ACM reported interim results this morning that were strongly up on last year and essentially in line with the broker’s expectations-I should hope so as they only floated a few weeks ago!

There was double digit growth in both sales and operating profit for the 6 months
ending 30/09/06. Management expects a strong second half of the financial year and are confident of hitting full year expectations.

The broker remains confident of their full year forecasts of £1m from the GFI joint venture as, despite the slow start to the year, the £500k figure was achieved by the end of October 2006.

All other areas of the business appeared to have performed strongly in the first half of 2007. ACM concluded its 1000th spot fixture last week, time charter pipeline remains strong and business levels within Sale & Purchase are currently slightly ahead of target.

ACM now trades on c11X 2007 estimates and c10x 2008 and continues to represent an interesting proposition especially for investors looking for AIM exposure for tax planning purposes.

It’s always a pleasure to come across a ‘real business’ on AIM with a track record of strong earnings, excellent growth prospects, cash in the bank and a forecast dividend yield approaching 4%.

We realise there is always the worrying dollar exposure and the impact of material sale and purchase deals but all in all ACM looks a great little business with an enthusiastic and committed management.