Business
Pre Close Trading Statement &
Pre Close Trading Statement &.
About this update from Clarkson Plc
[{"type":"text","content":"\n RNS Number : 7046X Clarkson PLC 27 June 2008 \n \n27 June 2008\n\nClarkson PLC\n('Clarksons' or 'the Group')\n\nPre Close Trading Statement and Directorate Change\n\n\nClarkson PLC, the world's leading integrated shipping services group, is pleased to provide the following update on trading for the first half of 2008, prior to entering the close period:\n\nUnderlying Trading\n\nThe Group has continued to deliver strong underlying growth over the comparable period last year. Consequently, first half performance is slightly ahead of management's expectations, before exceptional items. \n\nAll business segments are experiencing growth as we increasingly leverage our unparalleled global market expertise. Increases in the volume of business being written by our dry cargo brokers, in combination with record highs in freight rates during much of the period continue to drive a strong contribution from this part of the business. Our futures team has also delivered a very good first half performance resulting from the increasingly active market place growing around the commoditisation of freight. Strong activity in the tankers and specialised products teams, combined with continued deal flow within the sale and purchase teams, has meant that the impact of synergies arising from the breadth of activities within the Group is now becoming more apparent. \n\nDuring the half we have also continued to build our investment services business. Although unlikely to contribute significant revenues in the current year, we believe that Clarkson's heritage and market knowledge provides us with a unique platform on which to develop financial advisory services. \n\nLitigation\n\nNotwithstanding good progress across the Group, the result for 2008 will be impacted by the exceptional cost of both the £8 million provision announced on 29 April and the further and final provision of £13 million announced yesterday as part of the settlement agreement with Russian shipping companies, Sovcomflot and Novoship.\n\nBoard\n\nClarkson is delighted to announce the appointment of two Non Executive Directors, Paul Wogan and Edmond Warner, who will join the Board with immediate effect. Given the increasing breadth and depth of activities within the Group, their respective expertise will be of significant benefit to the Board.\n\nPaul has 22 years...