11/12/2006
High-margin tanker-broking business ACM Shipping, which claims to be ‘one of the most productive and profitable’ ventures in its industry, is the latest venture to join AIM.
Set up in the early 1980s by four experienced tanker brokers, the company facilitates seaborne trade in crude oil and petroleum products, and earns its revenues from chartering takers, tanker sales and purchases, as well as from a joint venture freight derivatives broking business. Its brokerage team consists of 24 brokers, six of whom are based in Singapore. Last year, approximately 1,000 ‘spot fixtures’ were concluded and management believe the group has one of the largest time-charter forward books of any tanker broker in the world.
AIM will help ACM grow its brokerage services geographically, move into shipping sectors such as the gas tanker market, and incentivise senior brokers.
Profitable in every trading year to date — the company made operating profits of £9.3 million from £13.6 million turnover in the year to March — and highly cash-generative with an eye on dividends from 2007, the group was brought to market by Noble & Company following a £7.6 million placing valuing the business at £24.8 million.
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| AIM | £24.01m |
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