TIDMACMG
RNS Number : 7554P
ACM Shipping Group PLC
31 March 2009
?
+-----------------------------------------+---------------------------------------+
| Press Release | 31 March 2009 |
+-----------------------------------------+---------------------------------------+
ACM Shipping Group plc
("ACM" or "the Group")
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 2009. The Group expects to announce its preliminary results for the year
ended 31 March 2009 during the week commencing 22 June 2009.
The Group performed well during the year ended 31 March 2009 and the Board
anticipates that the outcome for the year will be significantly ahead of current
market expectations.
Trading across the Group has continued to be strong since it announced its
interim results on 3 December 2008 with most areas of the Group's business
outperforming expectations. The Group's spot brokerage desks continued to
perform well. The UK, Singapore and Indian desks all performed well in the
second half. Harris & Dixon, the specialist small oil tanker broker, which ACM
acquired at the end of the first half flourished and the integration of the two
businesses has worked well and is producing a strong performance. The continued
high level of activity in the freight futures market also resulted in
significant returns for the Group's 50 per cent. joint venture with GFI Group,
Inc. In addition, the strengthening of the US dollar against the pound in the
second half had a positive impact on the Group's profitability.
Despite the decline in wet charter rates, the spot brokerage desks continued to
perform well and continued to increase its level of spot fixtures. The Group
anticipates that wet charter rates will be lower in the coming year. However,
there is still a strong demand for oil which needs to be transported and ACM
expects the decline will not compare with the fall of dry charter rates.
The sale and purchase desk has maintained its activity and there were a number
of contracts which completed in the second half of the year.The decline in the
number of vessels changing ownership, may result in some slow down in the coming
year but the Group is confident of a reasonable performance.
Johnny Plumbe, Chief Executive Officer of ACM, said: "The Board is delighted
with the continued performance of the Group. This is down to our excellent team
of highly committed brokers and our excellent knowledge of the tanker market,
which remains our main focus. The Group's time charter business remains robust
and our current order book stands at US$25 million.
"Due to the strong fundamentals of the business, the Board continues to be
confident for the outlook for 2009/2010. However, whilst the Group is not immune
from the wider economic environment which naturally affects both currency and
oil consumption, ACM continues to work to minimise these fluctuations and the
Group remains optimistic about the next financial period but enters it
with caution. We look forward to further updating our shareholders of the
Group's progress at our final results in June."
- Ends -
For further information, please contact:
+-------------------------------------------+----------------------------+
| ACM Shipping Group plc | |
+-------------------------------------------+----------------------------+
| Johnny Plumbe, Chief Executive | Tel: +44 (0) 20 7930 7555 |
+-------------------------------------------+----------------------------+
| Ian Hartley, Finance Director | |
+-------------------------------------------+----------------------------+
| ihartley@acmshipping.co.uk | www.acmshippinggroup.com |
+-------------------------------------------+----------------------------+
+-------------------------------------------+----------------------------+
| Noble & Company Limited | |
+-------------------------------------------+----------------------------+
| John Llewellyn-Lloyd | Tel: +44 (0) 20 7763 2200 |
| john.llewellyn-lloyd@noblegp.com | |
+-------------------------------------------+----------------------------+
| Sam Reynolds | |
+-------------------------------------------+----------------------------+
| sam.reynolds@noblegp.com | www.noblegp.com |
+-------------------------------------------+----------------------------+
Media enquiries:
+-------------------------------------------+----------------------------+
| Abchurch | |
+-------------------------------------------+----------------------------+
| Charlie Jack / Stephanie Cuthbert | Tel: +44 (0) 20 7398 7706 |
+-------------------------------------------+----------------------------+
| stephanie.cuthbert@abchurch-group.com | www.abchurch-group.com |
+-------------------------------------------+----------------------------+
Notes to Editors
ACM is one of the world's principle 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, India and China. ACM employs
over 90 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTILFSRVTIIVIA
|