Clarkson (Horace) PLC
29 May 2001
The following remarks were made by Michael Beckett, Chairman Horace Clarkson
PLC, at this morning's Annual General Meeting of the Company:
At this point, I should like to make a short statement regarding your
company's current trading performance and the special business before the
meeting. I will then invite any questions that you may have.
Last year I reported on the anticipated recovery in shipping markets. Led by
an exceptional and highly motivated team of professionals we have taken full
advantage of the improved market conditions. Clarksons has aligned itself well
with the industry consolidators and now clearly leads the market in the
provision of value added services. What this means to you, our shareholders,
is that last year we were able to report record earnings and dividends. I am
confident that with your company on its new path, shareholders can look
forward to even better times ahead.
Shipping is growing. In shipping services activities alone, excluding the
value of the underlying assets, we are talking about an industry which
generates approximately 6 billion US dollars annually. Your board is
determined to expand Clarksons share of this massive business sector as the
leading shipping services provider.
The past year has been very busy, the company has successfully concluded
investments in the two leading shipping portals - Levelseas and Oceanconnect -
we have launched a number of new products of our own. SIN 2001, Financial
services, Fund management, Shipvalue.net and LNG shipping solutions will all
deliver further value to customers and shareholders alike.
Our new Greek office, Clarksons Hellas, underlines our global approach but
also indicates our high regard for the importance of local markets. We intend
to maintain and build on this theme and given the excellent performance of our
overseas offices, particularly Singapore, Shanghai and Australia, we are
encouraged to look at re-establishing a significant presence in the US. In
Greece we shall focus on providing added value to the local community by
marketing our full range of services but also we shall be making a special
effort towards growing the base of our Hong Kong based ship management
business, Univan.
Strong earnings and an improving share price are providing us with a good
platform to make interesting and profitable investments and we are looking at
further acquisitions which will broaden our earnings base, both in
non-cyclical fee driven business as well as our traditional core broking
businesses.
Your company is in robust good health and well positioned to expand its
position as the leading shipping services provider. Whilst we remain
disappointed that the investor community has not yet fully recognised the
company's earnings potential, the board is working to achieve a better
understanding by the stock market of the true worth of the business.
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