Preliminary Results

Clarkson (Horace) PLC
28 March 2001

                   EMBARGOED UNTIL 07.00 WEDNESDAY 28.03.01

                                  CLARKSONS
                             Preliminary Results

Horace Clarkson PLC ('Clarksons'), the holding company for Clarksons, one of
the world's largest shipbroker and shipping services groups, today announces
preliminary results for the twelve months ended 31 December 2000.

                  Year ended 31 December 2000     Year ended 31 December Growth
                                  (Unaudited)             1999 (Audited)
TURNOVER                               £36.4m                     £27.0m   +35%
PROFIT BEFORE                           £5.6m                      £1.3m  +340%
TAXATION
EARNINGS PER                           26.02p                      4.14p  +529%
SHARE
DIVIDENDS PER                          10.00p                      4.00p  +150%
SHARE

  * Record increase in turnover, profit before taxation and earnings per
    share.
  * The strongest shipping market for 30 years.
  * Record forward order book underpinning earnings in 2001.
  * Clarksons continued investment in expansion into 'added value' shipping
    services and eBusiness, with the formation of Clarkson Financial Services
    and Clarkson Fund Management and collaborations with other brokers to
    create LNG Shipping Solutions and Asia Shipping, creating a 'one stop
    shop' for clients in the shipping markets.

MICHAEL BECKETT, CHAIRMAN OF HORACE CLARKSON PLC, COMMENTED:

'These results confirm our strategy of diversification into shipping services
continues to produce successful results, this coupled with all the traditional
markets in which we operate experiencing very favourable conditions has led us
to announce an outstanding set of year end figures.

Major advances have been made to expand the Clarkson franchise overseas and
acquisitions made in 2000 have helped position us as the only truly global
shipbroker. We are therefore well placed to acquire realistically valued
businesses in the shipping services sector. We expect the share of income
deriving from non-traditional core commission business to increase as we aim
to produce consistently high returns to our shareholders.'

FOR FURTHER INFORMATION PLEASE CONTACT:

Robert Ward Finance Director, Horace Clarkson PLC 020 7334 0000

Rebecca Sly/Barnaby Fry Citigate Dewe Rogerson 020 7282 2939

CHAIRMAN'S STATEMENT AND REVIEW

INTRODUCTION

Profit before taxation increased to £5.6 million compared with £1.3 million
for 1999. Turnover was 35% higher at £36.4 million, (1999: £27.0 million).
Earnings per share increased to 26.02 pence per share (1999: 4.14 pence per
share). Accordingly the directors are recommending an increase in dividend for
the year to 10.00 pence per share (1999: 4.00 pence per share) an increase of
1.5 times.

In 2000, all the traditional markets in which the company operates performed
better than in 1999. During the year under review shipping freight rates as
indicated by the ClarkSea Index hit a 30 year high on the back of expanding
world trade, rising oil demand and safety fears that are pushing substandard
vessels out of commission. The company in addition to expanding its existing
activities has also established new areas of business, including the formation
of new eBusiness solutions and fund management divisions.

REVIEW OF OPERATIONS

DRY CARGO

The dry cargo department's husbanding of resources and investment in gaining
new accounts during the appalling markets of 1998/1999 paid off handsomely in
2000. The department benefited from its critical mass to enable it to take
advantage of this sector's continuing recovery. The London division recorded
an increased turnover of 75% over 1999.

The capesize market as measured by the Baltic Capesize Index, rose from 1782
to a peak of 2557 in the fourth quarter before falling back to below 2200 by
the end of the year. The panamax and handysize market continued firm into
2001. We are expecting some minor correction in the capesize sector and this
is already being experienced in the early part of 2001. However the continued
expansion of our client base together with the number and quality of the
fixtures booked during 2000 should help offset some of the short term market
turbulence.

TANKERS - DEEP SEA

The first quarter of 2000 saw rates at a very depressed level and all sectors
of the tanker industry suffered. In the second quarter rates rose quite
rapidly. Average earnings for a 1990s built VLCC rose from around US$20,000
per day at the beginning of the year to over US$80,000 per day by the year
end. The rapidly improving market was due to several factors. Firstly,
increased oil production saw a rise in the level of freight activity, combined
with a significant increase in long-haul, tonne-mile demand. Secondly, the '
Erika' incident shifted the emphasis from freight rate to quality of tonnage.
Lastly, there was consolidation in many sectors of the tanker owning industry,
thus reducing competition for cargoes.

