9th Mar 2015 08:01
LONDON (Alliance News) - Clarkson PLC Monday reported higher profit and revenue for 2014, beating its own expectations as transaction volumes across its broking business continued to increase, and it reported a 10% increase in its forward order book for 2015.
The shipping services company said it's still facing "extremely challenging" conditions in some markets, although others have recovered. It raised its 2014 dividend to 60 pence, from 56p in 2013, a 12th consecutive annual increase.
Pretax profit in 2014 was GBP25.3 million, up from GBP22.0 million in 2013, as revenue rose to GBP237.9 million from GBP198.0 million. Its closely-watched pretax profit before exceptional items and acquisition costs rose by just over a third to GBP33.8 million, from GBP25.1 million.
The company bought RS Platou ASA, a shipping broker and investment bank, last November, and it bought port and agency business Michael F. Ewings (Shipping) Ltd earlier in the year.
Its exceptional and acquisition costs rose to GBP8.6 million in 2014, from GBP3.1 million in 2013.
Clarkson said its forward order book for 2015 stood at USD110 million, up 10% from a year earlier.
"Shipping and offshore is a multi-cyclical business and once again we face extremely challenging conditions in some markets. We continue to see a flight to quality and believe that our extended tool box underpinned by our strong balance sheet ensures we are best placed for long-term growth," Chief Executive Andi Case said.
By Steve McGrath; [email protected]; @stevemcgrath1
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