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 2008. The Group expects to announce its preliminary results for the year ended 31 March 2008 during the week commencing 23 June 2008.
The Group performed well during the year ended 31 March 2008 and the Board anticipates that the outcome for the year will be significantly ahead of current market expectations. Operating cash generation has remained strong.
Since announcing its interim results on 6 December 2007, all of the Group's operations have traded ahead of the Board's expectations. The number of spot fixtures broked by the Group has increased year on year and the Group's time charter business had an excellent year. ACM Shipping Services Limited ('ACMSS'), which ACM acquired the outstanding 70 per cent. of the shares on 6 December 2007, has performed particularly strongly and has exceeded the Board's initial expectations. The Board has continued to invest for long term growth, in particular, in ACM's emerging gas operation (which focuses on spot and longer-term charters of liquid petroleum gases and liquefied natural gas ships) and the Group's Indian office which was officially opened in January 2008.
The Board is pleased with the Group's progress and its continued expansion in line with its strategy. ACM's Indian operation has already secured valuable business and is showing promising future prospects. Furthermore the Group's forward order book is very healthy. Whilst aware of current global economic conditions, the Board looks forward with confidence to the current financial year.
Following the strong trading, deferred cash consideration of £2.9m has been paid in connection with the acquisition of the outstanding shares of ACMSS. This follows an initial consideration of £6.7m and together with anticipated further deferred consideration of £0.1m, the total consideration payable for the 70 per cent. of the shares in ACMSS acquired in December 2007 is expected to be approximately £9.7m.
Commenting of the announcement, Johnny Plumbe, Chief Executive Officer of ACM said: 'I am delighted with the performance of the Group. Last year was a successful year for ACM. Our continued growth and expansion has resulted in increasing profitability. The exciting developments and the shape of our forward order book, leaves us confident about future trade and the forthcoming year.'
For further information, please contact:
ACM Shipping Group plc |
|
| Johnny Plumbe, Chief Executive | Tel: +44 (0) 20 7930 7555 |
| jplumbe@acmshipping.co.uk | www.acmshippinggroup.com |
| Ian Hartley, Finance Director | |
| ihartley@acmshipping.co.uk | |
| Noble & Company Limited | |
| John Llewellyn-Lloyd, Corporate Finance | Tel: +44 (0) 20 7763 2200 |
| Matthew Hall, Corporate Finance | Tel: +44 (0) 20 7763 2200 |
| matthew.hall@noblegp.com | www.noblegp.com |
Media enquiries:
Abchurch |
|
| Charlie Jack / Stephanie Cuthbert | Tel: +44 (0) 20 7398 7700 |
| stephanie.cuthbert@abchurch-group.com | www.abchurch-group.com |
Notes to Editors
ACM is one of the world's leading tanker ship brokers and has established itself as the market leader 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, New York, India and China. ACM employs over 60 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