(Alliance News) – Clarkson PLC said Thursday it had a strong start to the year, despite conflict in the Middle East hurting its shipping industry customers.
Clarkson said progress was largely widespread, but noted a “more challenging” environment for its investment banking arm.
Ahead of its annual general meeting on Thursday, the London-based shipping services provider said its outlook was “positive”, although it noted a decline in transit volumes through the key Suez Canal. .
“The group has had a positive start to the year, helping its clients navigate the current complexities and disruptions of global trade, providing them with the expertise, data and insights that enable them to make the right decisions for their organizations,” the group said.
The company’s brokerage division “continues to perform well.” Mr Clarkson confirmed that spot business to date in 2024 is in line with the previous year, as expected.
Mr Clarkson added: “The billing profile of the forward order book, together with increased journey times resulting from lower volumes through the Suez Canal due to tensions in the Middle East, mean that the profits of this division will once again be weighted by the second half.
Additionally, the Research division “continued to perform well in providing market-leading data and insights to a wide range of subscribers.” The Support division experienced “good activity in the areas of port agency, supplies and the provision of security equipment and training”, partly offset by lower revenues due to lower transit volumes on the Suez Canal.
“The financial division, while continuing to develop its pipeline and remaining transactionally active, is currently facing more challenging capital markets in its investment banking business, and a tighter real estate market which affects its project financing activities,” Mr. Clarkson added.
Shares in the company fell 1.0% to 3,980.26 pence per unit in London on Thursday afternoon.
By Eric Cunha, Editor-in-Chief of Alliance News
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