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Clarkson PLC on Monday reported strong interim results, lifting its shareholder payout, and has expressed confidence in its prospects ahead as the war in Ukraine continues to heighten prices.
For the six months ended on June 30, the London-based shipping services said pretax profit amounted to £42.0 million, up 53% from £27.3 million last year, on revenue of £266.7 million, up 40% from £190.1 million.
Its Broking unit saw revenue of £211.2 million, up 48% from £142.7 million a year earlier. Clarkson said in its Dry Cargo business, it saw ‘standout performances’ as fears over grain shortages had resulted in ‘clients securing supplies from further afield, adding to tonne-mile demand,’ it explained.
Total operating profit after acquisition-related costs was £42.2 million, up 50% from £28.1 million a year earlier.
‘The outlook for the business remains strong due to the structural supply shortage in the global shipping fleet and we continue to benefit from our international footprint, leading market position, diverse offering and a deep understanding of the energy transition,’ Chief Executive Officer Andi Case said.
Clarkson raised its interim dividend by 7.4% to 29 pence per share from 27p paid a year before.
As at June 30, free cash resources stood at £102.5 million compared to £92.3 million at December 31.
Looking ahead, Clarkson said it is seeing a ‘continuation of the trends seen in the first half of the year’. It added that it is well positioned for the future.
Shares were down 3.5% at 3,430.00 pence each on Monday morning in London.
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