Global Ports swings to FY profit, names incoming CEO

Shares in AIM-listed Global Ports rose more than 1% on appointing Mikhail Loganov as CEO and swinging to a full-year pre-tax profit of $109.9m amid a sluggish Russian container market.

The company's loss for 2015 was $30.3m. Revenue was lower at $331.5m, from $405.7m.

"While we began to see some encouraging signs starting in the second half of 2016, the Russian container market remained sluggish for the year as a whole," the company said.

"Within this context we focused on developing additional revenue streams from other cargoes as well as improving efficiencies within our business," it added.

Global Ports said while these other cargoes represented a minor part of its business, it was noteworthy that its handling volumes of bulk increased 67% last year.

"We have further thoroughly analysed our business processes and drawn a clear roadmap to achieving additional efficiency gains in our operations going forward."

Meantime, CFO Loganov would become CEO from 22 March, replacing Vladislav Baumbertner.

At 10:16 GMT, shares in Global Ports were up 1.31% to 4.46p each.