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Clarkson PLC CKN Interim Management Statement



  Clarkson PLC (CKN) - Interim Management Statement

RNS Number : 4933Q
Clarkson PLC
07 November 2012
 



                                       

 

                                                               7 November 2012

                                                                              

                                 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 2012
to 6 November 2012 ("the period").

 

Trading

 

Shipping markets  continue  to  reflect global  economic  uncertainty  through 
reduced freight  rates  and lower  asset  prices. Clarksons  has  consistently 
highlighted the demand/supply imbalance and  this remains a dominant  feature, 
as does a lack of available debt amidst general weakness in capital markets.

 

Our market leading positions  underpinned by excellent research,  geographical 
reach and our dedication to customer service provide some protection in  these 
difficult trading conditions.

 

Broking

 

Freight rates have continued to fall during the period which in recent  months 
has also increased the  pressure on asset prices  across a number of  sectors. 
This combined with the additional tightness in the debt market, especially for
second hand tonnage, has caused  a fall in volume  of sales, value of  vessels 
and consequently revenue earned.  A weakening US  dollar against Sterling  has 
put further  pressure  on  reported revenues.  Increased  transaction  volumes 
throughout most  of  our broking  operations  have partially  mitigated  these 
issues and the strength of our offer  in terms of the international spread  of 
our operations and our successful teams  has enabled us to consolidate and  in 
most areas build market  share. Spot business remains  prevalent as it has  in 
recent years.

 

Financial

 

The securities industry  in which  Clarkson Capital  Markets operates  remains 
extremely difficult  in the  face  of the  continuing economic  downturn  with 
transaction activity remaining at very low levels.  As highlighted at the half
year, we are continuing to pay close attention to costs and the downsizing  of 
Dubai is now well advanced.

 

Support

 

Our port  and  agency  operations  have continued  to  perform  in  line  with 
expectations during the period with last year's acquisitions, EnShip and Opex,
integrating well and proving a valuable addition to the business.

 

Research

 

Clarkson Research Services remains an  essential source of information to  the 
maritime and offshore industries and it  continues to deliver sound growth  on 
the back of client demand for both its established and new products.

 

Outlook

 

The short term outlook for rates  and values is uncertain, with  demand/supply 
imbalance a brake on recovery and continued weakness in capital markets. Lower
than anticipated  activity in  the second  half, particularly  in broking  and 
financial, has resulted  in a reduction  in the Board's  expectations for  the 
full year results.  Nevertheless Clarksons  remains well placed  to cope  with 
current conditions and gain from recovery when it arrives.

 

 

Enquiries:

 

Clarkson PLC                 020 7334 0000
Andi Case, Chief executive    
Jeff Woyda, Finance director  
                              
Hudson Sandler               020 7796 4133
Andrew Leach                  
Katie Matthews                

 

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
IMSBFBLTMBMMBIT -0- Nov/07/2012 07:00 GMT
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