Shipping firm Clarkson’s has reported an all-time high profit watermark as hostile actions against Western carriers in the Red Sea continue.
The London-listed firm today reported a record underlying profit before taxation* of £109.2m, up 8.2 per cent from £100.9m the year prior.
Revenue rose to £639.4m against £603.8m the year prior, while underlying earnings per share increased 9.9 per cent from 250.3p in 2022 to 275.0p.
The full year dividend of 102 cemented a 21st consecutive year of dividend growth and the firm also noted £175.4m-worth of free cash for investment, up from £130m the year prior.
On current market volatility, Clarkson’s said the duration of disruption in the Red Sea remains highly uncertain and the scenario of a prolonged period of re-routing container ships around the Cape of Good Hope would have “significant demand implications, providing the possibility of significant upside to the market outlook.”
At the end of last month, research from the British Chamber of Commerce (BCC) showed that 55 per cent of UK exporters have been impacted by disruption of shipping to the Red Sea.
Global shipping has faced disruptions due to Houthi attacks since last November, when the Iranian-backed rebel group started targeting ships in retaliation for Israel’s war in Gaza.
Andi Case, chief executive officer, said:
“2023 was a year of disruption in the maritime markets and I am enormously proud we have achieved another record year.
“The business today is a reflection of two decades’ investment in our strategy, and we are confident in our outstanding team, our breadth of market-leading services, our technologies and our geographic reach to meet the growing needs of our clients in a world which is ever more complex.
“We are optimistic for Clarksons in the near, medium and long-term future,” he added.