ACM Shipping Group reports full year results
ACM Shipping Group plc (AIM:ACMG), a leading international shipbroker, today announces its unaudited preliminary results for the year ended 31 March 2012, ACM Shipping reports.
• Revenue of US$42.4 million, in line with market expectations (2011: US$45.7 million); in sterling £26.6 million (2011: £29.3 million)
• Overall number of fixtures continues to grow despite a challenging shipping market
• Profit before tax and amortisation and impairment of intangibles was £4.3 million for the year (2011: £6.1 million), in line with market expectations
• Adjusted EPS of 17.7 pence (2011: 24.8 pence) (adjusted for non-cash impacts of amortisation and impairment of intangible assets)
• Final dividend held at 7 pence per share, which will provide a total dividend of 10.15 pence for the full year (2011: 10.00 pence per share)
• Strong cash position of £3.1 million and no debt
• The Group continues to make good progress implementing its global expansion strategy
• Global dry cargo division making good headway, with US$ revenue increasing by 29% during the period, now representing 14% of Group revenue
• Key appointments made; particularly in rebuilding the sale and purchase and projects teams
Commenting on the results, Johnny Plumbe, Chief Executive of ACM Shipping Group plc, said: “ACM has continued to make good strategic progress during the period, expanding into new geographies that are important to the Group and building the global teams. Overall, the Group is in a strong position to capitalise on any future strengthening in the cyclical shipping market, and in particular our tanker spot business has continued to perform well.
“Although the market at present remains challenging, the Board is confident that ACM has the right team and structure in place to take the business forward in the future.”
