Clarkson says 2008 to exceed expectations

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Date: Thursday 28 Aug 2008

LONDON (ShareCast) - Shipping services group Clarkson said 2008 will exceed management’s previous expectations as it saw revenues surge 63% for the half-year.

Revenues for the period rose to £118.1m from £72.6m on strong performances from dry bulk, sale and purchase and futures broking segments

Profit before tax before exceptionals was £19.1m against £13.4m in 2007. After exceptionals, the group incurred a loss of £1.9m against the £13.4m profit last year.

Settlement of claims with Novoship and Sovcomflot lead to a previously announced exceptional cost of £21.0m while the litigation process also hiked admin spend.

“Although the US dollar, our main trading currency, had little impact on the first half results, if the recent strengthening is sustained for the duration of the second half, we would expect to see a beneficial impact on our results,” said the group.

“Combined with a strong and growing forward order book for 2008 and beyond, we are confident that Clarksons is well positioned for the future. Accordingly, 2008 will now exceed management's previous expectations,” it added.

Interim dividend was raised 14% to 16.0p per share.

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