Clarkson Regulatory News (CKN)

27 Jun 2008 10:20



27 June 2008

Clarkson PLC

("Clarksons" or "the Group")

Pre Close Trading Statement and Directorate Change

Clarkson PLC, the world's leading integrated shipping services group, is pleased to provide the following update on trading for the first half of 2008, prior to entering the close period:

Underlying Trading

The Group has continued to deliver strong underlying growth over the comparable period last year. Consequently, first half performance is slightly ahead of management's expectations, before exceptional items. 

All business segments are experiencing growth as we increasingly leverage our unparalleled global market expertise. Increases in the volume of business being written by our dry cargo brokers, in combination with record highs in freight rates during much of the period continue to drive a strong contribution from this part of the business. Our futures team has also delivered a very good first half performance resulting from the increasingly active market place growing around the commoditisation of freight. Strong activity in the tankers and specialised products teams, combined with continued deal flow within the sale and purchase teams, has meant that the impact of synergies arising from the breadth of activities within the Group is now becoming more apparent.

During the half we have also continued to build our investment services business. Although unlikely to contribute significant revenues in the current year, we believe that Clarkson's heritage and market knowledge provides us with a unique platform on which to develop financial advisory services. 

Litigation

Notwithstanding good progress across the Group, the result for 2008 will be impacted by the exceptional cost of both the £8 million provision announced on 29 April and the further and final provision of £13 million announced yesterday as part of the settlement agreement with Russian shipping companies, Sovcomflot and Novoship.

Board

Clarkson is delighted to announce the appointment of two Non Executive Directors, Paul Wogan and Edmond Warner, who will join the Board with immediate effect. Given the increasing breadth and depth of activities within the Group, their respective expertise will be of significant benefit to the Board.

Paul has 22 years experience in the shipping industry, within global organisations. Paul is the former President of Teekay Tanker Services, a business unit of one of the world's largest tanker shipping companies, listed in New York. Prior to that, he was Vice President of Business Development (2002-2004) and Managing Director (UK) (2000-2002) at Teekay Shipping. Paul also worked for Seachem Tankers (1994 - 2000), a global chemical tanker company, where he was Chief Executive and prior to that Vice President of Marketing.

Ed has a background in financial services, including IFX Group plc, where he was Chief Executive from 2003 to 2006 and Old Mutual plc, where he was Chief Executive of both Old Mutual Securities and Old Mutual Financial Services UK between 1999 and 2003. Prior to Old Mutual, Ed was Managing Director and Head of Pan-European Equities, at BT Alex Brown and was Global Head of Research at Dresdner Kleinwort Benson. Ed is also a director of The Eastern European Trust plc.

Andi Case became Chief Executive of the Group on 17 June 2008, having joined Clarksons in 2006, as Managing Director of Global Broking. His long standing industry expertise will be invaluable in leading the Company through its next phase of development.

Clarksons confirm that there are no other disclosures to be made in respect of either Paul Wogan or Ed Warner, pursuant to paragraph 9.6.13 of the Listing Rules.

Interim Results

Clarkson PLC will announce interim results for the six months ended 30 June 2008 on 28 August, 2008, not on 3 September, as previously announced.

Andi Case, Chief Executive Officer of Clarkson commented: "We are very pleased with the Group's performance in the first half and remain confident of continued progress in the second half.

I believe Clarksons is well positioned to continue growing and expanding its shipping related services and I look forward to working with all our teams to ensure that we remain at the forefront of our industry." 

Enquiries: