Clarkson PLC Interim Management Statement (4025S)
07 Novembre 2013 - 8:00AM
UK Regulatory
TIDMCKN
RNS Number : 4025S
Clarkson PLC
07 November 2013
7 November 2013
CLARKSON PLC
("Clarksons" or "the Group")
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 July 2013 to 6 November 2013 ("the
period").
Trading
Clarksons trading has been encouraging over the period against
global shipping markets which, although demonstrating some early
signs of improvement still remain challenging. This is evidenced by
the ClarkSea index which for the second half of 2013 to date was up
19% against the first half of the year and for the average of the
year to date was flat against the same period in 2012. Trading in
Q3 was up year on year.
The Group's performance has continued in line with the Board's
expectations. Whilst the Group started the year with a forward
order book $10m down on the previous year, the strength and breadth
of our offer and expertise of our teams has enabled us to
capitalise on the opportunities in our markets, achieving strong
spot growth to mitigate the lower forward order book brought
forward.
Broking
The positive indicators of improvement in our markets
highlighted at the half year have started to bear results and we
have seen some improvement in rates and asset values. Our broking
teams have worked hard to take full advantage, ensuring we are at
the forefront of all activity and we have seen particularly good
performances across offshore, tankers and specialised products as
well as an improvement in new building contracts.
Financial
Across our derivatives broking business, the improvement in
rates has resulted in strong volumes. Whilst rates softened again
towards the end of the third quarter, year to date losses in
derivative broking have seen a notable improvement year on year.
This performance, built on a recovery in the market for a short
period demonstrates the strategic rationale and opportunity for
this area of our business. Clarkson Capital Markets has also
performed well. Our teams are working on a number of active
mandates and continue to leverage client relationships across the
business through our full service offer.
Support
Trading in our Port Services business has continued to be
impacted by reduced grain exports as a result of the poor 2012
harvest and the decrease in activity of offshore oil and gas
projects in the North Sea. However, trading across the rest of our
support businesses have been in line with expectations.
On 1 November 2013, we announced the purchase of Gibb Tools, a
leading specialist tool supplier to the industrial maritime and
offshore sectors, for a maximum total consideration of GBP12.7m.
The acquisition allows Clarkson Port Services to further extend its
Port and Agency client offer into the important tool supply market,
bringing with it a wealth of complementary client relationships and
allowing us to tender for larger contracts. It is estimated that
Gibb Tools will enhance CPS's pre-tax profit by GBP2.0m per annum
before acquisition related costs.
Research
We continue to grow and develop the breadth and depth of our
Research offer which underpins all of Clarkson's services and have
seen an increase year on year in underlying revenue from research
activities during the period.
Outlook
Whilst the markets continue to be challenged, the recent
improvement in rates demonstrates that as trading conditions
improve, Clarksons has the right strategy, structure and teams in
position to take full advantage of recovery and we remain confident
in the outlook for the remainder of 2013 and the Board's
expectations are unchanged.
Enquiries:
Clarkson PLC 020 7334 0000
Andi Case, Chief executive
Jeff Woyda, Finance director
Hudson Sandler 020 7796 4133
Andrew Nicolls
Kate Hoare
Katie Matthews
This information is provided by RNS
The company news service from the London Stock Exchange
END
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