ACM Shipping: decent results and ‘unexpected’ diversification into dry cargo
The leading international shipbroker announced decent preliminary results for the year ended 31st March 2010 but for us there was news of somewhat unexpected diversification into dry cargo.
Pre-tax profit of £6.2m and basic earnings per share of 24.5p were below consensus estimates of £6.38m and 26.06p respectively but apparently moderately ahead of management expectations – not sure these were ever communicated to the public though! The total dividend of 9.5p was marginally ahead of expectations and equates to a yield of just under 5% at the current share price.
Given this slight miss and the fact that the time charter forward…
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