25th May 2005 14:08
Clarkson PLC25 May 2005 CLARKSON PLC CHAIRMAN'S COMMENTS FROM ANNUAL GENERAL MEETING ON 25 MAY 2005 TRADING STATEMENT "Although the scaling back of growth in demand from China, Japan and the FarEast has resulted in freight rates declining from the record highs achieved latelast year, the first four months of this financial year have started well.Freight rates, as measured by our ClarkSea Index have averaged just underUS$30,000 per day, well above the average for last year, despite falling fromUS$33,500 at the end of 2004 to US$24,900 at present. We remain committed to providing a global service for all our clients, focussingon the underlying cargo base. We have a significant presence in all the majortanker centres around the world and our influence in this sector is increasing.The acquisition of Ferrobulk has been integrated successfully and earlier thismonth we added a dedicated Liquid Petroleum Gas team to our London desk. We arecommitted to the continued growth of our existing teams. Our logistics business has sold one of its two Singapore based combinationcarriers and our share of the profit is approximately £2.5 million. ClarksonFerries recently acquired the CFF Seine, thereby guaranteeing continuity ofservice for Channel Freight Ferries on its daily sailings. Early this month we successfully moved our London operations from CamomileStreet to larger and more modern office space at St Magnus House, adjacent toLondon Bridge. I would like to thank all those who made this possible withminimal interruption of the existing business. In conclusion, the company continues to generate high volumes of business. Themajor part of this will underpin the results for the remainder of this financialyear. There is also a significant element that will help build a sound base forfuture periods. Furthermore, the company continues to benefit from the forwardbusiness booked in previous periods. With continued growth forecast in the world economy, the outlook remainspositive with trading and profitability in line with management's expectations. As we indicated in the Annual Report and Accounts, the directors are seeking toappoint a new non-executive director to improve the overall balance of theboard. We hope to make an announcement on this matter shortly. I would like take this opportunity to thank all our employees who made such asignificant contribution in achieving the record result in 2004." This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Clarkson