13th Aug 2018 07:54
LONDON (Alliance News) - FTSE 250-listed Clarkson PLC said Monday its interim earnings suffered from challenging trading conditions but it remains confident heading into the second half of the year.
For the six months ended June 30, the shipping firm said revenue was down 2.7% to GBP152.6 million from GBP156.8 million a year before. Pretax profit declined 18% to GBP18.0 million from GBP21.9 million last year.
On an underlying basis, pretax profit fell even more steeply, by 22% to GBP19.2 million from GBP24.5 million last year.
Clarkson said its earnings were hurt by a challenging trading environment across the shipping and offshore capital markets first half of 2018. This included a quiet period in sale and purchase activity, reduced rates within the tanker market, and delays to financial transactions. This was further exacerbated by a fall in the value of the dollar during the period.
Still, the company raised its interim dividend 4.3% to 24 pence from 23p the year before.
"We should benefit in the second half of the year from these recent improvements and remain confident in the mid to long-term potential for the group. Our investment across the business continues apace, as we drive innovation and remain focused on furthering Clarksons' position at the forefront of the sector," said Chief Executive Andi Case.
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