Clarkson sticks with trading estimates

Ship broker Clarkson said that since its interim management statement at the start of November, when it issued a profit warning, trading had continued in line with expectations.

Ship broker Clarkson said that since its interim management statement at the start of November, when it issued a profit warning, trading had continued in line with expectations.

The two line update gave no other detail than full year results to the end of December are due on 7th March.

Last November's profit warning was blamed on global economic uncertainty reflected in reduced freight rates and lower asset prices.

At the time the company said short-term outlook for rates and values was uncertain, with demand/supply imbalance a brake on recovery and continued weakness in capital markets.

Lower than anticipated activity in the second half, particularly in broking and financial, had resulted in a reduction in the board's expectations for the full year results, it added.

The firm's ship broking operation has been hard hit by the continued cyclical downturn in the shipping industry, with freight rates falling and downward pressure on asset prices across a number of sectors.

Tightness in the debt market, especially for second hand tonnage, has further reduced the volume of sales and the value of the vessels hitting its revenues.

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Government plans could see NS&I boost interest rates
Savings

Government plans could see NS&I boost interest rates

The government-backed bank has a new funding target, which could prompt it to boost the rates on its Premium Bonds, ISAs and bonds.
16 Mar 2023
Share tips of the week – 17 March
Investments

Share tips of the week – 17 March

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages
10 Mar 2023
How to make your child a tax-free millionaire by age 37
Investments

How to make your child a tax-free millionaire by age 37

Exclusive research for MoneyWeek reveals how funding an ISA and a pension for your child until age 18 could build up a seven-figure sum by the time th…
14 Mar 2023