Interim Results

Clarkson PLC
03 September 2003



                                  CLARKSONS

            INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003


Clarkson PLC ('Clarksons'), the world's leading shipping services group, today
announces interim results for the six months ended 30 June 2003.

* Turnover £28.2 million (2002 interim: £16.6 million, 2002 full year: £35.7
  million).

* Profit before tax £5.3 million (2002 interim: £2.0 million, 2002 full year:
  £4.5 million).

* Earnings per share 20.0p (2002 interim: 8.5p, 2002 full year: 18.0p).

* Strong shipping markets in the first half of 2003.

* New overseas offices developing well.

* Interim dividend increased to 7.0p (2002: 6.0p).

MICHAEL BECKETT, CHAIRMAN OF CLARKSON PLC, COMMENTED:

'Strong shipping markets throughout the first six months have enabled Clarksons
to report outstanding interim results.
'The growth in world industrial production, particularly in South East Asia,
continues to provide healthy support for shipping markets.
'Although concern exists about the ability of the tanker market to absorb new
tonnage, the outlook in the dry bulk and liner container markets remains
positive, subject to the sustainability, in particular, of Chinese growth.'
3 September 2003

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

The unaudited pre-tax profit for the first six months of 2003 was £5.3 million
(2002 interim: £2.0 million, 2002 full year: £4.5 million). Turnover was £28.2
million (2002 interim: £16.6 million, 2002 full year: £35.7 million). Earnings
per share were 20.0p per share (2002 interim: 8.5p per share, 2002 full year:
18.0p per share).

The ClarkSea Index which tracks earnings across the shipping markets rose during
the first half of 2003. Throughout the period the index averaged US$17,775 per
day which is close to the levels recorded during the first half of 2001
(US$19,514 per day) and significantly higher than those of the first half of
2002 (US$9,189 per day).

REVIEW OF OPERATIONS

Sale and Purchase

The sale and purchase division has been particularly profitable this year as its
small team focused on the higher quality business, particularly LNG and liner
container business, two significant growth sectors.

The department, again, concluded significant newbuilding business which will
maintain our strong forward order book. A healthy volume of secondhand tanker
business boosted spot earnings.

Dry Cargo

Unlike the tanker sector, there is a relatively low level of newbuilding
deliveries in this sector and this is restraining the supply of ships to the
market leading to extremely strong freight rates.

The department has benefited from the improvement in the Baltic Dry Bulk Index
which averaged 1938 for the first six months of the year (the first six months
of 2002 averaged 1010). The dry bulk division has operated effectively in all of
the major sectors of capesize, panamax and handy size and has had particular
success in concluding long term forward order book business.

Tankers - Deep Sea

Although the freight market has performed well during the first half of the
year, the department's success has been mostly based upon its ability to develop
new business and to benefit from the expansion of its enlarged products broking
team.

Increased market penetration has meant that it has been able to take full
advantage of high freight rates when available. Significant tanker order books
are likely to restrain earnings in the tanker fields unless significant
worldwide economic recovery and growth leads to unexpectedly high demand.

Tankers - Gas and Specialised

The gas and chemicals tanker division benefited from the effects of high imports
of liquid petroleum gas into the United States, driven by high natural gas
prices. The specialised division, incorporating the newly acquired NetCo Europe
team, has added to its client base and the volumes of both current and long term
business were ahead of expectations.

Futures

The futures broking division has concluded record levels of new business, a
significant proportion of which is collectable beyond 2003. This division
receives a broking commission for arranging forward freight agreements between
third parties seeking to cover their forward positions.

Research and Publications

Income from the research division was up 10% on the first half of 2002 as
revenue growth from digital products and consultancy compensated for the
relatively static income derived from the more traditional Clarkson registers.
This division has, in recent years, increasingly become recognised in
international shipping as the leading provider of shipping market intelligence.

Worldwide Offices

The overseas offices have performed respectably with Singapore making an
extremely useful contribution to profit primarily from its tanker business. Our
operations in Houston have added to our overall tanker market presence. The new
offices in Auckland and Genoa have both had a profitable start. We are
particularly encouraged by the continuing growth in dry bulk related Chinese
business centred around our offices in Shanghai and Hong Kong.

Logistics

This division which is expected to expand further, has operated profitably with
our two OBO carriers trading under the name Pasir Bulk Carriers working
satisfactorily on bareboat charter to a subsidiary of Sembcorp Industries of
Singapore.

FINANCIAL

We estimate that the average tax rate that will apply for the full year in 2003
will be 37.0% (2002: 37.5%) and we have applied this rate for the first half of
the year. This rate continues to exceed the standard rate of UK corporation tax
because of the high levels of expenses not deductible for tax purposes.

