15 August 2016

Unaudited Interim Results for the six months ended 30 June 2016

Clarkson PLC (Clarksons) is the world's leading shipping services Group. From offices in 20 countries on six continents, we play a vital intermediary role in the movement of the majority of commodities around the world.

Overview 

  • Robust performance despite continued challenging market conditions in many of our markets
  • Revenue of £147.2m (2015: £145.3m)
  • Underlying profit before taxation* £21.8m (2015: £23.6m)
  • Profit before taxation £17.5m (2015: £10.8m)
  • Underlying earnings per share* 52.9p (2015: 54.3p)
  • Earnings per share 41.7p (2015: 15.0p)
  • Interim dividend maintained at 22p per share (2015: 22p per share)
  • Strong balance sheet, with £46.7m of net funds1 underpinning long-term growth (30 June 2015: £41.3m)

    * Before acquisition related costs and exceptional items
    1 Net funds is cash and cash equivalents, less bonus entitlements and all outstanding loan notes

Andi Case, Chief Executive, commented:

"The global shipping industry is experiencing the most challenging rate environment seen in many years which, as previously highlighted, has inevitably impacted the Group's performance for the first six months of 2016.

"In the short-term we believe our markets will remain highly challenged, reflecting the ongoing supply demand imbalance with the resultant low levels of newbuilding contracts and a prevalence of spot business continuing to limit forward visibility of earnings. However, we believe industry operators and investors will look to these difficult trading conditions to seek solutions and exploit areas of opportunity and Clarksons' full service client offer, underpinned by our geographic reach, will continue to ensure we are at the forefront of all activity.

"Clarksons' clear strategy is aligned to the long-term fundamental drivers in our markets. Our business is highly cash generative and through our strong balance sheet we will continue to invest and take advantage of opportunities, positioning the Group for upturns in each of our markets when they come."

Enquiries:

Clarkson PLC - 020 7334 0000
Andi Case, Chief Executive
Jeff Woyda, Chief Financial Officer and Chief Operating Officer

Hudson Sandler - 020 7796 4133
Kate Hoare

For the full RNS text please click here