Clarkson warns over second-half profit
Shipping services company Clarkson warned that difficult conditions in the dry bulk market have dented activity levels in maritime capital markets, with limited activity in the second half to date affecting the results of its financial division.
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The company, which had previously said results would be weighted towards the second half, said the dry bulk market remains severely depressed and low oil prices continue to put pressure on offshore operators, giving rise to contract slippage and cancellations.
As a result and notwithstanding the challenges faced in the banking and broking divisions, it now expects adjusted pre-tax profit for the year of around £50m, up from 33.8m last year.
Still, Clarkson added that the multi-cyclical and volatile nature of its markets has benefitted some areas of its business including tankers, specialised products and gas, underpinning a strong performance in 2015.
“The board remains confident in the prospects for the group. We have a unique, market-leading offer which has been further strengthened by the integration of RS Platou ASA.
“With a strong balance sheet underpinning our business model we therefore remain well placed for long-term growth.”
At 1400 GMT, Clarkson shares were down 6.9% at 2,240p.