14 August 2017

Unaudited Interim Results for the six months ended 30th June 2017

 14 August 2017

Clarkson PLC (Clarksons) is the world's leading shipping services Group.

From offices in 21 countries on six continents, we play a vital intermediary role in the movement of the majority of commodities around the world.

Unaudited interim results for the six months ended 30 June 2017

Clarkson PLC today announces interim results for the six months ended 30 June 2017.

Overview

  • Strong financial performance compared to the same period last year
  • Revenue of £156.8m (2016: £147.2m)
  • Underlying profit before taxation1 increased by 12% to £24.5m (2016: £21.8m)
  • Profit before taxation 25% higher at £21.9m (2016: £17.5m)
  • Underlying earnings per share1 rose 9% to 57.5p (2016: 52.9p)
  • Earnings per share increased by 22% to 50.8p (2016: 41.7p)
  • Interim dividend increased to 23p per share (2016: 22p per share)
  • Robust balance sheet, with £71.4m of net funds2 (30 June 2016: £46.7m)
  • Debt-free following repayment of loan notes in June 2017

1 Before acquisition related costs
2 Net funds are cash and cash equivalents and current investment deposits, after deducting amounts accrued for performance-related bonuses

Andi Case, Chief Executive Officer, commented:

"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."

Enquiries:

Clarkson PLC                                                                              020 7334 0000

Andi Case, Chief Executive Officer
Jeff Woyda, Chief Financial Officer and Chief Operating Officer


Camarco                                                                                    020 3757 4983 / 4994
Billy Clegg
Jennifer Renwick

For the full RNS text please click here

Alternative performance measures (APMs)


Clarksons uses APMs as key financial indicators to assess the underlying performance of the Group. Management considers the APMs used by the Group to better reflect business performance and provide useful information. Our APMs include underlying profit before taxation and underlying earnings per share. Explanations of the term 'underlying' and related calculations are included within the Chief Executive Officer's review.

About Clarkson PLC

Clarkson PLC is the world's leading provider of integrated services and investment banking capabilities to the shipping and offshore markets, facilitating global trade.

Founded in 1852, Clarksons offers its diverse and growing client base an unrivalled range of shipbroking services, sector research, on-hand logistical support and full investment banking capabilities in all key shipping and offshore sectors. Clarksons continues to drive innovation across its business, developing digital solutions which underpin the Company's unrivalled expertise and knowledge with leading technology.

The Group employs 1,427 people in 46 different offices across its four divisions and is number one or two in all its market segments.

The Company has delivered 14 years of consecutive dividend growth. The highly cash generative nature of the business, supported by a strong balance sheet, has enabled Clarksons to continue to invest to position the business to capitalise on the upturn in its markets.

Clarksons is listed on the main market of the London Stock Exchange under the ticker CKN and is a member of the FTSE 250 Index.
For more information, visit www.clarksons.com