Robust performance despite continued challenging market conditions in many of our markets
Revenue of £147.2m (2015: £145.3m)
Underlying profit before taxation £21.8m (2015: £23.6m)
Profit before taxation £17.5m (2015: £10.8m)
Underlying earnings per share 52.9p (2015: 54.3p)
Earnings per share 41.7p (2015: 15.0p)
Interim dividend maintained at 22p per share (2015: 22p per share)
Strong balance sheet, with £46.7m of net funds underpinning long-term growth (30 June 2015: £41.3m)
Andi Case, Chief Executive, commented:
"The global shipping industry is experiencing the most challenging rate environment seen in many years which, as previously highlighted, has inevitably impacted the Group's performance for the first six months of 2016.
"In the short-term we believe our markets will remain highly challenged, reflecting the ongoing supply demand imbalance with the resultant low levels of newbuilding contracts and a prevalence of spot business continuing to limit forward visibility of earnings. However, we believe industry operators and investors will look to these difficult trading conditions to seek solutions and exploit areas of opportunity and Clarksons' full service client offer, underpinned by our geographic reach, will continue to ensure we are at the forefront of all activity.
"Clarksons' clear strategy is aligned to the long-term fundamental drivers in our markets. Our business is highly cash generative and through our strong balance sheet we will continue to invest and take advantage of opportunities, positioning the Group for upturns in each of our markets when they come."