The year 2000 saw rates at their strongest since the early 1970s, only
partially offset by the reduced scrapping of old tonnage. However with new
International Maritime Organisation (IMO) recommendations due to be ratified
in 2001, owners may no longer have the option of continuing to operate older
vessels.

With the market going from strength to strength in 2000, charterers were
forced to take period cover to limit their exposure to rapidly rising freight
rates. Accordingly we have been involved in many substantial period deals from
product carriers through aframaxes and suezmaxes up to VLCCs with a good
spread of major corporate names.

TANKERS - GAS AND SPECIALISED

Growing demand for LPG and ammonia shipping combined with consolidation
amongst owners resulted in a gradually improving market for gas carriers,
although conditions for petrochemical vessels typically showed more modest
increases. Rapidly firming demand for clean petroleum products from the summer
onwards saw a number of VLGCs drawn into the products trade, driving rates for
these vessels to the highest levels for nearly a decade.

The chemical tanker market saw an upturn in freight rates and volumes due to
plant expansions in the Middle East, the buoyant clean market, and significant
consolidation amongst owners.

For our gas and specialised section, mergers amongst some of our most
important charterers together with consolidation amongst owners signalled a
year of considerable change. Undaunted, we had some major successes,
especially in the period business.

SALE AND PURCHASE

Our focus on high quality business continues to bring reward. Our preeminent
position with major Korean yards, particularly Daewoo (now successfully
restructured) and Hyundai Mipo has helped us conclude very significant
business for both these yards as well as other builders in Korea, Japan and
China. Our forward income stream is extremely positive and is expected to
continue to grow further.

Although our secondhand section had a very positive result we struggled
somewhat as many of our clients were unwilling to face firming prices in the
tanker sector and were indecisive in committing to disposals on the dry bulk
side. Notably, we concluded a large number of disposals for MOSK/Navix. The
year ahead holds immense opportunities for owners of double-hulled tanker
tonnage with increasing focus on tanker phase-out and the consequences of
adoption in April by the IMO of their recommendations regarding the use of
double hulls. This IMO recommendation should also increase activity for our
demolition desk. A lack-lustre performance in dry bulk freight markets at the
beginning of the current year will not help the division's performance in
2001, although the bargain hunters should be sharpening their pencils.

Our liner department has flourished in 2000 with notable container deals
concluded, including our involvement with CP Ships and the acquisition by
Lykes Line of the six Yang Ming 'P' types.

Major new initiatives should continue to enhance profitability. We have
launched 'shipvalue.net'. We have joined Barry Rogliano Salles (BRS) of Paris
and Larsson Shipping in establishing Asia Shipping in Shanghai, to serve the
growing Chinese newbuilding export industry. As of 1 May 2001 we shall be
opening a new office in Greece, Clarksons Hellas - an overdue and visible
commitment to our largest secondhand/ newbuilding client base. In a joint
venture with our friends at BRS we have established a specialist liquid
natural gas (LNG) team, 'LNG Shipping Solutions', in order better to address
the major opportunities in the fast growing LNG trade. Last, but certainly not
least, we formed Clarksons Financial Services last year to provide banking and
capital market advice to our clients; this is already finding success and
locating new business opportunities.

FUTURES

When the year began we faced the prospect of a stable and possibly falling
market in the dry sector. These conditions are potentially the worst for a
trading environment; gently rising rates attract more trade from speculative
interests as does volatility. In the first six or seven months the price of
the key route of the panamax index lay in a narrow band, choking off any
enthusiasm to trade.

Despite this, our experienced team kept up a steady flow of trades, and were
rewarded by a return of extreme volatility from September onwards. The market
turned straight down in the fourth quarter against all expectations.

Normally we rely heavily on panamaxes for a large portion of our commission
income. During 2000 we made gains into longer term contracts, the handy-max
and cape market sectors and, critically, into the tanker market.

This expansion enabled us to report better than expected results for the year.
It has also given 2001 a healthy start with a record forward income stream.

RESEARCH, CONSULTANCY AND PUBLICATIONS

2000 was a very competitive year in the shipping information business. Several
new businesses were launched offering shipping information over the web,
backed with substantial capital resources. Research got off to a good start in
March 2000 with the launch of its own electronic delivery system, Shipping
Intelligence Network (SIN). During the year we attracted a steadily growing
level of visits to the site and acquired a solid subscriber base.

The re-launch of our range of specialist shipping registers in a new format
helped to consolidate our position in the hard copy market. By combining a CD
database with a new compact register book, we experienced strong sales and the
2,400 CD databases we distributed make us a leading provider of digital
database systems to the shipping industry.

