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
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