ACM Shipping make shipbroking acquisition
By Mark Roberts
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Posted 23 June 2008 @ 10:28 am GMT
ACM Shipping said on Monday that it had agreed to buy the shipbroking business of Harris & Dixon Shipbrokers Ltd for £2.5 million in cash.
Wood Group profit up 39 pct as sales and margins riseHarris & Dixon specialise in the small tanker market and in 2007 made a profit before interest of £800,000.
ACM said that it had seen a 49 per cent increase in pre-tax profit to £5.5 million in the year to the end of March 2008 and added that it had made an "encouraging" start to the current year.
Johnny Plumbe, Chief Executive of ACM Shipping, said, "This acquisition is an excellent strategic step for ACM as they specialise in the one area of tanker broking that ACM is not currently involved in. Furthermore the deal will quickly become earnings enhancing."
This article is copyrighted by the International Business Times.
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