11 May 2011

AGM and Interim Management Statement

Clarksons, the world's leading shipping services group, today announces its Interim Management Statement published in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 1 January 2011 to 10 May 2011 ("the period").

At the Annual General Meeting to be held in London today, Bob Benton, Chairman of Clarksons, will make the following statement:


Clarksons has delivered a good performance during the period. The unforeseeable events in the early months of 2011, including tragic natural disasters in Japan and Australia and political unrest in the Middle East, have led to continued volatility and uncertainty across global shipping markets. Nevertheless, the Group has traded in line with the Board's expectations reflecting the strength and breadth of our market leading client services and global reach.


The Group has continued to take market share during the period with higher transaction volumes going some way to offsetting reduced freight rates, arising from the previously highlighted demand/supply imbalance and the impact of the weakened US dollar which has depreciated some 5% against the GB pound since the end of 2010. Strong performances in particular from our Offshore, Specialised Products and Deep Sea teams have once again demonstrated the benefits of the breadth of Clarksons' core broking offer.


Our futures broking business has experienced weaker market conditions during the period, reflecting both reduced freight rates and reduced volumes in the overall FFA market.

Clarkson Investment Services ("CIS") has continued to expand its offer by increasing its presence in the United States, through the recent appointment of an energy banking team, and the extension of its research capabilities. CIS continue to work on a number of mandates which are expected to generate income in the current year.


This division, led by Clarkson Port Services, has performed in line with expectations during the period.


Research underpins all Clarkson's services and is all the more valuable to our clients in uncertain markets. This division has also performed in line with the Board's expectations, showing growth in volume of sales, average income per subscriber and an extension of offering including World Fleet Register and Offshore Intelligence Monthly.

Balance Sheet

Since the year end we have repaid all bank borrowings and supported by our strong balance sheet remain well positioned to take advantage as the markets evolve.


Uncertainty remains over the rate of macroeconomic recovery and this, combined with the ongoing political uncertainty in various regions, continues to translate to volatile trading markets. We continue to see prevalence towards spot market business, reflecting the ongoing disconnect between current freight rates and expectations for the speed and sustainability of global economic recovery.

However, against this market backdrop of volatile freight rates and a weakened US dollar, we continue to gain from increased trading volumes in most sectors. Clarksons' global leading market position and breadth of offer, with industry leading research at its core ensures we remain best placed to maximise opportunities and add value to our clients.


Clarkson PLC:
Andi Case, Chief Executive
Jeff Woyda, Finance Director
020 7334 0000

Hudson Sandler:
Charlie Jack
Kate Hough
020 7796 4133