Business
Update on COVID-19
Update on COVID-19.
About this update from Clarkson Plc
[{"type":"text","content":"\n \n \n RNS Number : 8587H\n Clarkson PLC\n 27 March 2020\n \n \n \n \n \n \n \n CLARKSON PLC\n \n \n \n \n \n \n \n \n 27 March 2020\n \n \n Update on COVID-19\n \n \n \n \n \n \n \n \n Clarkson PLC (\"the Company\" or \"Clarksons\"), the world's leading provider of integrated shipping services, today announces that in light of the current increased uncertainty caused by the COVID-19 outbreak, the Board has decided to withdraw the resolution regarding the final dividend from the Annual General Meeting (\"AGM\") and defer the decision on the amount and timing of the dividend until later in the year once the impact of COVID-19 on maritime markets and Clarksons' business becomes clearer. The Board deems this decision as conservative and prudent, enabling Clarksons to conserve current cash reserves, address any potential short-term disruptions in the maritime industry and protect shareholder value. Clarksons' belief in a progressive dividend policy, which has delivered 16 years of increased dividend, remains firmly intact albeit that in these quite exceptional times it has decided to take this temporary measure. \n \n \n \n \n \n As announced in the Preliminary Results on 9 March 2020, Clarksons entered 2020 with a robust balance sheet and an improved forward order book from 2019. We believe that the medium-term outlook for the shipping markets remains favourable, driven by improving supply/demand dynamics and regulatory changes, albeit that the outbreak of the COVID-19 virus will inevitably impact the Company's performance in the first half of 2020. Currently the Broking division continues to trade effectively across all market verticals, Research continues to provide valuable insights and much needed data and analytics to clients, Financial is currently experiencing challenges from a lack of primary activity due to the extensive impact on financial markets, and Support is continuing servicing its extensive customer base through their short-term operational challenges.\n \n \n \n \n \n During this crisis, the number one priority of Clarksons is the health and wellbeing of its employees around the world. Initially this impacted our offices in the Far East, however now we have most global employees successfully working from home, helping our clients with their needs, and thus enabling...