Clarkson Regulatory News (CKN)

5 Jul 2007 07:00

Clarkson PLC05 July 2007 5 July 2007 Clarkson PLC Pre-Close Trading Update On entering its close period, Clarksons PLC are pleased to announce thefollowing update: Trading For the 6 months ended 30 June, 2007, the buoyant trading conditions outlined atthe time of our Preliminary Results in March and our AGM in May, have continuedto deliver growth across the business. As a result, despite the continuing weakUS Dollar and on-going absorbed legal costs associated with the Soviet shippingcases, the Group's trading in the first half continues to be significantly aheadof the comparable period last year and in line with management expectations. Acquisitions and newly formed businesses established in line with our strategyto further spread our base of business are performing well and contributingrevenue growth as expected. Our Fund Management business had a successful firstyear, with performance for the year to 30 April delivering returns of 19.28% toinvestors, net of fees. Performance continued to be good through May and Juneand funds under management as at 2 July stand at USD 77 million (December 2006 -USD 47million). As anticipated, the new senior members of our global Sale and Purchase team havealready delivered significant growth in turnover. Newbuilding activity has beenparticularly strong with significant additions to the forward order book.Second hand markets have remained positive and spot billings for this year willalso demonstrate clear improvement on the same period last year. Dry cargo market conditions remain strong and increased volumes of period andspot business, particularly in our futures broking arm, have delivered bothrevenue and profit growth during the first half. Our dry cargo global footprintis substantial and as a consequence of the extremely positive freight marketmost of our overseas offices show continued growth. Our tanker and gas businesses continue to trade profitably despite relativelyweaker freight market conditions, particularly in the gas markets. Acquisition We are also pleased to announce today that Clarkson has agreed to merge itsHouston operation with Normarine Offshore Consultants (USA) Inc ('NOC'). NOCacts as a broker in the sale and purchase, newbuilding, and charter of mobileoffshore drilling units. Clarksons Offshore acts as a broker in the sale andpurchase, financing, newbuilding and chartering of vessels supporting oilfieldoperations such as anchor handlers, platform supply, diving , production andsubsea Vessels. The total consideration of £2.7 million will be satisfied by the issue of sharesand as a result, application will be made to the UK Listing Authority and to theLondon Stock Exchange for admission to the Official List for a listing of291,132 Ordinary Shares of £0.25 each. These shares, ranking pari passu in allrespects with the existing shares in issue, will be allotted to Mr SteveLawrence, the owner of NOC. It is expected that admission of the Ordinaryshares will become effective on 10 July 2007. Interim Results Interim results for the 6 months ending 30 June will be announced on Wednesday 5September 2007. Commenting, Richard Fulford-Smith, Chief Executive said: "We are delighted to see continuing expansion of business lines in accordancewith our strategy to further spread our base within shipping and shippingrelated products. The merger of our Houston based business with Normarine'swill further add to our ability to deliver the fullest possible range ofproducts and services to our global customer base. The Board remains confident of further progress in the second half." Enquiries: Clarkson PLC 020 7334 0000Richard Fulford-Smith, Chief Executive OfficerJeff Woyda, Finance Director Hudson Sandler 020 7796 4133Jessica Rouleau This information is provided by RNS The company news service from the London Stock Exchange