ACM Shipping Group (AIM:ACMG) – future looks more promising and the dividend rewards patience
The international shipbroker announced interim results for the half year ended 30 September 2013 in line with estimates. In the short term the dividend has supported this one, however, the growth engine could be returning to earnings
Revenue of US$19.6m was flat in US$ terms (H1 2012:US$19.4m and increased 4.1% to £12.7m (H1 2012: £12.2 million) in £Sterling Profit before amortisation, impairment and taxation was flat at £1.6m (H1 2012: £1.6m) with adjusted earnings per share of 6.5 pence (H1 2012: 6.3 pence) and the interim dividend was 3.15 p per share Operating profit of £1.5m resulted in a net operating cash inflow of £681k boosting period end cash to £4.7m (£4.3m as at 31 March 2013). Operating cash wasn’t as rosy as prior years due to a working capital swing that is probably worthy of further…