Clarkson has issued a trading update highlighting the deteriorating business conditions it faces and anticipating materially weaker profits YoY in 2016. We now anticipate recovery to be delayed into 2017. We cut our FY16 clean PBT forecast by 21% to £43.1m and amend future forecasts; effectively our former FY17 forecast has become our FY18 forecast. We shade our 2016 dividend forecast by 2p per share but leave prospective dividend forecasts unchanged. We reduce our target price to 2,550
