Braemar exec sold shares days ahead of profit alert

An executive at one of the UK’s biggest shipping companies dumped almost £50,000 worth of shares just days before a profit warning that sent the stock down 16%.

Kevin Gorman, the head of Braemar’s logistics division, sold 15,356 shares at 306p last Wednesday, pocketing £47,000.

The company said in a statement: “Kevin recently sold some shares and as soon as the close-season information was sent around internally, he informed the board of his actions and therefore [the] announcement has been made. A genuine mistake.”

Gorman, who is a member of Braemar’s executive committee but not a board director, declined to comment.

On Monday, Braemar reported that the performance of the logistics business, which co-ordinates shipments, had “fallen” over the last few months.

The profit warning — Braemar’s second in five months — caused the shares to plunge by 16.5% to their lowest since 2009 as the shipping downturn continues to bite.