Business
AGM and IMS
AGM and IMS.
About this update from Clarkson Plc
[{"type":"text","content":"\n Clarkson PLC\n07 May 2008\n\n\n\n\n\n 7 May 2008\n\n CLARKSON PLC\n ('Clarksons' or 'the Group')\n\n AGM and Interim Management Statement\n\n\nClarksons today announces its first Interim Management Statement, relating to\nthe period from 1 January 2008 to 6 May 2008, in accordance with the Disclosure\nand Transparency Rules, issued by the UK Listing Authority.\n\nAt the Annual General Meeting, to be held in London today, Tim Harris, Chairman\nof Clarksons will make the following statement:\n\nTrading\n\nThe Group has continued to trade strongly since the announcement of its\nPreliminary Results on 17 March. All businesses have delivered underlying growth\nand performance continues to be in line with management's expectations. The year\nend result will, however, be impacted by the exceptional cost of the £8 million\nprovision made against the Russian claims.\n\n\nLitigation\n\nThe Board has reviewed with its advisers the litigation concerning previously\nannounced claims totalling US$67 million from Sovcomflot and Novoship ('the\nClaimants'), the Russian state-owned shipping companies. As a result of the\ndiscovery of new evidence and on-going discussions with the Claimants, the Board\nannounced on 29 April 2008 its decision, without any admission of liability, to\nmake a further provision against the claims of £8 million.\n\n\nThe Board's view of the further potential claim by Sovcomflot regarding routine\nyear end valuations remains unchanged from the views expressed in the 2007\nAnnual Report. Accordingly, no provision has been made against this potential\nclaim.\n\n\nBoard\n\nAs previously announced to the market, Richard Fulford-Smith was asked to and\nhas stepped down from the Board and as Chief Executive. His future role within\nthe Group is a matter for further discussion.\n\n\nAndi Case, currently Managing Director of Global Broking and Chief Operating\nOfficer of Clarksons, has become interim Chief Executive.\n\n\nOutlook\n\nAlthough we have not yet reached the half year point, market conditions,\ncombined with the order book brought forward from 2007 and the strong level of\nbusiness written in 2008 to date, leave us confident that we will continue to\ndeliver further underlying growth.\n\n\nEnquiries:\n\nClarkson PLC 020 7334 0000\nTim Harris, Chairman\nJeff Woyda, Finance Director\n\nHudson Sandler 020 7796 4133...