Clarksons posts strong first half profit

Andi Case CLarkson

Clarkson Group saw pre-tax profits jump by a quarter in the first half of the year.

Shipbroking deal volumes picked up in the first half of 2017 which helped pre-tax profits to rise by 25% to £21.9mln (£17.5mln) on higher revenues of £156.8mln (£147.2mln).

As a result of the decent performance, Clarkson upped its interim dividend to 23p (H1 2016: 22p).

The group has a “robust” balance sheet with £71.4mln of net funds and is debt-free after paying off its loan notes earlier this summer.

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

“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.”

 

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