We attracted a growing number of visitors to our web shop and have now built a
team of in-house expertise to develop this and other new digital products.
This was also an active year for our research and consultancy operation with
the completion of over fifty reports on various aspects of the shipping
business.

eBUSINESS

In 2000, we established a new division, eBusiness Solutions, to identify and
recommend potential eBusiness projects. Commitments were made to acquire
minority interests in LevelSeas Holdings and OceanConnect. LevelSeas offers an
electronic 'Life of the Voyage' management system to shipowners and
charterers. OceanConnect is a business-to-business system for acquiring
bunkers. Both companies have now defined themselves as the leading players in
their respective sectors, attracting significant backing from within the
shipping industry. In March 2001 it was announced that we had reached
agreement for our London bunker broking team to provide marketing and services
support to OceanConnect.

A number of other products of varying size and scope will be launched over the
next twelve months. This will enable the group to improve the quality and
range of services offered to clients whilst working to reduce overheads in the
support of existing technology.

The corporate web site has been re-designed and re-launched in January 2001.
The site now includes a section covering investor relations and can be
accessed at 'www.clarksons.co.uk'.

FUND MANAGEMENT

In July 2000 we formed Clarkson Fund Management Limited to manage the funds of
sophisticated individual customers and corporate entities by investing their
funds in financial instruments closely associated with shipping.

The fund manager enjoys access to considerable expertise in cash and
derivatives pricing information through our research and publications
department and futures team. The manager has one investment product, which
specialises in the investment of shipping freight derivatives, shipping
related equities and freight linked commodities and has received over $6.0
million to manage.

OVERSEAS

All our existing overseas offices made a positive contribution to operating
profits. In particular Clarkson Asia Singapore's strength in the tanker market
enabled it to significantly increase its turnover with a commensurate increase
in profits. Austral Chartering continued to perform well despite the loss of a
major client. Our China office, which was relocated from Beijing to Shanghai
during the year, continues to expand its client base and is now starting to
make a positive contribution to our results.

It was decided during the year to close down our Seabrokers subsidiary in
Connecticut, partly because of a lack of synergy with the London tanker
division and partly due to its inability to achieve the dominance in the US
which we seek to achieve in all the overseas markets we operate in.

SHIPMANAGEMENT

2000 represents the first full year following our acquisition of a 50%
interest in Hong Kong independent shipmanager, Univan Ship Management Limited.
Clarksons promotes the existing business using our worldwide network and
expertise in the shipping sector. During the year Univan which has
approximately 50 vessels under management made a positive contribution to our
results.

FINANCIAL

The overall effective tax rate has fallen to 36.5% (1999: 54.3%). In previous
years the tax rate suffered from UK disallowable expenses accounting for a
disproportionate share of a smaller figure for group profits. Higher levels of
overseas profits have enabled the group to utilise brought forward trading
losses from prior years.

Overall net cash balances stand at £10.9 million (1999: £4.5 million).
However, there are significant liabilities, falling due in the first three
months of 2001 particularly in respect of employee bonus entitlement that will
absorb much of this cash surplus. During 2000 the group committed to a number
of significant investments in new activities and also acquired rights to
future income streams. It is anticipated that further investments will take
place during 2001. The directors consider there are sufficient resources to
cover the working capital requirements of the group.

The US dollar is the major trading currency of the group. The average exchange
rate achieved for the year was £1=US$1.51 (1999: £1=US$1.61). The group uses
spot and forward foreign 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.

PROSPECTS

An enthusiastic and innovative management team leading a well-qualified and
able staff should help the company take advantage of the opportunities
available in the shipping market. The company recognises the changing business
environment and is delivering a range of new products to provide essential '
added-value' to our expanding client portfolio. The development of a more
complete range of services, including the provision of comprehensive freight
management outsourcing solutions, is made possible as the company expands its
presence in commercial, financial, technical and research/consultancy fields.
Our ambition is to provide the most complete and transparent shipping
solutions for our customer base, creating efficiencies in the shipping
services sector and the shipping industry. We expect shareholders and staff to
be equally well rewarded for their confidence in our vision of the future as
we expand the Clarkson franchise. With significant fees due to be collected in
the current year and with a growing asset-base, we anticipate earnings will be
drawn from an increasingly diversified product range which will continue to
grow in 2001.

DIRECTOR

In May 2000 we welcomed Richard Fulford-Smith to the board. Richard joined the
group in 1992 and is head of the sale and purchase division in London.

CHANGE OF NAME

To better reflect the broad range of shipping services now offered using the
Clarkson brand, a resolution will be proposed at the annual general meeting to
change the company name to Clarkson PLC.

