Trading Update
ACM Shipping Group plc (AIM: ACMG), a leading international tanker broker, is pleased to announce an update on its trading for the financial year ended 31 March 2010. The Group expects to announce its preliminary results for the year ended 31 March 2010 on Thursday 24 June 2010.
ACM performed well during the year ended 31 March 2010 and the Board anticipates that the outcome for the year will be moderately ahead of current management expectations.
Trading across the Group has continued to be strong, with particular growth in the sale and purchase business and the spot brokerage desks. Driven by increasingly positive markets, ACM has continued to improve the level of spot fixtures and this is reflected in both Group revenue and profit which are expected to be above management forecasts. In particular, the sale and purchase business increased in the second half, partly due to more vessels changing ownership, and this market is showing further signs of improved performance.
Johnny Plumbe, Chief Executive Officer of ACM Shipping, commented: "In what has been a difficult year for the global tanker sector, the Board is pleased to report that the Group has performed robustly. The market has begun to recover from the downturn earlier than anticipated and ACM is now beginning to benefit from this upturn. Signs of global economic recovery and strong crude demand from Asia have seen better markets in 2010, and charter rates are expected to remain firm in the second half of the year. Against this market backdrop the Board remains confident of the Group's strategy and has confidence in the future growth prospects for ACM."
For further information, please contact:
ACM Shipping Group plc |
|
| Johnny Plumbe, Chief Executive Ian Hartley, Finance Director |
Tel: +44 (0) 20 7930 7555 |
| ihartley@acmshipping.co.uk | www.acmshipping.com |
| Execution Noble & Company | |
| John Llewellyn-Lloyd |
Tel: +44 (0) 20 7456 9191 |
| john.llewellyn-lloyd@execution-noble.com | |
| Sam Reynolds | |
| sam.reynolds@execution-noble.com | www.execution-noble.com |
Media enquiries:
| Abchurch | |
| Henry Harrison-Topham / Joanne Shears henry.ht@abchurch-group.com |
Tel: +44 (0) 20 7398 7702 www.abchurch-group.com |
Notes to Editors
ACM is one of the world's principal tanker ship brokers and has established itself as one of the market leaders in oil transportation. The Group's key activities are spot brokerage freight, time charter, project brokerage, sales and purchase, derivatives brokerage, research and consulting.
Established in London in 1982, the Group has since expanded its international operations with offices based in London, Singapore, India and China. ACM employs over 100 brokers and support staff who provide clients with global experience and intimate local knowledge of the world's shipping centres. The Group has a strong network of clients which include major oil producers, independent oil traders, ship-owners and operators. The business has been profitable every year since it was founded.
ACM was admitted to AIM on 6 December 2006. For more information on the Group please visit www.acmshippinggroup.com