LIBERUM: Clarkson* - Dividend deferred as a precaution, continuing to trade effectively
In light of the current COVID-19 uncertainty, Clarkson has decided to withdraw the AGM resolution for its previously-declared final dividend. A decision on the amount and timing of the dividend will be deferred until later in the year, when the outlook is clearer.
27 Mar 20
LIBERUM: Clarkson* - FY in line, Coronavirus outbreak drives short-term uncertainty
In line results with strong growth in Broking, double-digit EPS growth overall and the 17th consecutive annual dividend. Investment in the group’s digital offering has continued, underpinned by the core business performance and a cash-rich balance sheet.
09 Mar 20
LIBERUM: Clarkson* - Awash with opportunities
The deployment of new digital platforms creates an additional layer of barriers to entry, with the long-term potential to put Clarkson's technology at the heart of all shipping transactions. Nearer term, the new IMO sulphur rules are likely to squeeze supply in markets where the demand/supply balance is already becoming more favourable.
19 Aug 19
LIBERUM: Clarkson* H1 in line, Broking strength more than offset Financial weakness
In line results and 5% growth at the PBT level masks a strong performance in Broking with 37% YoY divisional profit growth coming despite unhelpful shipping market conditions. There was some help from a weak comparative and a currency tailwind, but the underlying performance was encouraging.
12 Aug 19
LIBERUM: Clarkson* - FY slightly ahead but cautious outlook for the Financial division
Slightly better than expected results comprised a much better than expected performance in Broking, which ended flat having been sharply lower in H1, offset by further weakness in the Financial division and higher central costs on elevated IT spending. The latter reflects efforts to begin offering new digital services to clients, although we have not assumed material incremental revenue at this stage.
11 Mar 19
LIBERUM: Clarkson* - Improved confidence
Improved activity levels in Q2 give us confidence in the current year outlook, while not being enough to offset the weak Q1. Attention should shift back to the long-term, where Clarkson continues to strengthen its market leadership with further investments in research and technology to position itself for the anticipated structural recovery in shipping market levels.
17 Aug 18
LIBERUM: Clarkson* - Signs of firmer current trading, interim results in line
The interim results showed a sharp fall in profits, as expected, reflecting the soft market conditions in Q1 in asset broking markets. There are signs of activity levels in those markets having recovered through Q2.
13 Aug 18
LIBERUM: Clarkson* - Forecasts cut on quieter asset transaction markets and FX
Clarkson has warned that it expects current year earnings to be materially below last year’s level and current expectations. Volatility in financial markets and concerns about a possible trade war have supressed activity in shipping asset transactions.
23 Apr 18
LIBERUM: Clarkson* - FY results in line, early signs of shipping markets improving
Results in line with expectations, with improvements at Broking and Financial reflecting a combination of stronger shipping markets and the fruits of past management initiatives to strengthen and broaden the group’s market-leading positions. Forecasts unchanged, despite a currency headwind and a smaller Forward Order Book.
12 Mar 18
LIBERUM: Clarkson - Interim results slightly ahead, market recovery still awaited
Results slightly ahead of our forecasts, showing respectable profit growth despite shipping markets remaining relatively lacklustre. Management continues to focus on reinforcing the group’s market leading positions, laying the ground for when market conditions improve.
14 Aug 17
LIBERUM: Clarkson* - Trading update: in line
Clarkson’s AGM trading update has highlighted an encouraging start to the year, with trading in line with management's expectations. Shipping markets have been mixed so far this year, and the anticipated swing towards more spot business has occurred.
12 May 17
LIBERUM: Clarkson* - Outperforming challenging markets
Clarkson remains materially profitable and cash generative, despite the most challenging shipping market conditions for 20 years. Management has focused on what it can deliver, exploiting market-leading research and cross-selling investment banking services to reinforce Clarkson's market leadership in shipbroking.
14 Mar 17
LIBERUM: Clarkson* - FY results in line, industry outlook improving
The FY results were as expected, despite shipping market conditions remaining challenging. Transaction volumes continued to grow, and market share continued to rise, but this was more than offset by lower freight rates and vessel values.
13 Mar 17
LIBERUM: Clarkson* - Investor day highlights competitive advantages
Clarkson’s investor day provided further evidence of the group's competitive advantage. The group is exploiting its breadth of services, global reach and scale to deliver further market share gains and superior financial performance.
08 Feb 17
LIBERUM: Clarkson* - In a class of its own
Clarkson is the world's leading shipbroker. Its unrivalled market positions and research capabilities support superior margins, productivity and returns. Market share gains have mitigated the worst effects of the shipping downturn, leaving the group well-positioned to exploit the eventual recovery.
31 Oct 16
LIBERUM: Clarkson* - Initiation – Swimming against the shipping tide
Interim results showed a fall in profits, with tough shipping market conditions more than offsetting underlying strategic progress. A shakeout in the shipping market seems inevitable, to the group's eventual benefit, but timing remains uncertain.
15 Aug 16