LONDON (Thomson Financial) - ACM Shipping Group, an international tanker
broker, reported pretax profits of 1.68 mln stg for the six months to end-Sept,
against restated 1.17 mln for the same period last year, and announced the full
acquisition of sale and purchase (S&P) broker ACM Shipping Services (ACMSS).
Revenue increased 9.7 pct to 13.8 mln usd and the group said it executed a
similar number of spot fixtures as in the same period last year.
The company is paying an interim dividend of 2 pence a share.
The company said the results reflected the continued growth of the business.
"We have significantly increased our profit, despite the weakness of the US
dollar and our order book for time charter is in a very strong position," said
chief executive Johnny Plumbe.
The company said current trading is in line with expectations and new
business ares are progressing well.
In a separate statement, the group said it had agreed to buy Alchemy Trading
Company, the holding company of ACMSS, for an initial 6.7 mln stg, comprising
2.7 mln stg in cash and 1.9 mln new shares. ACM subsidiary ACM Shipping Ltd
already has a 30 pct in ACMSS, and ACM said the deal consolidates its S&P
operations under one brand.
A further payment will depend upon the performance of ACMSS in the year to
end-March 2008, with the total amount not exceeding 12 mln stg, ACM said.
paul.sandle@thomson.com
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