Clarkson FY meets upgraded guidance despite softer markets

(Sharecast News) - Annual profits at shipping services company Clarkson rose 6%, in line with revised expectations, despite softer markets due to geopolitical events. Underlying pre-tax earnings came in at £115.3m in line with upgraded guidance published in January. Revenue was up to £661m from £639m.

"The fundamental supply and demand dynamics of the industry remained in fine balance during the year, with underlying trade volume growth and disruptions to trade patterns increasing demand, while the supply side remained challenged by low order books in certain sectors and a tight shipbuilding market," the company said on Monday.

"The opportunity before us remains significant, as commodity demands combined with energy security and environmental factors, provide a complex backdrop for market growth in the medium term."

"However, following a year of extensive political change, ongoing conflicts in the Middle East and Russia-Ukraine, adding further complexities, markets have softened as economies grapple with the immediate impacts of this phase of change."

Reporting by Frank Prenesti for Sharecast.com