Last checked at 9 May 2024 12:00
CLARKSON PLC
("the Company" or "Clarksons")
9 May 2024
AGM Trading Statement
At the Annual General Meeting to be held electronically by video webcast at 12 noon today, Laurence Hollingworth, Chair of Clarksons, will make the following trading statement covering the period from 1 January to 8 May 2024.
Current Trading
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.
• The Broking division continues to perform strongly with spot business transacted to date in line with last year as expected. The invoicing profile of the forward order book ("FOB"), 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.
• The Research division has continued to perform well providing its market-leading data and insights for a broad range of subscribers.
• The Support division has also performed well, with good activity across port agency, supplies and the provision of safety equipment and training, offset in part by weaker revenues 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.
• The Sea platform continues to make progress with the delivery of Sea Trade 2.0.
Outlook
The Board's expectations for the year remain unchanged and the outlook for Clarksons continues to be positive.
Details on how to join the AGM can be found in the Notice of Meeting.
Ends
For further details please contact:
Clarkson Plc
Andi Case, Chief Executive Officer
Jeff Woyda, Chief Financial and Chief Operating Officer
Tel: +44(0) 20 7334 0000
Camarco:
Billy Clegg
Jennifer Renwick
Tel: +44(0)20 3757 4983 / 4994
About Clarkson PLC
Clarkson PLC is the world's leading provider of integrated services and investment banking capabilities to the shipping and offshore markets, facilitating global trade.
Founded in 1852, Clarksons offers its diverse and growing client base an unrivalled range of shipbroking services, sector research, on-hand logistical support and full investment banking capabilities in all key shipping and offshore sectors. Clarksons continues to drive innovation across its business, developing digital solutions which underpin the Group's unrivalled expertise and knowledge with leading technology.
The Group employs over 2,000 people in over 60 different offices across its four divisions and is number one or two in all its market segments.
The Company has delivered 21 years of consecutive dividend growth. The highly cash-generative nature of the business, supported by a strong balance sheet, has enabled Clarksons to continue to invest to position the business to capitalise on opportunities in its markets.
Clarksons is listed on the main market of the London Stock Exchange under the ticker CKN and is a member of the FTSE 250 Index.
For more information, visit www.clarksons.com.