Clarkson Regulatory News (CKN)

5 Nov 2009 07:00



5 November 2009

CLARKSON PLC

("Clarksons")

Interim Management Statement

Clarksons, the world's leading shipping services group, today announces its Interim Management Statement published in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 1 July 2009 to 4 November 2009.

Trading

Conditions remain challenging across a number of our markets, due particularly to lower freight rates and asset values, but the diversification of Clarksons' businesses across the shipping sector, coupled with our unrivalled knowledge and expertise, positions us well. Consequently, trading since the start of the second half of the year has continued in line with the Board's expectations.

Broking

Transaction volumes have been maintained or increased across most of the broking desks, particularly dry cargo, deep sea tankers, gas and specialised products.

Reduced freight rates continue to impact broking revenues across all areas.  However, in spite of this, the gas and specialised products areas have experienced profit growth.

There has been a cautious return to buying activity in the sale and purchase markets from both traditional owners and new market participants, however the availability of credit still continues to hamper activity.

Financial 

Our futures broking business continues to grow market share although revenues, which are predominantly derived from the dry bulk market, are still being impacted by lower freight rates.

Clarkson Fund Management and Clarkson Investment Services are also operating in challenging markets. Both are continuing to progress the development of their business and we continue to believe that they will play an increasingly important part in the expansion of our global offering.

Support

Port and agency and technical services activities continue to trade in line with expectations.

Research

Clarksons' market leading research is essential to the service that we bring to our client base.  The uncertainty across the global shipping markets highlights the value of this resource to our clients and consequently revenue from research has grown.

Outlook

Against a backdrop of continuing economic uncertainty we remain understandably cautious in our outlook. However, our proven ability to expand into new segments of the shipping market, sound financial position, market leading teams and unrivalled research give us confidence that the Group remains on track to meet the Board's expectations for the full year.

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