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- Underlying profit before tax rose 8.2% year-on-year to £109.2m.
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Clarkson posted record numbers for 2023 despite a “year of disruption in marine markets.”
The world’s largest shipping services provider told investors on Monday that underlying profit before tax rose 8.2 percent year-on-year to £109.2 million.
The London-listed company also reported that revenue had risen to £639.4 million, up from £603.8 million a year earlier.
The world’s largest shipping services provider told investors on Monday that underlying profit before tax rose 8.2 percent year-on-year to £109.2 million.
Andi Case, CEO of Clarkson, said: “2023 was a year of disruption in the marine markets and I am enormously proud to have achieved another record year.
“The current business is a reflection of two decades of investment in our strategy, and we are confident in our outstanding team, our range of market-leading services, our technologies and our geographic reach to meet the growing needs of our clients in a world which is increasingly complex.”
More ships are being chartered as shipping companies try to avoid the Red Sea, where attacks on Houthi rebel ships in Yemen have increased.
Shipping companies have had to organize longer voyages to avoid using the Suez Canal, where tensions have risen following the war between Israel and Hamas.
The alternative sea route around South Africa’s Cape of Good Hope can add 10 to 14 days to the journey compared to passing through the Red Sea and Suez Canal.
Andy Murphy, director of content and industry at Edison Group, said: “While the results highlight positive financial metrics and a strong balance sheet, it is essential to note the CEO’s recognition of the disruptions in the maritime markets, including the challenges of the supply chain and environmental concerns.
‘These challenges, particularly in shipbuilding capacity and financing, may impact future growth prospects and investment decisions.
‘Furthermore, mention of a more challenging year for the finance division indicates potential areas of concern amid positive overall performance.
“Investors should remain vigilant and monitor how the company addresses current market disruptions and capitalizes on emerging opportunities, especially in the context of the green transition and changes in business patterns.”
Last March, the shipping giant revealed that its pre-tax profits increased by £40 million to £100.1 million in 2022, thanks mainly to a strong result from its broking division.
Since Covid-related restrictions began to be eased around the world, freight rates have skyrocketed amid significant port congestion caused by rising demand for goods and a shortage of vessels.
clarkson stock rose 2.72 per cent to 3,775 pence in Monday morning trading
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