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 will likely be unable to satisfy a beforehand introduced deadline of the second half of June to launch its figures.

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

The nature of these was unclear this weekend.

BDO is known to have drafted in consultants from FRP Advisory, one other skilled companies agency, to analyze the state of affairs.

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

Braemar gives a variety of companies to the worldwide transport business, and is a distinguished worldwide participant within the sector.

Its companies embody advising on transport funding, chartering, and danger administration.

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

If its shares are suspended, it will likely be the most recent in a string of corporations to face such a problem, with Wandisco and Revolution Beauty amongst these to have been compelled to take action in latest months.

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