Preliminary Results
ACM Shipping Group plc (AIM:ACMG), a leading international shipbroker, today announces its preliminary results for the year ended 31 March 2010.
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The Full Results are available to download in PDF format
Summary
- Total revenue moderately ahead of management expectations at US$41.1 million (2009: US$50.9 million), down 19%, due to market conditions
- Profit before amortisation and taxation down 24% to £6.6 million (2009: £8.7 million)
- Basic and adjusted EPS down 27%
- Final dividend of 6.75 pence per share, making 9.5 pence per share for year up 12% (2009: 8.5 pence per share)
- Strong cash position of £4.3 million and no debt
- 9% increase in the number of spot fixtures contracted during the period on organic business
- Overseas offices performing well, in particular Singapore and Beijing
- Time charter forward order book at US$18 million (2009: US$25 million), due to market uncertainty; however market conditions improving
Since period end
In line with the Group's stated strategy to become an integrated shipbroking service provider, it is enhancing its offering and diversifying into the dry cargo market worldwide. The Group has recently set up a new venture in London and on 24 June 2010 it acquired Endeavour Shipbrokers Pty Limited ("Endeavour") for AU$10 million (£5.8 million).
Commenting on the results, Johnny Plumbe, Chief Executive of ACM Shipping Group plc, said: "Against a difficult economic backdrop, we are pleased to be able to report that revenue and profit for the year were ahead of management expectations. Our strong cash position has enabled us to increase our dividend by 12%.
"Demand for oil is growing and is returning to levels of two years ago, and the start to the new financial year has been encouraging. We are seeing the market activity increasing, and ACM is well positioned to capitalise on the upturn, through our expanding global infrastructure, and significant expertise in the sector.
"We have entered the dry cargo market and today's acquisition, together with our recently set up dry cargo venture in London, is a positive step to the Group's strategy going forward, as it continues to build an integrated shipbroking service provider, and strengthens our offering to new and existing clients. We are excited about this diversification which the Board is confident will enhance our financial performance in the medium and long term."
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 |
| Execution Noble & Company Limited | |
| John Llewellyn-Lloyd | Tel: +44 (0) 20 7456 9191 |
| Sam Reynolds | www.execution-noble.com |
Media enquiries:
Abchurch |
|
| Henry Harrison-Topham / Joanne Shears | Tel: +44 (0) 20 7398 7709 |
| joanne.shears@abchurch-group.com | www.abchurch-group.com |