London-based shipbroking company ACM Shipping Group report a doubling of profit before amortisation and tax to £3.4m (US$5.0m) in the first half of its financial year. Revenue in US$ was up 76% to $24.4m. Adjusted diluted earnings per share increased 93% to 13.7 pence.
ACM says it has a forward order book at a record level of $43.5m, a strong cash position with £1.7m and no debt.
Commenting on the results chief executive, Johnny Plumbe, said: “I am delighted with the results for the first half of the year. In line with our strategy all areas of the Group have grown organically. In addition the complementary acquisition of Harris & Dixon has outperformed management expectations in the first half. Prospects for the Group in the second half are strong, recent trading has been encouraging and the Group has a good forward book in time charter and sale and purchase in the second half.”
He added: “We are in the fortunate position of not having exposure to the dry bulk cargo market at this time. The fundamentals of the world’s oil consumption are somewhat different to the dry bulk market. The current strength of the dollar will boost the sterling equivalent income and the Board has confidence for the full year.”
ACM says it has a forward order book at a record level of $43.5m, a strong cash position with £1.7m and no debt.
Commenting on the results chief executive, Johnny Plumbe, said: “I am delighted with the results for the first half of the year. In line with our strategy all areas of the Group have grown organically. In addition the complementary acquisition of Harris & Dixon has outperformed management expectations in the first half. Prospects for the Group in the second half are strong, recent trading has been encouraging and the Group has a good forward book in time charter and sale and purchase in the second half.”
He added: “We are in the fortunate position of not having exposure to the dry bulk cargo market at this time. The fundamentals of the world’s oil consumption are somewhat different to the dry bulk market. The current strength of the dollar will boost the sterling equivalent income and the Board has confidence for the full year.”