Clarkson Regulatory News (CKN)

7 May 2008 10:51

Clarkson PLC07 May 2008 7 May 2008 CLARKSON PLC ("Clarksons" or "the Group") AGM and Interim Management Statement Clarksons today announces its first Interim Management Statement, relating tothe period from 1 January 2008 to 6 May 2008, in accordance with the Disclosureand Transparency Rules, issued by the UK Listing Authority. At the Annual General Meeting, to be held in London today, Tim Harris, Chairmanof Clarksons will make the following statement: Trading The Group has continued to trade strongly since the announcement of itsPreliminary Results on 17 March. All businesses have delivered underlying growthand performance continues to be in line with management's expectations. The yearend result will, however, be impacted by the exceptional cost of the £8 millionprovision made against the Russian claims. Litigation The Board has reviewed with its advisers the litigation concerning previouslyannounced claims totalling US$67 million from Sovcomflot and Novoship ("theClaimants"), the Russian state-owned shipping companies. As a result of thediscovery of new evidence and on-going discussions with the Claimants, the Boardannounced on 29 April 2008 its decision, without any admission of liability, tomake a further provision against the claims of £8 million. The Board's view of the further potential claim by Sovcomflot regarding routineyear end valuations remains unchanged from the views expressed in the 2007Annual Report. Accordingly, no provision has been made against this potentialclaim. Board As previously announced to the market, Richard Fulford-Smith was asked to andhas stepped down from the Board and as Chief Executive. His future role withinthe Group is a matter for further discussion. Andi Case, currently Managing Director of Global Broking and Chief OperatingOfficer of Clarksons, has become interim Chief Executive. Outlook Although we have not yet reached the half year point, market conditions,combined with the order book brought forward from 2007 and the strong level ofbusiness written in 2008 to date, leave us confident that we will continue todeliver further underlying growth. Enquiries: Clarkson PLC 020 7334 0000Tim Harris, ChairmanJeff Woyda, Finance Director Hudson Sandler 020 7796 4133Jessica Rouleau This information is provided by RNS The company news service from the London Stock Exchange