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
Clarkson PLC CKN Interim Management Statement
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