Shipping services firm Clarkson has seen profits fall sharply as the global economic slowdown has left too many ships with too few goods to transport.
Clarkson delivered revenues of £88.0m in the first six months of 2012, against £88.6m in the same period of 2011, but underlying profit before tax was £11.0m, down from the £13.5m posted last year.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Average vessel earnings across the industry were 23% down on 2011 according to Clarkson's own ClarkSea Index. The value of boats has also declined 20% year-on-year and a whopping 60% from the peak in 2008.
Clarkson's underlying earnings per share came in at 39.8p (2011: 52.6p) while the interim dividend has been maintained at 18p per share.
Chief Executive Andi Case said his firm had shown "immense resilience". The market was less forgiving, the shares were down 4.95% at 09:18.
BS
-
MoneyWeek experts' best investments for the next 25 yearsMoneyWeek's experts predict the best investments for the next quarter-century. Tips range from defence and agriculture to Vietnam and Jardine Matheson
-
How to navigate the ups and downs of investment marketsMax King has spent over 40 years managing a fund and investing privately. Here are the key lessons he has learnt
