar’s shares confronted being suspended as quickly as this week.

Braemar gives a spread of providers to the worldwide delivery trade, and is a outstanding worldwide participant within the sector.

Its providers embody advising on delivery funding, chartering, and danger administration.

In February, the corporate boasted that it had recorded document gross sales and earnings within the yr to twenty-eight February.

If its shares are suspended, it is going to be the most recent in a string of firms to face such a problem, with Wandisco and Revolution Beauty amongst these to have been pressured to take action in current months.

Braemar, which has been listed in London since 1997, declined to remark.