Clarkson profits sail south, ups divi

11th Mar 2010 08:03

Shipbroking and shipping services group Clarkson said lower freight rates weighed on full year profit but it is well positioned to take advantage of a recovery in shipping markets this year. Profit before taxation and exceptional item fell to £22.5m for the twelve months ended 31 December 2009 from £39.2m. Revenue declined to £176.7m during the year from £250.3m before, "reflecting the effects of the global recession on broking and financial divisions in terms of freight rates, asset values and related capital market activity."Looking ahead to future trading, Clarkson said, "Although there remains uncertainty as to the pace of economic growth worldwide, we believe we can build further on our strengths in 2010, from the relative strength of the US dollar and our forward order book."The board is recommending a final dividend of 27p, up from 26p a year earlier.