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Interim Results

Clarksons hikes divi as revenues and profits rise

14 August 2017 07:18

Underlying pre-tax profits at shipping services group Clarksons rose by 12% to £24.5m in the six months to the end of June.

Revenue increased to £156.8m (2016: £147.2m) and profit before taxation was 25% higher at £21.9m.

Underlying earnings per share rose 9% to 57.5p and the group declared an interim dividend of 23p per share (2016: 22p per share).

Chief executive Andi Case said: "We are pleased with our performance so far in 2017, increasing revenue and volumes in difficult shipping and offshore markets.

"As we see signs of a rebalancing across some of the shipping markets, we are optimistic in our ability to capitalise on the upturn in the markets when it occurs, whilst maintaining the strength of the underlying business.

"Nevertheless, in the short-term, low activity in the newbuilding market and a predominance of spot over longer-term period business continues to limit forward visibility of revenues.

"Our solid cash position means that irrespective of market conditions, we are able to invest in the business for future growth, deliver increasing returns to shareholders and take advantage of strategic opportunities as they arise.

"We have invested in hiring key people and believe our market-leading technology and best in class client service positions us strongly as we enter the second half of the year."

Story provided by StockMarketWire.com

Related Company: CKN

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