Clarksons first half operating profit leaps 41pc

CLARKSON plc has announced its unaudited interim results for the six months ended June 30, which show that operating profit on continuing operations was up 41 per cent over the same period last year to GBP9.6 million (US$19.4 million).

"We are optimistic that 2007 will prove to be a strong year for Clarksons. As a result of our strategy to increase the spread of our global businesses and the strength of our forward order book, we should produce full year profits in line with management expectations," said CEO Richard Fulford-Smith.

 Revenue rose 53 per cent to US$144.7 million. Profit before tax on continuing operations increased 32 per cent over the previous year to GBP12.3 million.

 "The result for the first half was encouraging and reflected both a strong shipping market and the benefits which are now coming through from the acquisition of businesses and teams in key business lines. This solid first half result establishes a good platform for the full year," said Clarksons chairman Tim Harris.

First half revenues in dry cargo chartering rose to GBP20.2 million, up from GBP12.8 million the previous year, with profit before tax increasing by 145 per cent to GBP4.9 million.

 This was attributed to a strong freight market which also assisted its derivatives desk which reported record revenue of GBP4.8 million with a profit before tax of GBP1.2 million.

 Particularly good results were achieved across the board in shipbroking and the fund management business, said a company statement.