Final Results

Clarkson PLC
27 March 2002



                                   CLARKSONS

                              PRELIMINARY RESULTS


Clarkson PLC ('Clarksons'), the holding company for Clarksons, the world's
largest shipbroker and shipping services group, today announces preliminary
results for the twelve months ended 31 December 2001.

RESULTS FOR 2001
                                  Year ended           Year ended
                            31 December 2001     31 December 2000
                                  (unaudited)            (audited)       Growth
TURNOVER                              £42.6m               £36.4m          +17%
PROFIT BEFORE TAXATION                 £9.3m                £5.6m          +65%
EARNINGS PER SHARE                    42.31p                26.02p         +63%
DIVIDENDS PER SHARE                   15.00p                10.00p         +50%


*  Record turnover, profit before taxation and earnings per share since listing
   in 1986.

*  Increase in annual dividend of 50% to 15.00 pence per share.

*  No gearing; net cash balances of £19.4 million.

*  Forward order book in excess of US$20 million underpinning earnings in 2002.


MICHAEL BECKETT, CHAIRMAN OF CLARKSON PLC, COMMENTED:

'These excellent results confirm our position as the leading provider of quality
'added-value' services to our expanding client list. The results are
particularly impressive given the dramatic decline in the second half of 2001 in
world economic activity and trade. This illustrates the beneficial affect of our
focusing on high quality earnings, which are less reliant on cyclical shipping
freight markets.

We seek to improve the investment community's awareness of the opportunities
available within the shipping sector. Our new initiatives will improve further
the transparency of the shipping sector whilst also reducing the volatility of
the group's earnings.'


FOR FURTHER INFORMATION PLEASE CONTACT:
Robert Ward, Finance Director, Clarkson PLC: 020 7334 0000
Rebecca Sly/Sarah Bagnall, RSB Consultancy: 020 7264 2080



CHAIRMAN'S STATEMENT AND REVIEW

INTRODUCTION

Profit before taxation increased to £9.3 million compared with £5.6 million for
2000: the company's strongest performance to date since it was listed on the
London Stock Exchange in 1986. Turnover was 17% higher at £42.6 million, (2000:
£36.4 million). Earnings per share increased to 42.31 pence per share (2000:
26.02 pence per share). Accordingly the directors are recommending an increase
in dividend for the year to 15.00 pence per share (2000: 10.00 pence per share)
a 50% increase on last year.

Buoyant freight market conditions prevailed during the first half of the year
but declined dramatically during the second half of the year as the world
economy and trade slowed. This slide was exacerbated by the tragic events of 11
September 2001. This is reflected by the fall in the ClarkSea Index (which
tracks average earnings across the shipping market) from US$27,945 per day at
the beginning of the year to US$9,615 at the end of the year.

The expansion of our core business and the repositioning of the group over the
past two years has made us less reliant on 'spot' shipping freight markets. We
continue increasingly to focus on higher quality forward order book enhancing
business and other less cyclical shipping services.


REVIEW OF OPERATIONS

DRY CARGO

As anticipated the dry cargo spot freights fell throughout the year. The
capesize market as measured by the Baltic Capesize Index fell from around 2200
to 980. Despite this decline, the dry cargo division outperformed its budget and
concluded about the same level of deals as during 2000. In these market
conditions this was an excellent performance and confirmation of our critical
mass in this sector. Furthermore a significant proportion of this new business
is for collection in 2002 and should cushion the results should the market
recover only slowly.


TANKERS - DEEP SEA

The collapse of the deep sea tanker market in 2001 came earlier and was more
pronounced than many in the shipping industry had expected. A modern VLCC
trading between the Arabian Gulf and Japan was earning over US$70,000 per day at
the start of the year; by June the market had dipped below US$15,000 per day and
by November earnings had fallen further to nearly US$12,000 per day.

The products market showed greater resistance with the fall in rates starting
several months behind the crude market collapse. However, when the downward
adjustment arrived, it was just as severe.

The primary causes of these declines were the global economic slowdown, the
severe OPEC production cutbacks, the lack of scrapping during the 2000 boom
market and the delivery of large numbers of more efficient newbuildings.

An encouraging sign was that, despite enduring depressed rates, we achieved a
strong increase in new business. This increase was due to our success in being
appointed to the panel of several very active trading accounts.


TANKERS - GAS AND SPECIALISED

Gas shipping markets were firm over the first half of 2001, assisted by strong
US natural gas prices, the use of large gas carriers in the clean products
market and consolidation of the fleet. During the second half of the year
freight rates weakened but we were sheltered from some of the market decline by
unusually heavy nominations on some of our liquid petroleum gas ('LPG')
contracts. We also concluded a number of important period deals.

