Leading shipping services group, Clarksons PLC reports strong strong financial performance in the first half of 2014.
Clarksons increased revenues by 25% to £111.7m in the first six months of 2014 (2013: £89.1m) despite the weaker US dollar against sterling, which averaged US$1.68 (2013: US$1.53).
Administrative expenses increased by 17% to £89.3m (2013: £76.1m) predominantly reflecting additional staff costs.
Underlying profit before taxation was £15.8m (2013: £10.8m), which after acquisition costs of £1.7m and £nil exceptional costs (2013: £1.8m after acquisition and exceptional costs), turned into a reported profit of £14.1m (2013: £9.0m). Basic reported earnings per share was 53.1p (2013: 32.7p). Underlying earnings per share, before acquisition costs and the exceptional item, was up 49% to 62.2p (2013: 41.8p).
“Clarksons’ strong performance in the first half of 2014 once again underlines the strength of the company’s strategy and business model. Clarksons continues to make positive strides despite the
challenges that remain in shipping markets and the weakness in the US dollar," comments Andi Case ,Chief Executive Officer.
Further information at: http://www.clarksons.com/