Clarkson PLC (LON:CKN) today announced unaudited interim results for the six months ended 30 June 2019.
Summary
· Robust first half performance despite challenges remaining in the shipping, offshore and capital markets
· Particularly strong trading in the broking division
· Underlying profit before taxation of £20.1m (2018: £19.2m)
· Underlying earnings per share of 48.5p (2018: 45.8p)
· Robust balance sheet, with £58.3m of free cash resources1 (30 June 2018: £44.1m)
· Increased interim dividend of 25p per share (2018: 24p per share)
· Outlook for the full year remains unchanged
1 Free 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
| Six months ended 30 June 2019 | Six months ended 30 June 2018 | |
| Revenue | £167.8m | £152.6m |
| Underlying profit before taxation* | £20.1m | £19.2m |
| Reported profit before taxation | £19.2m | £18.0m |
| Underlying earnings per share* | 48.5p | 45.8p |
| Reported earnings per share | 46.2p | 42.5p |
| Interim dividend per share | 25p | 24p |
* Before acquisition related costs of £0.9m (2018: £1.2m).
Andi Case, Chief Executive Officer, commented:
“Clarkson PLC has delivered a robust performance in the first half of 2019, with revenue up 10% and underlying profit up 5% on the first half of 2018, despite suppressed investor appetite weighing on the financial markets.
“As in previous years, our business remains second half weighted and we anticipate that the upcoming introduction of IMO 2020 will cause market disruption supporting higher freight rates as the supply of available vessels is impacted. This, and a broader re-balancing of supply and demand dynamics, means we remain confident in the outlook for Clarksons and the shipping markets, both in the coming months and longer-term.”
