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Clarkson says annual performance to be second-half weighted; swings to loss in 2020
StockMarketWire.com
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Shipping services provider Clarkson said annual results would be second-half weighed after reporting performance in 2020 that was ahead of market expectations despite swinging to a loss.
For the year ended 31 December 2020, pre-tax losses were £16.4 million compared with a profit of £0.2 million year-on-year as revenue fell to £358.2 million from £363 million.
The loss comes as maritime capital markets and energy demand had been severely affected by the pandemic, resulting in a £60.6 million write down.
The company, however, said the underlying financial performance was robust and 'ahead of market expectations.'
The final dividend was raised by a penny to 54 pence, taking the full year dividend to 79 pence, up from 78 pence.
Looking ahead, the company said the 'expected recovery in demand is now unlikely to gather momentum until later in the year and thus in 2021 we believe our results will revert to being second half weighted.'
Story provided by StockMarketWire.com
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