The specialised tanker market started with the strongest clean products market
for many years but declined sharply as the year progressed dominated by the
effects of the world recession, economic uncertainties in the Far East and the
affects of low demand on the petrochemical industry. The delivery of ship
newbuildings exacerbated the decline in rates. Despite these factors, our
specialised team concluded quality spot and period business with major producers
and operators.


SALE AND PURCHASE

In a year characterised by massive change in fortunes the division produced
another extremely creditable result whilst also enhancing the forward order
book. Events of 11 September 2001 ended hopes that the major world economies
would recover quickly. Cutbacks in travel and domestic demand in the USA
resulted in widespread de-stocking which particularly affected shipping markets.
The accompanying lack of business confidence also affected all industrial
sectors and investment programmes, including those of our shipping clients, were
held back.

Having achieved recent highs during the summer, new and secondhand tanker values
were immediately marked down. Considerable success in the wet sector during the
early part of 2001 offset the subsequent reduction in activity. Looking forward
we anticipate increased turnover in dry bulk activity offsetting the decline in
the tanker and container sectors. Our healthy forward order book will cushion
any shortfall in 'spot' earnings in the first half of 2002.

Our container department has continued to make steady progress. Backed by an
excellent research facility we seek to expand further the department although
trading conditions became markedly worse following the market downturn outlined
above.

LNG Shipping Solutions is our new liquid natural gas ('LNG') joint venture
company with Barry Rogliano Salles. It achieved notable success by combining
long term charters with newbuilding orders as it concluded a number of
transactions during the year under review. We have focussed on this sector and
the company is a market leader offering a complete service package to an
industry starved of expertise outside the established market traders and owners.

Clarkson Financial Services, our recently formed banking and capital markets
adviser, has started well and was immediately profitable. It is developing
computer models to help prospective investors assess the financial merits of
publicly quoted shipping companies. These comprise an earnings before interest,
taxation, depreciation and amortisation ('EBITDA') model and a net asset value
('NAV') calculator which should enhance the quality of corporate analysis
available in the public domain.

Shipvalue.net has also proved invaluable and is now widely used by bankers and
shipowners alike.


FUTURES

2001 began with a healthy order book and the year developed into one of the best
years the team has ever had in arranging futures transactions.

The physical market worked against us with the dry cargo market falling almost
continuously throughout the year. Despite this and the impact of the
well-publicised demise of the Enron group, we achieved a 35% increase in the
number of derivative deals concluded and many longer term contracts were placed
for an increasingly wide client-base which more than compensated for the reduced
absolute levels of the freight rates being covered.


RESEARCH, CONSULTANCY AND PUBLICATIONS

Clarkson Research had a positive year in 2001. Overall sales grew by 7%, and
excellent progress was made in the transition to digital products, with an
increase of 59% in digital product sales. At the forefront of this development
were Shipping Intelligence Network (SIN 2001) and the Clarkson Register CD.

SIN 2001 was re-launched successfully in April 2001 and the subscriber base grew
rapidly during the year. This product is now established as the most
comprehensive source of online shipping market information available to the
shipping sector. The Register CD also continued to sell well. Sales of Clarkson
Registers grew healthily, confirming the success of the new format. We also saw
further progress in our research services and consultancy.


eBUSINESS

The joint marketing agreement with OceanConnect.com exceeded expectations.
Negotiations for the sale of our bunker broking activities to OceanConnect.com
were successfully concluded during the last quarter of 2001 with the business
being transferred in January 2002. As a result we have an increased equity stake
in OceanConnect.com, a company that continues to expand in the marine fuels
sector.


WORLDWIDE OFFICES

The group's Asian expansion into Singapore and Shanghai is now yielding good
returns. In particular our office in Singapore, which concentrates on the tanker
market, again significantly increased its turnover with a commensurate
improvement in profits, and the Shanghai office has demonstrated good growth
with exciting prospects.

Austral Chartering continued to perform well and our South African subsidiary
and Californian associate were also profitable during 2001.

Included for the first time is six months' contribution from our French
associate AGA Cofimar which showed a good return on our investment.


SHIP MANAGEMENT

2001 provided examples of a clear trend towards consolidation in this sector. As
the year progressed it became clear that our vision of how the Univan Ship
Management business should be developed was not shared with the joint owner and
the business relationship was ended by mutual consent in August. We have gained
valuable experience from this arrangement and it made a positive contribution to
our results over the period of our investment. We therefore, in the course of
time, intend to re-establish ship management as part of the group's full range
of services.


