Clarksons Clocks up Strong First Half Profit
CLARKSONS reported first-half net profit 25% higher than in the same period a year earlier, at £16.3m ($21m), driven by increased broking activity due in part to a recovery in the dry bulk market.
According to MANA, The dry bulk and container markets saw an increase in rates after a severely depressed rate environment in 2016, the London-based brokerage said in an earnings statement.
Revenues rose 6.5% to £156.8m while net cash and available funds amounted to £71.4m, according to the statement. The company has increased its interim dividend by £0.01, to £0.23 per share.
“We are pleased with our performance so far in 2017, increasing revenue and volumes in difficult shipping and offshore markets,” said chief executive Andi Case.
“Our solid cash position means that irrespective of market conditions, we are able to invest in the business for future growth, deliver .increasing returns to shareholders and take advantage of strategic opportunities as they arise,” he added
Clarksons is hiring new employees to join its investment banking, equity and credit sales teams.