9th May 2014 11:26
LONDON (Alliance News) - Clarkson PLC's trading so far this year is in line with its expectations, representing a "significant improvement" over the results of 2013, Interim Chairman Bob Benton will tell shareholders at the shipping services company's annual general meeting Friday.
In a statement covering the year to May 8, the shipping services group said trading has improved despite weakness in the US dollar, its main trading currency.
"Activity in a number of shipping markets has improved compared to the same period last year, with increases in both asset values and volatility in rates as a result of the reduced imbalance between supply and demand," Benton will say.
"The average ClarkSea Index for the period was higher than the average for the whole of 2013. The strength and breadth of our teams has meant that we have been at the forefront of activity, once again improving transaction volumes across most chartering sectors, and from the sale and purchase of underlying assets," the interim chairman will tell shareholders.
"Our financial businesses have continued to increase profitability and are currently at or above breakeven, reflecting the effects of management action and investment in capability. Revenue from banking transactions and equity sales and trading within Clarkson Capital Markets has continued to grow. Futures broking revenue within Clarkson Securities has also increased, due to increases in market volumes and higher rates which have resulted from greater volatility," Benton will say.
In support, Clarkson's port and agency business has already benefited from the Gibb Tools acquisition made at the end of 2013, Benton will tell shareholders.
Meanwhile, Clarkson has seen an increase in sales from research activities during the period, according to Benton.
"Research underpins all of Clarksons' services and in challenging trading conditions the value it offers our clients is more important than ever," the AGM will hear.
Clarkson shares were Friday quoted at 2,608.00 pence, down 2.1%.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Clarkson