29 November 2011 – interim results

International shipbroker ACM Shipping has announced interim results for the six months to 30 September revealing a 9% decline in revenues to £13.2m (2010: £14.5m) with the decline mainly due to adverse currency movements as US dollar revenues were only down 3%.  Adjusted pre-tax profits also fell to £2.3m (2010: £3.2m) and earnings per share on the same basis were down to 8.5p (2010: 12.5p.)  However, the interim dividend was increased to 3.15p (2010: 3.00p) and the group has maintained its strong cash position with net cash of £4.9m at the end of the period (31 March 2011: £5.0m).  Despite the current weak market for freight rates the group remains confident of its medium and long term prospects and with the cushion of net cash we rate the shares a LONG TERM BUY.