London shipping services firm "confident" as revenue and profits rise

A London shipping firm has today announced that its revenue and profits both rose in the past six months despite the challenges posed by the pandemic.

Clarkson PLC, which is based at St Katharine Docks, saw its revenue increase from £167.8m in the first half of 2019 to £180.4m in the same period this year.

The company’s profits rose by approximately £1m to £21.1m, a 5 per cent increase.

It is also resuming payment of dividends, marking its seventeenth year of dividend growth.

Andi Case, CEO of Clarksons, commented: “Clarksons has delivered a positive first half during 2020 despite the unprecedented challenges that we have all faced and I would like to thank all my Clarksons colleagues for their hard work.

“The company has produced strong cash flow, boosted by the excellent performances of our broking and research divisions, allowing the board to pay the equivalent of the 2019 final dividend as well as an interim dividend for 2020. We have delivered 17 consecutive years of dividend growth.

“Stimulus packages are being rolled out around the world and the impact on the speed and shape of global trade recovery is still to be determined. As a result, guidance for the full year remains withdrawn.

“We remain confident in the fundamentals of the global shipping industry and that Clarksons will continue to benefit from its leading market position and full range of services.”

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