At 30 June 2003 the aggregate cash balance was £21.7 million which includes
short term funds held for clients and staff bonus entitlements to be paid early
in the new year.

We have protected our results from the effects of the weakening of the group's
major trading currency, the US dollar (£1/US$1.61 for the first half of 2003
versus £1/US$1.45 for the first half of 2002) through forward sales management.

The management of the pension scheme, while essentially long term in nature,
requires that the company continues to monitor its pension scheme deficit
carefully and keeps under review the level of future company and individual
contributions.

DIVIDEND

In light of the company's results the board has decided to increase the interim
dividend by 1.0p per share from 6.0p to 7.0p per share. The interim dividend of
7.0p per share (2002 interim: 6.0p per share) will be paid on 26 September 2003
to shareholders on the register at 12 September 2003.

The final dividend will depend upon the level of additional resources needed to
achieve the company's stated policy of both strengthening its position as the
world's leading shipbroker and seeking diversification opportunities which build
on its core expertise of shipping market intelligence.

OUTLOOK

The growth in world industrial production, particularly in South East Asia,
continues to provide healthy support for shipping markets. The group has taken
advantage of these conditions in the first half to secure new business which can
support the group's results for the second half of the year and into the future.

Although concerns exist about the ability of the tanker market to absorb new
tonnage, the outlook in the dry bulk and liner container markets remains
positive, subject to the sustainability, in particular, of Chinese growth.

Although the uncertainties that I referred to in my March statement have
diminished, the lack of sustained economic growth in the United States, Japan
and the EU may restrict further growth in earnings and is the reason the board
continues its policy of offsetting the shipping cycle by diversifying into
shipping related investments.

Michael Beckett
Chairman

3 September 2003



CONSOLIDATED PROFIT AND LOSS ACCOUNT
                                                              Half year         Half year           Year to
                                                             to 30 June        to 30 June       31 December
                                                                   2003              2002              2002
                                                            (unaudited)       (unaudited)         (audited)
                                                                     £m                £m                £m
TURNOVER                                                           28.2              16.6              35.7
OPERATING PROFIT                                                    5.2               1.6               3.8
Share of results of associated undertakings                           -                 -               0.1
Amortisation of goodwill                                          (0.1)                 -             (0.1)
Interest receivable and other income                                0.3               0.4               0.8
Interest payable and similar charges                              (0.1)                 -             (0.1)
PROFIT BEFORE TAXATION                                              5.3               2.0               4.5
Taxation                                                          (2.0)             (0.7)             (1.7)
PROFIT AFTER TAXATION                                               3.3               1.3               2.8
Equity minority interests                                         (0.2)                 -                 -
PROFIT ATTRIBUTABLE TO MEMBERS                                      3.1               1.3               2.8
Dividend
Interim proposed 7.0p (2002: 6.0p)                                (1.2)             (1.0)             (1.0)
Final - (2002: 9.0p)                                                  -                 -             (1.5)
                                                                  (1.2)             (1.0)             (2.5)
RETAINED PROFIT                                                     1.9               0.3               0.3
EARNINGS PER SHARE                                                20.0p              8.5p             18.0p



CONSOLIDATED BALANCE SHEET
                                                            30 June             30 June         31 December
                                                               2003                2002                2002
                                                        (unaudited)         (unaudited)           (audited)
                                                                 £m                  £m                  £m
FIXED ASSETS                                                   11.7                 5.8                13.3
CURRENT ASSETS
Debtors                                                         9.1                 8.2                 7.1
Cash and deposits                                              21.7                11.8                16.3
                                                               30.8                20.0                23.4
CREDITORS
Amounts falling due within one year                          (19.1)               (9.5)              (15.2)
NET CURRENT ASSETS                                             11.7                10.5                 8.2
TOTAL ASSETS LESS CURRENT
LIABILITIES                                                    23.4                16.3                21.5
CREDITORS
Amounts falling due after more than
one year                                                      (3.2)                   -               (3.9)
PROVISIONS FOR LIABILITIES AND
CHARGES                                                       (0.2)                   -               (0.1)
EQUITY MINORITY INTERESTS                                     (0.7)                   -               (0.5)
SHAREHOLDERS' FUNDS                                            19.3                16.3                17.0



