Clarksons PLC Maintain Profits in H1 2013

Clarkson PLC (Clarksons) a leading worldwide shipping services group, releases its unaudited interim results for the 6 months ended 30, June 2013.

Summary
    •    Robust performance delivered in challenging markets
    •    Revenue £89.1m(2012: £88.0m)
    •    Profit before taxation before exceptionals and acquisition costs £10.8m (2012: £10.8m)
    •    Underlying earnings per share before exceptionals and acquisition costs 41.8p (2012: 39.2p)
    •    Basic earnings per share after exceptionals and acquisition costs 32.7p (2012: 53.3p)
    •    Interim dividend 19p per share (2012: 18p per share)
    •    Strong balance sheet, with £71.9m of net funds (31 December 2012: £75.2m)
    •    Trading in line with expectations

Andi Case, Chief executive, commented:
"Clarksons has delivered a resilient performance in the first half of 2013, achieved in global shipping markets which have seen significant challenges over the period. In these difficult times we have remained focused on the key elements of our strategy by developing our full service client offering, taking advantage of opportunities to strengthen our core broking teams with new hires and enhancing both our research product portfolio and support infrastructure.

"The industry outlook remains challenging with the continued focus on the spot market limiting visibility. However, despite these headwinds we continue to make good progress and are trading in line with expectations. As previously highlighted we expect to see a slight weighting in performance to the second half of this year, reflecting the delivery profile of our newbuild activities."