Shares of Clarkson erupted over 15% in London after the shipping company recorded higher profits and revenue for the first half of the year.
The London-based group saw its profit jump to £21.1 million, higher than £20.1 million in 2019. Earnings per share (EPS) were reported at 51.4p, again higher than 48.5p last year. Profits were better than expected amid a rise in revenue to £180.4 million from £167.8 in 2019.
“Clarksons has delivered a positive first half during 2020 despite the unprecedented challenges that we have all faced,” said Andi Case, Clarkson's chief executive, in a trading statement.
“The company has produced strong cash flow, boosted by the excellent performances of our broking and research divisions, allowing the board to pay the equivalent of the 2019 final dividend as well as an interim dividend for 2020. We have delivered 17 consecutive years of dividend growth”.
As Case noted, Clarkson decided to pay the deferred 2019 final dividend as a bonus at 53p per share. For this year, the shipping firm declared an interim dividend at 25p per share.
The provider of shipping services withdrew a full-year outlook due to the poor visibility.
Clarkson share price surged 15% to 2405p, the highest level in a month.