9th Aug 2021 09:00
(Alliance News) - Clarkson PLC on Monday reported a strong interim performance as shipping markets recover, with the company's digital tool offering gaining traction.
Clarkson shares were up 1.8% to 3,322.50 pence each in London on Monday morning.
The shipping services provider reported a 31% rise in pretax profit for the six months to June 30 to GBP27.3 million from GBP20.9 million a year ago.
Revenue increased 5.4% to GBP190.1 million from GBP180.4 million.
Chief Executive Andi Case explained: "The company generated significantly increased profits in the first half of the year, aided by a robust performance in our Broking division and a strong recovery from our Financial division. I am also excited by the progress and momentum that our Sea/ platform is building."
Clarkson's Sea/ platform provides a suite of digital tools for the shipping industry, such as online ship tracking.
"Our Sea/ platform has seen continued momentum. Client adoption is growing, as clients seek to increase risk control, audit, compliance, efficiency, communication and data integrity, together with enhanced analytics and validation to enable better decision-making. The trajectory of new customer uptake is positive, and we are seeing both very encouraging retention rates on client renewals and clients broadening their product uptake once invested in the platform," Clarkson said.
The company sweetened its interim dividend with an 8.0% increase to 27p per share from 25p last year.
"We are confident in the outlook for Clarksons, which is well placed to capitalise on an improving demand/supply dynamic within shipping, offshore and renewables and from the wider global economic recovery," Case said.
Peel Hunt analyst Alexander Paterson commented: "The interim results are significantly ahead of our forecasts, with outperformance from three of the four divisions driven by a robust recovery in shipping markets."
By Greg Roxburgh; [email protected]
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