AGM and IMS
Clarkson PLC
07 May 2008
7 May 2008
CLARKSON PLC
('Clarksons' or 'the Group')
AGM and Interim Management Statement
Clarksons today announces its first Interim Management Statement, relating to
the period from 1 January 2008 to 6 May 2008, in accordance with the Disclosure
and Transparency Rules, issued by the UK Listing Authority.
At the Annual General Meeting, to be held in London today, Tim Harris, Chairman
of Clarksons will make the following statement:
Trading
The Group has continued to trade strongly since the announcement of its
Preliminary Results on 17 March. All businesses have delivered underlying growth
and performance continues to be in line with management's expectations. The year
end result will, however, be impacted by the exceptional cost of the £8 million
provision made against the Russian claims.
Litigation
The Board has reviewed with its advisers the litigation concerning previously
announced claims totalling US$67 million from Sovcomflot and Novoship ('the
Claimants'), the Russian state-owned shipping companies. As a result of the
discovery of new evidence and on-going discussions with the Claimants, the Board
announced on 29 April 2008 its decision, without any admission of liability, to
make a further provision against the claims of £8 million.
The Board's view of the further potential claim by Sovcomflot regarding routine
year end valuations remains unchanged from the views expressed in the 2007
Annual Report. Accordingly, no provision has been made against this potential
claim.
Board
As previously announced to the market, Richard Fulford-Smith was asked to and
has stepped down from the Board and as Chief Executive. His future role within
the Group is a matter for further discussion.
Andi Case, currently Managing Director of Global Broking and Chief Operating
Officer of Clarksons, has become interim Chief Executive.
Outlook
Although we have not yet reached the half year point, market conditions,
combined with the order book brought forward from 2007 and the strong level of
business written in 2008 to date, leave us confident that we will continue to
deliver further underlying growth.
Enquiries:
Clarkson PLC 020 7334 0000
Tim Harris, Chairman
Jeff Woyda, Finance Director
Hudson Sandler 020 7796 4133
Jessica Rouleau
This information is provided by RNS
The company news service from the London Stock Exchange
Latest directors dealings
- 9 hours ago Savannah Energy
- 10 hours ago Buccaneer Energy PLC
- 10 hours ago Savannah Energy
- 11 hours ago Carclo
- 11 hours ago Schroder Japan Growth Fund