Clarkson annul earnings surge on strong broking performance

6th Mar 2023 07:03

(Sharecast News) - Shipping services company Clarkson reported a sharp rise in annual earnings, driven by a strong performance in its broking division.

Pre-tax profit for the 2022 calendar year came in at £100.1m, compared with £69.1m a year earlier. Revenue jumped 36% to a record £603.8m from £443.3m.

The total dividend was lifted to 93p a share, up from 84p. Broking operating profit was £117.6m, a rise of £44m and beating expectations of £105.7m from broker Peel Hunt. Clarkson cited volume and market share gains which aligned with high utilisation rates, driving higher freight rates.

"Whilst the global geo-political outlook for 2023 and beyond remains uncertain, the strength of business and balance between supply and demand, supported by our record level of forward order book, gives us confidence in the outlook for Clarksons," said chief executive Andi Case.

"The green transition is an area of key importance for Clarksons as clients recognise the significant steps they need to take towards decarbonisation. Increased environmental regulation and societal pressures will create opportunities across all our divisions for many years to come."

Reporting by Frank Prenesti for Sharecast.com