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Clarkson PLC on Thursday said it has made a strong start to the year, despite the conflict in the Middle East harming its shipping customers. Clarkson said progress was largely across the board, but it did note a ‘more challenging’ environment for its investment banking arm. Ahead of its annual general meeting Thursday, the London-based provider of shipping services said it has a ‘positive’ outlook, though it noted weaker volumes of transit through the key Suez Canal. ‘The group has made a positive start to the year, helping our clients to navigate the ongoing complexities and disruptions to global trade, by providing the expertise, data and insights to enable them to make the right decisions for their organisations,’ it said. The firm’s Broking division ‘continues to perform strongly’, it said. Clarkson confirmed that spot business done to date in 2024 is in line with the prior year, as expected. Clarkson added: ‘The invoicing profile of the forward order book, together with the increase in voyage duration arising from lower volumes through the Suez Canal due to tensions in the Middle East, mean that profits from this division will once again be second half weighted. Elsewhere, its Research division ’continued to perform well providing its market-leading data and insights for a broad range of subscribers‘. The Support arm has seen ’good activity across port agency, supplies and the provision of safety equipment and training‘, partly offset by weaker revenue from lower Suez Canal transit volumes. ‘The Financial division, whilst continuing to build pipeline and remaining transactionally active, is currently experiencing more challenging capital markets within our investment banking activities, and a tighter real estate market affecting our project finance business,’ Clarkson added. Shares in the company traded 1.0% lower at 3,980.26 pence each in London on Thursday afternoon. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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