Clarkson reported underlying profit before taxation for 1H16 of £21.8m on revenue of £147.2m generating underlying EPS of 52.9p. That result was 10% ahead of our 1H16 EPS forecast and within 3% of the 1H15 result. Given how challenging the industry background has been, we regard that as a very positive result. The interim dividend was unchanged at 22p, but we continue to anticipate that Clarkson will increase the FY16 dividend by 2p per share YoY to 64.0p. Net funds available to s
