8th Mar 2021 08:56
(Alliance News) - Clarkson PLC on Monday said the coronavirus pandemic hurt demand for its services during 2020, causing it to take an impairment.
The shipping services provider said revenue for 2020 slipped 1.3% to GBP358.2 million from GBP363.0 million in 2019, and it swung to loss of GBP16.4 million from GBP200,000 profit a year earlier.
Despite that, Clarkson slightly improved its dividend, lifting it 1.3% to 79 pence from 78p.
Clarkson said that maritime capital markets and energy demand have been hurt by coronavirus pandemic. Consequently, in keeping with many other businesses, the company said it decided to take a goodwill impairment charge relating to securities and its business serving the offshore sector of GBP60.6 million, up from GBP47.5 million in 2019.
Free cash resources as at the end of 2020 totalled GBP81.1 million, up from GBP68.7 million the year prior.
"2020 could never be described as business as usual, with disruption in demand and global trade, significant volatility in commodity prices and a massive shift in the working environment," said Chief Executive Andi Case.
"Our key areas of focus are not only on growth in all core segments, but also importantly on growth in new segments including renewables, the green transition of the maritime world where we are helping our clients to achieve their ambitious carbon and GHG reduction targets and continuing the rollout of our technology solution, the Sea/ platform, to clients," added Case.
Clarkson shares were trading flat in London on Monday morning at 2,620.00 pence each.
By Evelina Grecenko; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Clarkson