FINANCIAL

The overall effective tax rate was 35.0% (2000: 36.5%). The group has benefited
from the use of brought forward capital losses, thereby reducing the impact of
disallowable trading expenses.

At the year end the aggregate cash balance was £19.4 million (2000: £10.9
million); however in the first three months of 2002 £8.8 million was paid in
respect of employee bonus entitlements and UK taxation. In July 2001 the company
announced it had acquired a 49% interest in AGA Cofimar, a French based dry
cargo broking business.

The group has focused on generating higher quality forward order book enhancing
business. This has resulted in a significant book of business, which will
benefit future periods. At 31 December 2001 the group had negotiated business
involving commissions due for invoicing in 2002 amounting to in excess of US$20
million.

We have adopted Financial Reporting Standard ('FRS') 17 'Retirement Benefits' in
its transitional form which indicates a surplus in the pension scheme at the end
of the financial year of £5 million, but the standard has had no affect on the
reported result for the year. In the year ended 31 December 2003 full
implementation is required for the reporting of pensions within the company's
accounts. Although the board has no immediate plans to change the structure of
its principal defined benefit pension scheme, it will be requesting actuaries to
undertake a formal review of the scheme structure during the coming year to
determine whether it is necessary to take steps to mitigate the potential
exposure that operating such a scheme implies.

The US dollar is the major trading currency of the group. The average exchange
rate for the year was £1 = $1.44 (2000: £1 = $1.51). The group uses spot and
forward currency contracts to reduce its exposure to variations in the sterling/
US dollar exchange rate and continues to take advantage of forward cover when
the exchange rate appears advantageous.


DIRECTORS

In September 2001 we welcomed Martin Watson as a non-executive director of the
company. Martin was a founding partner of the London law firm Watson, Farley &
Williams.

Also in September 2001 Alan Brooks retired as a non-executive director. We thank
him for his service and wish him well for the future.

In January 2002 we welcomed Martin Clark as a non-executive director of the
company. Martin is non-executive director of Senior plc and BPB plc, and a
former group finance director of Caradon plc.

In March 2002 we welcomed Tim Harris as a non-executive director of the company.
Tim is chairman of James Fisher and Sons plc, and formerly chief executive of P&
O Nedlloyd.

At the forthcoming annual general meeting Stephen James, having reached the age
of 70, will stand down as a director after serving the company for 27 years. He
retires with our very best wishes and our appreciation for the tremendous
contribution he has made during that time. We will miss his wise counsel.


STAFF

The board wishes to place on record its thanks to all members of staff at home
and abroad, who have contributed to the group's continuing success.


CHANGE OF NAME

The company changed its name to Clarkson PLC at the annual general meeting in
May 2001.


DIVIDEND

Taking into account the inherently cash generative nature of the company's
business and its relatively limited capital expenditure requirements, the board
continues to recommend that a significant proportion of net profits in the
future be returned to shareholders in the form of dividends. The profits
generated in the year have enabled the board to recommend an increase in
dividend to 15.00 pence per share (2000: 10.00 pence per share). This 50%
increase on last year is covered 2.6 times by earnings per share and allows the
company to retain additional resources within the group for future investment.


OUTLOOK

The efforts of the past few years have established the company as a leading
provider of quality 'added-value' services to our expanding list of clients.
Many of these services generate revenues well into the future and are therefore
less volatile than those previously generated by Clarksons.

Our ambition is to provide the most complete and transparent range of Clarkson
branded services to all areas of the shipping market, thereby creating
efficiencies throughout the sector. We will increasingly generate income from
activities which are less closely linked to traditional shipping cycles. Our new
initiatives will increase transparency by providing more and better quality
investment information about publicly quoted shipping companies thereby
enhancing the profile of shipping in the public domain.

The quality of business already concluded by our existing operations and our
increasingly diversified product range has mitigated the impact of the economic
slowdown experienced in the second half of 2001. However, if these more
difficult trading conditions persist, it will be difficult to maintain
profitability at current levels.


