Clarksons posts strong financial results

Clarksons

Clarkson PLC announced unaudited interim results for the six months ended 30 June2020.

Summary

•Robust first half performance

•Particularly strong trading in the Broking division

•Underlying profit before taxation of £21.1m (2019: £20.1m)

•Underlying earnings per share of 51.4p (2019: 48.5p)

•Robust balance sheet, with £88.8m of free cash resources1(31 December 2019: £68.7m)

•Board has decided to pay the equivalent of the deferred 2019 final dividend of 53p per share as an interim dividend and declared a further interim dividend for 2020 of 25p per share (2019: 25p per share)

1Free cash resources are cash and cash equivalents and current investment deposits, after deducting interest-bearing loans and borrowings, amounts accrued for performance-related bonuses and amounts held by regulated businesses

Andi Case, Chief Executive Officer, commented:

“Clarksons has delivered a positive first half during 2020 despite the unprecedented challenges that we have all faced and I would like to thank all my Clarksons colleagues for their hard work. The Company has produced strong cash flow, boosted by the excellent performances of our Broking and Research divisions, allowing the Board to pay the equivalent of the 2019 final dividend as well as an interim dividend for 2020. We have delivered 17 consecutive years of dividend growth.

“Stimulus packages are being rolled out around the world and the impact on the speed and shape of global trade recovery is still to be determined. As a result, guidance for the full year remains withdrawn. We remain confident in the fundamentals of the global shipping industry and that Clarksons will continue to benefit from its leading market position and full range of services.”

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