DIVIDEND

Taking into account the inherently cash generative nature of the company's
business and its relatively limited capital expenditure requirements, the
board intends to recommend that a significant proportion of net profits in the
future be returned to shareholders in the form of dividends. This should still
allow the company to retain sufficient resources within the group for future
investment.

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.

Michael Beckett

Chairman

27 March 2001

                     CONSOLIDATED PROFIT AND LOSS ACCOUNT

                                              Year ended 31       Year ended 31
                                              December 2000       December 1999
                                             (Unaudited) £m        (Audited) £m
TURNOVER                                               36.4                27.0
OPERATING PROFIT                                        4.9                 0.5
Share of profits of                                     0.3                 0.3
associated
undertakings
Interest receivable                                     0.5                 0.6
and similar income
Interest payable and                                  (0.1)               (0.1)
similar charges
PROFIT BEFORE                                           5.6                 1.3
TAXATION
Taxation                                              (2.0)               (0.7)
PROFIT AFTER TAXATION                                   3.6                 0.6
Dividends
                      Interim 2.50p                   (0.4)               (0.2)
                      (1999: 1.50p)
                      Final proposed                  (1.0)               (0.4)
                      7.50p (1999:
                      2.50p)
                                                      (1.4)               (0.6)
RETAINED PROFIT FOR                                     2.2                 0.0
THE YEAR
EARNINGS PER SHARE                                   26.02p               4.14p

                          CONSOLIDATED BALANCE SHEET
                         Year ended 31 December 2000     Year ended 31 December
                                      (Unaudited) £m          1999 (Audited) £m
FIXED ASSETS                                     5.0                        4.6
CURRENT ASSETS
Debtors                                          8.9                        7.1
Cash and deposits                               10.9                        6.9
                                                19.8                       14.0
CREDITORS
Amounts falling due                           (13.6)                      (9.7)
within one year
NET CURRENT ASSETS                               6.2                        4.3
TOTAL ASSETS LESS                               11.2                        8.9
CURRENT LIABILITIES
PROVISIONS FOR                                     -                          -
LIABILITIES AND CHARGES
SHAREHOLDERS' FUNDS                             11.2                        8.9

                       CONSOLIDATED CASH FLOW STATEMENT
                                Year ended 31 December   Year ended 31 December
                                   2000 (Unaudited) £m        1999 (Audited) £m
NET CASHFLOW FROM OPERATING                        8.0                      1.0
ACTIVITIES
DIVIDENDS FROM ASSOCIATES                          0.1                      0.1
RETURNS ON INVESTMENTS                             0.4                      0.4
TAXATION                                         (0.1)                    (0.6)
CAPITAL EXPENDITURE AND                          (1.3)                    (0.5)
FINANCIAL INVESTMENT
EQUITY DIVIDENDS PAID                            (0.7)                    (0.6)
MANAGEMENT OF LIQUID                             (0.3)                    (0.1)
RESOURCES
INCREASE/(DECREASE)IN FUNDS                        6.1                    (0.3)

         COLSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                                Year ended 31 December   Year ended 31 December
                                   2000 (Unaudited) £m        1999 (Audited) £m
PROFIT ON ORDINARY                                 3.6                      0.6
ACTIVITIES AFTER TAXATION
Foreign exchange                                   0.1                      0.1
differences
Total recognised gains                             3.7                      0.7
relating to the year

                       MOVEMENT IN SHAREHOLDERS' FUNDS
                                Year ended 31 December   Year ended 31 December
                                   2000 (Unaudited) £m        1999 (Audited) £m
PROFIT ON ORDINARY                                 3.6                      0.6
ACTIVITIES AFTER TAXATION
Foreign exchange                                   0.1                      0.1
differences
Dividends                                        (1.4)                    (0.6)
Total movements during the                         2.3                      0.1
year
Shareholders' funds at                             8.9                      8.8
start of period
Shareholders' funds at end                        11.2                      8.9
of period

                            NOTES TO THE ACCOUNTS

EARNINGS PER SHARE

The earnings per ordinary share is based on profit after tax for the financial
period of £3.54 million (1999: £0.55 million) and 13,598,536 (1999:
13,239,700) shares in issue throughout the period. This is after excluding
580,864 weighted average number of shares and £0.03 million income of the
Executive Share Purchase Trust.

ACCOUNTS

It is anticipated that full accounts will be posted to shareholders on 12
April 2001. The figures for the year ended 31 December 2000 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 1999 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.