AGM and Interim Management Statement (3864G)
11 Maggio 2011 - 1:00PM
UK Regulatory
TIDMCKN
RNS Number : 3864G
Clarkson PLC
11 May 2011
11 May 2011
CLARKSON PLC
("Clarksons")
AGM and Interim Management Statement
Clarksons, the world's leading shipping services group, today
announces its Interim Management Statement published in accordance
with the UK Listing Authority's Disclosure and Transparency Rules,
for the period from 1 January 2011 to 10 May 2011 ("the
period").
At the Annual General Meeting to be held in London today, Bob
Benton, Chairman of Clarksons, will make the following
statement:
Trading
Clarksons has delivered a good performance during the period.
The unforeseeable events in the early months of 2011, including
tragic natural disasters in Japan and Australia and political
unrest in the Middle East, have led to continued volatility and
uncertainty across global shipping markets. Nevertheless, the Group
has traded in line with the Board's expectations reflecting the
strength and breadth of our market leading client services and
global reach.
Broking
The Group has continued to take market share during the period
with higher transaction volumes going some way to offsetting
reduced freight rates, arising from the previously highlighted
demand/supply imbalance and the impact of the weakened US dollar
which has depreciated some 5% against the GB pound since the end of
2010. Strong performances in particular from our Offshore,
Specialised Products and Deep Sea teams have once again
demonstrated the benefits of the breadth of Clarksons' core broking
offer.
Financial
Our futures broking business has experienced weaker market
conditions during the period, reflecting both reduced freight rates
and reduced volumes in the overall FFA market.
Clarkson Investment Services ("CIS") has continued to expand its
offer by increasing its presence in the United States, through the
recent appointment of an energy banking team, and the extension of
its research capabilities. CIS continue to work on a number of
mandates which are expected to generate income in the current
year.
Support
This division, led by Clarkson Port Services, has performed in
line with expectations during the period.
Research
Research underpins all Clarkson's services and is all the more
valuable to our clients in uncertain markets. This division has
also performed in line with the Board's expectations, showing
growth in volume of sales, average income per subscriber and an
extension of offering including World Fleet Register and Offshore
Intelligence Monthly.
Balance Sheet
Since the year end we have repaid all bank borrowings and
supported by our strong balance sheet remain well positioned to
take advantage as the markets evolve.
Outlook
Uncertainty remains over the rate of macroeconomic recovery and
this, combined with the ongoing political uncertainty in various
regions, continues to translate to volatile trading markets. We
continue to see prevalence towards spot market business, reflecting
the ongoing disconnect between current freight rates and
expectations for the speed and sustainability of global economic
recovery.
However, against this market backdrop of volatile freight rates
and a weakened US dollar, we continue to gain from increased
trading volumes in most sectors. Clarksons' global leading market
position and breadth of offer, with industry leading research at
its core ensures we remain best placed to maximise opportunities
and add value to our clients.
Enquiries:
Clarkson PLC: Andi Case, Chief Executive Jeff Woyda, Finance Director 020 7334 0000
Hudson Sandler: Charlie Jack Kate Hough 020 7796 4133
This information is provided by RNS
The company news service from the London Stock Exchange
END
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