Interim Results
ACM Shipping Group plc (AIM:ACMG), a leading international tanker broker, today announces its interim results for the half year ended 30 September 2009.
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Highlights
- Revenue declined by 1% to £12.5 million (2008: £12.7 million)
- Revenue in US$ declined by 19% to US$19.8 million (2008:US$24.4 million)
- Profit before amortisation and tax of £3.3 million (2008: £3.4 million)
- Interim dividend increased by 10% to 2.75p per share (2008: 2.5 p per share)
- Adjusted earnings per share 13.1p (H1 2008: 14.0p)
- Forward order book US$31.0million: Time charter US$23.6 million plus S&P US$7.4 million
- Strong cash position of £6.4 million at half year and no debt (£4.9 million as at 31 March 2009)
- New international offices opened during the period in Moscow and Beijing to add to the existing offices in London, Singapore, Mumbai and Shanghai.
Commenting on the results, Johnny Plumbe, Chief Executive of ACM Shipping Group plc, said: "ACM continues to be one of the most profitable firms in the wet tanker broking business. The Group has had a good start to the year, despite freight levels falling from the exceptional high levels in the previous period. Although revenue from the spot desk was down due to the lower freight rates, we have continued to gain market share and the number of fixtures ACM made was up 11%. The other divisions of the business have continued to experience growth. We are confident that we will meet our expectations for the full year."
For further information, please contact:
| ACM Shipping Group plc | |
| Johnny Plumbe, Chief Executive Ian Hartley, Finance Director |
Tel: +44 (0) 20 7930 7555 |
| jplumbe@acmshipping.co.uk ihartley@acmshipping.co.uk |
www.acmshippinggroup.com |
| Noble & Company Limited | |
| John Llewellyn-Lloyd | Tel: +44 (0) 20 7763 2200 |
| Sam Reynolds | www.noblegp.com |
| sam.reynolds@nobelgp.com | |
Media enquiries:
| Abchurch | |
| Joanne Shears / Stephanie Cuthbert | Tel: +44 (0) 20 7398 7709 |
| Joanne.Shears@abchurch-group.com | www.abchurch-group.com |