Ambrian's maiden results hurt by lower economic growth in key markets

28th May 2015 14:08

Stockbroking and trading services group Ambrian said its full-year results were hurt by lower-than-expected economic growth in its key markets due to tight credit conditions for its users.The group also posted reduced margins in its merchant activities due to lower volatility and increased competition.Total income fell 31% to £8.58m while pre-tax profits plunged to £1.1m from £4.1m. As a result, earnings per share fell to 0.51p from 3.89p.On the bright side, the acquisition of a cement mill in Mozambique is expected to help the company to increase its trade flows and attract more investment opportunities.Non-executive chairman Robert Adair said: "Although we did not repeat the strong performance reported in 2013, we continue to develop our newer business lines and broaden our geographical footprint."When market fundamentals improve, we expect to capture the upside benefits of the efforts put into developing our sourcing and customer relationships."Looking forward, Ambrian said trading conditions during the first quarter of 2015 continued to be subdued due to an uncertain economic environment.As a result, shares were down 2.44% to 10p on Thursday at 14:21.