Michael Beckett
Chairman
26 March 2002


CONSOLIDATED PROFIT AND LOSS ACCOUNT
                                                                           Year to                 Year to
                                                                  31 December 2001        31 December 2000
                                                                    (unaudited) £m            (audited) £m

TURNOVER                                                                      42.6                    36.4
OPERATING PROFIT                                                               7.3                     4.9
Share of profits of associated undertakings                                    0.2                     0.3
Profit on sale of fixed assets                                                 1.0                       -
Interest receivable and similar income                                         0.8                     0.5
Interest payable and similar charges                                             -                   (0.1)
PROFIT BEFORE TAXATION                                                         9.3                     5.6
Taxation                                                                     (3.3)                   (2.0)
PROFIT AFTER TAXATION                                                          6.0                     3.6
Dividends
Interim 6.00p (2000: 2.50p)                                                  (0.9)                   (0.4)
Final proposed 9.00p (2000: 7.50p)                                           (1.4)                   (1.0)
                                                                             (2.3)                   (1.4)
RETAINED PROFIT FOR THE YEAR                                                   3.7                     2.2
EARNINGS PER SHARE                                                          42.31p                  26.02p



CONSOLIDATED BALANCE SHEET
                                                                          Year to                   Year to
                                                                 31 December 2001          31 December 2000
                                                                   (unaudited) £m              (audited) £m
FIXED ASSETS                                                                  7.3                       5.0
CURRENT ASSETS
Debtors                                                                       6.8                       8.9
Cash and deposits                                                            19.4                      10.9
                                                                             26.2                      19.8
CREDITORS
Amounts falling due within one year                                        (18.2)                    (13.6)
NET CURRENT ASSETS                                                            8.0                       6.2
TOTAL ASSETS LESS CURRENT LIABILITIES                                        15.3                      11.2
PROVISIONS FOR LIABILITIES AND CHARGES                                          -                         -
SHAREHOLDERS' FUNDS                                                          15.3                      11.2



CONSOLIDATED CASH FLOW STATEMENT
                                                                          Year to                  Year to
                                                                 31 December 2001         31 December 2000
                                                                   (unaudited) £m             (audited) £m

NET CASH FLOW FROM OPERATING ACTIVITIES                                      13.9                      8.0
DIVIDENDS FROM ASSOCIATES                                                     0.1                      0.1
RETURNS ON INVESTMENTS                                                        0.8                      0.4
TAXATION                                                                    (2.6)                    (0.1)
CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT                                                        (2.0)                    (1.3)
EQUITY DIVIDENDS PAID                                                       (2.0)                    (0.7)
MANAGEMENT OF LIQUID RESOURCES
Increase in short term deposits                                             (6.0)                    (0.3)
FINANCING                                                                     0.5                        -
INCREASE IN FUNDS                                                             2.7                      6.1




CONSOLIDATED STATEMENT OF
TOTAL RECOGNISED GAINS AND LOSSES
                                                                           Year to                 Year to
                                                                  31 December 2001        31 December 2000
                                                                    (unaudited) £m            (audited) £m
PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION                                                                 6.0                     3.6
Foreign exchange differences                                                 (0.1)                     0.1
Total recognised gains relating to the year                                    5.9                     3.7




MOVEMENT IN SHAREHOLDERS' FUNDS
                                                                          Year to                   Year to
                                                                 31 December 2001          31 December 2000
                                                                   (unaudited) £m              (audited) £m
PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION                                                                6.0                       3.6
Issue of new shares                                                           0.5                         -
Foreign exchange differences                                                (0.1)                       0.1
Dividends                                                                   (2.3)                     (1.4)
Total movements during the year                                               4.1                       2.3
Shareholders' funds at start of period                                       11.2                       8.9
Shareholders' funds at end of period                                         15.3                      11.2



NOTES TO THE ACCOUNTS

EARNINGS PER SHARE
The earnings per ordinary share is based on profit after tax for the financial
period of £5.97 million (2000: £3.54 million) and 14,103,787 (2000: 13,598,536)
shares in issue throughout the period. This is after excluding 549,823 weighted
average number of shares and £0.07 million income of the Executive Share
Purchase Trust.


ACCOUNTS

It is anticipated that full accounts will be posted to shareholders on 10 April
2002. The figures for the year ended 31 December 2001 included in this
announcement are unaudited and do not constitute full accounts within the
meaning of Section 240(5) of the Companies Act 1985. The figures for the year
ended 31 December 2000 have been extracted from the full accounts for that year
which have been delivered to the Registrar of Companies and on which the
auditors have issued an unqualified audit report.


DIVIDENDS

The directors will be recommending a final dividend of 9.00 pence per share,
payable on 7 June 2002 to shareholders on the register at the close of business
on 24 May 2002, making a total dividend for the year of 15.00 pence per share
(2000: 10.00 pence per share).



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