CONSOLIDATED CASH FLOW STATEMENT
                                                             Half year         Half year           Year to
                                                            to 30 June        to 30 June       31 December
                                                                  2003              2002              2002
                                                           (unaudited)       (unaudited)         (audited)
                                                                    £m                £m                £m
NET CASH FLOW FROM OPERATING
ACTIVITIES
Increase/(decrease) in creditors                                   3.6             (5.6)             (3.1)
Other operating activity cash flows                                5.0               1.2               5.2
DIVIDENDS FROM ASSOCIATES                                            -               0.1               0.1
RETURNS ON INVESTMENTS                                             0.2               0.4               0.7
TAXATION                                                         (1.0)             (1.6)             (2.9)
CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT                                             (0.6)             (1.5)             (8.4)
EQUITY DIVIDENDS PAID                                            (1.5)             (1.4)             (2.4)
MANAGEMENT OF LIQUID RESOURCES
Decrease/(increase) in short term deposits                         1.0               3.4             (3.8)
FINANCING                                                        (0.1)               0.7               7.8
INCREASE/(DECREASE) IN FUNDS                                       6.6             (4.3)             (6.8)



CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                                                              Half year         Half year           Year to
                                                             to 30 June        to 30 June       31 December
                                                                   2003              2002              2002
                                                            (unaudited)       (unaudited)         (audited)
                                                                     £m                £m                £m
PROFIT ATTRIBUTABLE TO MEMBERS                                      3.1               1.3               2.8
Foreign exchange differences                                      (0.1)                 -             (0.5)
Total recognised gains relating to the period                       3.0               1.3               2.3



MOVEMENT IN SHAREHOLDERS' FUNDS
                                                            Half year          Half year            Year to
                                                           to 30 June         to 30 June        31 December
                                                                 2003               2002               2002
                                                          (unaudited)        (unaudited)          (audited)
                                                                   £m                 £m                 £m
PROFIT ATTRIBUTABLE TO MEMBERS                                    3.1                1.3                2.8
Foreign exchange differences                                    (0.1)                  -              (0.5)
Dividends                                                       (1.2)              (1.0)              (2.5)
New shares issued                                                 0.5                0.7                1.9
Total movements during the period                                 2.3                1.0                1.7
Shareholders' funds at start of period                           17.0               15.3               15.3
Shareholders' funds at end of period                             19.3               16.3               17.0



NOTES TO THE INTERIM FINANCIAL REPORT

1 ACCOUNTING POLICIES AND BASIS OF PREPARATION OF INTERIM REPORT

The principal accounting policies of the group, which are set out in the Annual
Report and Accounts for the year ended 31 December 2002, are unchanged. Fixed
annual charges are apportioned to the interim period on the basis of time
elapsed. Other expenses are accrued in accordance with the same principles used
in the preparation of the annual accounts. The taxation charge is calculated by
applying the directors' best estimate of the annual effective tax rate to the
profit for the period.

2 OPERATING PROFIT

Operating profit includes provision for permanent diminution in value of long
term investments of £838,000 along with a £170,000 net gain on the disposal of
the group's interest in a bunker trading joint venture.

3 DIVIDEND

The interim dividend of 7.0p per share will be paid on 26 September 2003 to
shareholders on the register at the close of business on 12 September 2003.

4 EARNINGS PER SHARE

The earnings per ordinary share is based on earnings of £3.12 million (2002:
£1.20 million) and 15,620,913 (2002: 14,076,641) shares being the weighted
average number of ordinary shares in issue during the period. This is after
excluding 462,439 (2002: 1,017,484) weighted average number of shares and £0.03
million (2002: £0.09 million) income arising thereon owned by the Executive
Share Purchase Trust. During the period 212,520 shares were issued to cover
obligations arising under various share option and profit sharing schemes.

5 ANALYSIS OF NET FUNDS
                                                                               Foreign
                                    31 December                               exchange              30 June
                                           2002         Cash flow          differences                 2003
                                      (audited)       (unaudited)          (unaudited)          (unaudited)
                                             £m                £m                   £m                   £m
Cash                                        4.5               6.6                (0.2)                 10.9
Deposits                                   11.8             (1.0)                    -                 10.8
                                           16.3               5.6                (0.2)                 21.7
Debt                                      (5.1)               0.6                    -                (4.5)
Deferred consideration                    (0.4)                 -                  0.1                (0.3)
Net funds                                  10.8               6.2                (0.1)                 16.9



6 ACCOUNTS

The figures for the six months ended 30 June 2003 are unaudited and do not
constitute full accounts within the meaning of Section 240(5) of the Companies
Act 1985. The statutory audited accounts of the group for the year ended 31
December 2002, upon which the auditors have given an unqualified report, have
been delivered to the Registrar of Companies in England & Wales.



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