Clarkson PLC (Clarksons) announced preliminary results for the twelve months ended 31 December 2012, the company reports. Andi Case, Chief Executive, commented:“Last year the shipping markets remained significantly, and in some cases increasingly, challenged, with global economic weakness and the demand/supply imbalance of recent years still a feature.“2012 seaborne trade grew by approximately 4.5%, but this was not enough to counterbalance the net fleet growth of 6.0%, although there were significant milestones, with a record year for the demolition of vessels and, for the first time in more than 10 years, demolition exceeding the contracting of new tonnage.
Underlying profit before tax of £20.4m (2011: £32.2m) was lower than the previous year, resulting from challenging market conditions. The underlying earnings per share was 76.8p (2011: 121.5p).
Basic earnings per share of 87.2p (2011: 134.1p) include the exceptional receipt of a legal settlement of £4.5m (2011: £3.2m reimbursed legal fees), and acquisition costs of £1.6m (2011: £nil).
The board is recommending a final dividend of 33p (2011: 32p). The interim dividend was 18p (2011: 18p) giving a total dividend of 51p (2011: 50p). The dividend is covered 1.7 times. The dividend will be payable on 7 June 2013 to shareholders on the register as at 24 May 2013, subject to shareholder approval.