Clarkson shares sink after results announcement

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Clarkson shares sink after results announcement
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The price of shares in FTSE 250 shipping services firm Clarkson (LON:CKN) fell by 6.37% to 2,425p (as of 12:40 GMT) after it announced its results for the year ended 31st December. Underlying profits before tax dropped by 9.7% to £45.3 million, despite a 4.1% increase in revenues. Looking ahead, the company said that it would not be materially affected by Brexit, apart from the impact on foreign exchange prices.

Chief executive Andi Case commented: “Despite a challenging start to 2018, I am pleased to announce that we delivered a robust financial performance in line with expectations, strengthening our position at the forefront of the market and generating further returns for our shareholders with our 16th consecutive year of increased dividend. We continue to invest in our innovative technology offering and hire the best talent, maintaining our leading position by providing first class products and services for our clients.

“Geo-political uncertainty and natural disasters are currently affecting global sentiment and exchange rates, which in part offsets the better visibility from an improved forward order book. These headwinds are having an impact, in particular within our financial segment, but as the year progresses, we expect these to diminish and the impact from changes in regulation around sulphur emissions to begin. Consequently, we believe that the strength and breadth of Clarksons, enhanced by technology platforms which continue to be rolled out to our clients, positions the Group well for the future. The Board remains confident about the longer-term outlook for Clarksons“.

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