Clarkson PLC AGM and Interim Management Statement (4461E)
10 Maggio 2013 - 1:00PM
UK Regulatory
TIDMCKN
RNS Number : 4461E
Clarkson PLC
10 May 2013
10 May 2013
CLARKSON PLC
("Clarksons" or "the Group")
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 2013 to 9 May 2013 ("the
period").
At the Annual General Meeting to be held in London today, Bob
Benton, Chairman of Clarksons, will make the following
statement:
Trading
Shipping markets remained suppressed throughout the period with
rates and asset values under pressure, reflecting the backdrop of
continued global economic uncertainty.
Against these difficult trading conditions the expertise of our
teams and strength of our research offer, underpinned by our global
footprint, once again demonstrated their value to clients and we
have continued to make good progress towards our strategic
goals.
Broking
Freight rates have been under increasing pressure since the
start of the year with the average ClarkSea Index for Q1 2013 down
9% and the Baltic Dry Index down 13%. However, the strength and
breadth of our teams has meant we have been at the forefront of any
activity and continued to build volumes and market share across
most sectors. We have also begun to see more activity in underlying
assets which is encouraging, albeit the associated revenues will
not all be recognised in 2013.
Financial
Following the management actions taken towards the end of last
year, our Financial businesses are now operating at a reduced level
of overall losses as we continue to build their capability for the
long term. Revenue growth derived from our new equity sales and
trading team in New York has started to gain momentum and should be
further supported by several key hires made during the period.
Support
The year has started well for our port and agency businesses
which are benefiting from the completed integration of the Port
Services and EnShips acquisitions made at the end of 2011.
Research
Research underpins all of Clarksons' services and in challenging
trading conditions the value it offers our clients is more
important than ever. We continue to grow and develop the breadth
and depth of our offer and have seen an increase in underlying
revenue from research activities during the period.
Board Changes
As previously announced on 25 March 2013 Philip Green has been
appointed Senior Independent Director and will succeed me as
Chairman on 1 August 2013, when I retire from the role, remaining
on the Board until November 2013. Philip brings with him a wealth
of experience and on behalf of the Board I would like to wish him
every success in his new role.
Outlook
The industry outlook remains challenging with the continued
focus on the spot market limiting visibility. The delivery profile
of our newbuild and offshore activities will result in a weighting
in performance to the second half this year. Nevertheless group
trading in 2013 is in line with the Board's expectations.
Our business model has shown itself to be robust in this
environment. In these difficult times our customers value our
market leading offer more than ever and our proven strategy and
strong balance sheet give us continued confidence in Clarksons'
prospects.
Enquiries:
Clarkson PLC:
Andi Case, Chief Executive
Jeff Woyda, Finance Director 020 7334 0000
Hudson Sandler:
Kate Hoare
Katie Matthews 020 7796 4133
This information is provided by RNS
The company news service from the London Stock Exchange
END
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