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- Revenue fell to £310.1m year-on-year in the six months ended June 30.
- Underlying pre-tax profit fell slightly to £53.1m from £51.5m
Clarkson shares fell after the company reported a drop in revenue and profit in its first-half results.
The world’s largest shipping services company told investors on Monday that its revenue fell 3.4 percent year-on-year to £310.1 million during the six months ended June 30.
The FTSE 250-listed company also revealed that its underlying pre-tax profit fell slightly to £53.1m from £51.5m.
The world’s largest shipping service told investors on Monday that its revenue fell 3.4% year-on-year to £310.1m, for the six months ended June 30.
Following the business update, Clarkson shares fell 9.61 percent to 3,950 pence in morning trading on Monday.
Despite the drop in results, the group has raised its interim dividend to 32 pence, up from 30 pence last year, as it still expects full-year results to be “in line” with expectations.
Andi Case, Clarkson’s chief executive, said: ‘The profile and future development of the forward order book, the level of new business being delivered and the pipeline for the second half, mean we are confident we will be strong in the second half and deliver full-year results in line with the board’s expectations.
‘This confidence has enabled the board of directors to increase the interim dividend by 2p to 32p, thus continuing the progressive dividend policy in the twenty-second year.’
Following the results, analysts at Panmure Liberum said Clarkson remained a “buy” as they stated the results were “in line with (their) forecasts”.
In March, Clarkson reported record figures for 2023 despite a “year of disruption in maritime markets.”
It revealed that its underlying pre-tax profit rose 8.2 per cent year-on-year to £109.2m, while revenue rose to £639.4m from £603.8m last year.
Shipping results were largely helped by unrest in the Middle East, which has led to a surge in chartered ships as shipping companies sought to avoid the Red Sea, where attacks on ships by Houthi rebels in Yemen have increased.
Shipping companies have had to arrange longer voyages to avoid using the Suez Canal, where tensions have risen following the war between Israel and Hamas.
The alternative sailing route around the Cape of Good Hope in South Africa can add 10 to 14 days to a voyage compared to passing through the Red Sea and Suez Canal.
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