21st Apr 2020 10:02
(Alliance News) - Clarkson PLC on Tuesday said it expects its first-half results to be lower than previously expected as the Covid-19 outbreak holds back quarterly performance.
Shares in the integrated shipping services firm were trading 0.6% higher at 2,410.00 pence each on Tuesday morning in London.
For the three months ended March 31, FTSE 250-listed Clarkson said securities revenue in its financial division was limited as activity in the capital markets dropped sharply. Oil and gas-related activity in the support division has reduced, but renewable, short sea broking and port agency remain active, the company said.
The Broking division saw an increase in new business compared to the same period a year prior, and quarterly revenue from Research remains in line with expectations.
Looking ahead, Clarkson stated the expected knock to the global economy will harm the shipping industry and with it Clarkson's performance in the first half of 2020. However, it said it remains confident in its medium-term prospects.
As at the end of March, the company had net cash of GBP88.5 million.
By Ife Taiwo; [email protected]
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