Clarkson PLC AGM/Trading Statement (5371Y)
May 09 2019 - 7:00AM
UK Regulatory
TIDMCKN
RNS Number : 5371Y
Clarkson PLC
09 May 2019
9 May 2019
Clarkson PLC
("Clarksons" or the "Company")
AGM Statement
At the Annual General Meeting to be held in London today, Bill
Thomas, Chairman of Clarksons, will make the following trading
statement covering the period from 1 January 2019 to 8 May
2019.
The trends outlined in the outlook statement within our 2018
full year results on 11 March have continued, with the performance
of the business illustrating the strength from, and importance of,
our multi-divisional diversified offering. Our broking business
continues to benefit from our best in class position in all
markets, from the transaction flow the Company sees and from our
research, data analysis and market intelligence.
Spot negotiations within broking have been in line with
expectations during the period. This is despite the average
ClarkSea index, which reflects earnings for the main vessel types
in shipping, being 6% lower in the first 4 months of 2019 than the
average for the whole of 2018 and 22% lower than the final quarter
of last year. We highlighted at the full year results that dry
cargo freight rates started the year with significant challenges.
This environment continued through to the end of April, evidenced
by the Baltic Dry Index which, was 40% lower than the average for
the whole of 2018. We continue to believe that this market will
start to improve as the year progresses. Strength in our other
broking divisions is offsetting this weakness and the outlook for
our broking business remains positive.
Challenging global financial markets have, as they did in the
first quarter of 2018 and as disclosed at our full year results,
resulted in depressed activity levels in our financial division. We
have a strong and improving pipeline of mandates, though there
remains uncertainty as to the exact timing of the execution of
these deals.
Our support business is trading in line with expectations as we
see signs of renewed activity in the North Sea oil and gas
industry.
Finally, demand for our industry-leading market insights, data
and research is continuing to drive growth in our research business
as expected.
Overall, we have made a solid start to the year, which we
continue to believe will again be second half weighted.
Company enquiries:
Clarkson PLC 020 7334 0000
Andi Case, Chief Executive Officer
Jeff Woyda, Chief Financial Officer and Chief Operating
Officer
Camarco 020 3757 4983 / 4994
Billy Clegg
Jennifer Renwick
About Clarkson PLC
Clarkson PLC is the world's leading provider of integrated
services and investment banking capabilities to the shipping and
offshore markets, facilitating global trade.
Founded in 1852, Clarksons offers its diverse and growing client
base an unrivalled range of shipbroking services, sector research,
on-hand logistical support and full investment banking capabilities
in all key shipping and offshore sectors.
The Company has delivered 16 years of consecutive dividend
growth. The highly cash generative nature of the business,
supported by a strong balance sheet, has enabled Clarksons to
continue to invest to position the business to capitalise on the
upturn in its markets.
Clarksons is listed on the main market of the London Stock
Exchange under the ticker CKN and is a member of the FTSE 250
Index.
For more information, visit www.clarksons.com.
The information contained within this announcement is deemed by
Clarksons to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain. The
person responsible for arranging the release of this announcement
on behalf of Clarksons is Jeff Woyda, Chief Financial Officer and
Chief Operating Officer.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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