Clakson makes 'good start' to the year, FY outlook remains 'strong'

Shipping company Clarkson said on Wednesday that it had made "a good start to the year", with the group benefitting from "improved conditions" across many of the sectors in which it operates.

Clarkson stated its broking business had performed well year-to-date, building on improved demand supply dynamics highlighted in its 2021 full-year report. The firm also said a year-on-year increase in spot business transactions had added to the "enlarged forward order book" brought into 2022.

The company's ClarkSea Index averaged 37,190 between 1 January and 29 April, ahead of the same period last year and similar to the average for the second half of 2021.

The FTSE 250-listed group's financial division was said to have an "encouraging" pipeline, despite more muted capital markets reflecting global geopolitical instability and economic uncertainty, while its support wing also started the year "positively" as it enlarged its footprint and range of services offered.

Clarkson's research division saw both revenues and profits increase as changing commodity trade flows, the green transition, and the ongoing drive towards renewable energy all increased client demand for its market insights, data, and analysis.

"The company is trading in line with the board's expectations. The outlook for the business remains strong as we continue to drive value for both shareholders and clients," said Clarkson.

As of 1340 BST, Clarkson shares were up 0.89% at 3,415.0p.

Reporting by Iain Gilbert at Sharecast.com