Clarkson Regulatory News (CKN)

16 Jan 2008 07:01

Clarkson PLC16 January 2008 16 January 2008 Clarkson PLC Trading Update Prior to entering its close period for the year ended 31 December 2007, theBoard of Clarkson PLC ("Clarksons") is pleased to provide the following update: Trading Since the publication of its interim results on 5 September 2007, tradingconditions have continued to be extremely buoyant. Notwithstanding the weaknessin the US Dollar during most of the second half, the majority of the businesshas performed very well, leading to a second half trading result that will besubstantially ahead of the Board's original expectations. This result has been driven by particularly strong performances in the drycargo, derivatives and sale and purchase businesses. Fund Management has alsooutperformed our expectations, with performance net of fees of the ClarksonShipping Hedge Fund of 26.7% for the year ended 31 December (unaudited). Year-end Result Separately the Board has reviewed, with its advisers, the litigation concerningpreviously announced claims totalling USD67 million, from Sovcomflot andNovoship, the Russian state-owned shipping companies. As a result of itsconsiderations, the Board has decided, without any admission of liability, tomake a provision against the claims of £6 million and now expects profit beforetax, after taking account of this provision, for the year ending 31 December2007 to be in line with analysts' expectations. Commenting, Richard Fulford-Smith, Chief Executive said: "The second half hasbeen very positive for Clarksons with strong growth in most parts of thebusiness and the Board looks forward confidently to 2008, although we remaincautious as we expect some impact from uncertainty in global economic conditionsduring 2008." Preliminary results for the year ending 31 December 2007 will be announced on 17March 2008. Enquiries: Clarkson PLC 020 7334 0000 Tim Harris, ChairmanRichard Fulford-Smith, Chief Executive OfficerJeff Woyda, Finance Director Hudson Sandler 020 7796 4133Jessica Rouleau Quiller Consultants 020 7233 9444John Eisenhammer This information is provided by RNS The company news service from the London Stock Exchange