Ship ahoy!
The much-delayed full year results from this well-established shipbroker looked pretty good to us and suggested the market might react positively when the shares came off suspension, which indeed was the case. Our commentary here takes a close look at the latest numbers and thoughts on the outlook.
Full year results from Braemar (LSE: BMS), the shipbroking business, looked pretty good to us and highlighted the value of this well-established business. The announcement of results had been delayed and the shares suspended since the beginning of July due to an investigation covering a “small number” of transactions carried out by the business between 2006 to 2013. The catalyst for this appears to have been a particular transaction of circa $3m, which originated in 2013, and involved payments being made through to 2017. Unfortunately that’s all we have been told, but hopefully it’s all now in the past. In…