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(Alliance News) - Shipping services firm Clarkson PLC hiked its interim dividend Monday after profit and revenue rose in a "robust" performance despite "suppressed" markets.
For the six months ended June, pretax profit widened 6.7% to GBP19.2 million from GBP18.0 million the year prior, after revenue rose 10% to GBP167.8 million from GBP152.6 million the year before.
Profit performance was helped by acquisition-related costs falling to GBP900,000 from GBP1.2 million the year prior. Underlying pretax profit widened 4.7% to GBP20.1 million from GBP19.2 million the year before.
"Clarksons has delivered a robust performance in the first half of 2019, with revenue up 10% and underlying profit up 5% on the first half of 2018, despite suppressed investor appetite weighing on the financial markets," Clarkson Chief Executive Officer Andi Case said.
Clarkson proposed a 25 pence per share interim dividend, up 4.2% from 24p the year prior.
"As in previous years, our business remains second half weighted and we anticipate that the upcoming introduction of IMO 2020 will cause market disruption supporting higher freight rates as the supply of available vessels is impacted," Case added. "This, and a broader re-balancing of supply and demand dynamics, means we remain confident in the outlook for Clarksons and the shipping markets, both in the coming months and longer-term."
