(Alliance News) - Clarkson PLC shares rose on Monday after the firm reported that it swung to a profit in 2021, following a recovery in shipping markets, leading the company to lift its payout to shareholders.
Clarkson shares were trading 5.6% higher in London on Monday morning at 3,289.04 pence each.
For 2021, the shipping services firm recorded a pretax profit of GBP69.1 million versus a GBP16.4 million loss in 2020.
Revenue of the London-based company increased 24% to GBP443.3 million from GBP358.2 million.
Clarkson credited this to a recovery in shipping markets, with long-term charters and newbuilding business allowing the firm to "significantly" build its forward order book. Newbuildings are newly built ships.
The company ended 2021 with a forward order book of USD165 million, up 42% from USD116 million at the same point a year earlier.
Clarkson lifted its final dividend to 57p, up 5.6% from 54p the year before. That brought its total annual payout to 84 pence, a 6.3% increase from 79p paid in 2020.
"Clarksons has emerged from the pandemic in better shape than ever. We enter 2022 from a position of strength and are very well placed to capitalise on favourable market dynamics," the company stated.
Clarkson still warned of geopolitical uncertainty due to the war in Ukraine, which could impact sanctions, exchange rates and commodity supply.
Nonetheless, its overall outlook remained positive and the business expects to continue to benefit from its "market-leading" position.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Clarkson (CKN)