Clarkson shares rise sharply as shipping group forecasts higher profits on strong performance across its broking arm
- Pre-tax profit for six months ending 30 June expected to be no less than £42m
- Clarkson shares performing strongly today amid group’s upbeat update
Shipping services group Clarkson now expects to report an improved pre-tax profit of no less than £42million for the six month period ending 30 June.
Clarkson shares rose sharply today and were up up 12.69 per cent or 375.00p to 3,330.00p in late morning trading.
In a trading update, the group told investors that first-half performance had been ‘strong’ across all divisions, with its broking unit performing ‘particularly well’.
Update: Clarkson expects to report an unaudited underlying pre-tax profit of no less than £42million for the six months ending 30 June
Looking ahead, the FTSE 250-listed group stated that while it was ‘mindful of macroeconomic conditions’, the board remains confident in its outlook and expects full-year results to be ‘materially ahead’ of previous expectations.
The group swung from a loss to post record results for 2021, with a 55 per cent surge in underlying profits as shipping markets started to recover from the pandemic.
The shipping services company reported underlying pre-tax profits of £69.4million for the year to 31 December 2021, against £44.7million in the previous year, on revenue rising to £443.3million from £358.2million.
In the first half of 2021, Clarkson recorded an underlying pre-tax profit of £27.5million.
As a result of the strong performance, the company’s dividend for the year was lifted to 84p per share from 79p in 2020, the nineteenth year in a row the firm has increased its payout.
Clarkson will publish its interim results on 8 August.