Clarkson PLC Update on COVID-19 (8587H)
March 27 2020 - 5:31AM
UK Regulatory
TIDMCKN
RNS Number : 8587H
Clarkson PLC
27 March 2020
CLARKSON PLC
27 March 2020
Update on COVID-19
Clarkson PLC ("the Company" or "Clarksons"), the world's leading
provider of integrated shipping services, today announces that in
light of the current increased uncertainty caused by the COVID-19
outbreak, the Board has decided to withdraw the resolution
regarding the final dividend from the Annual General Meeting
("AGM") and defer the decision on the amount and timing of the
dividend until later in the year once the impact of COVID-19 on
maritime markets and Clarksons' business becomes clearer. The Board
deems this decision as conservative and prudent, enabling Clarksons
to conserve current cash reserves, address any potential short-term
disruptions in the maritime industry and protect shareholder value.
Clarksons' belief in a progressive dividend policy, which has
delivered 16 years of increased dividend, remains firmly intact
albeit that in these quite exceptional times it has decided to take
this temporary measure.
As announced in the Preliminary Results on 9 March 2020,
Clarksons entered 2020 with a robust balance sheet and an improved
forward order book from 2019. We believe that the medium-term
outlook for the shipping markets remains favourable, driven by
improving supply/demand dynamics and regulatory changes, albeit
that the outbreak of the COVID-19 virus will inevitably impact the
Company's performance in the first half of 2020. Currently the
Broking division continues to trade effectively across all market
verticals, Research continues to provide valuable insights and much
needed data and analytics to clients, Financial is currently
experiencing challenges from a lack of primary activity due to the
extensive impact on financial markets, and Support is continuing
servicing its extensive customer base through their short-term
operational challenges.
During this crisis, the number one priority of Clarksons is the
health and wellbeing of its employees around the world. Initially
this impacted our offices in the Far East, however now we have most
global employees successfully working from home, helping our
clients with their needs, and thus enabling global trade in these
exceptional circumstances.
The arrangements for this year's AGM, which will be held at
12.00 noon on 6 May 2020, have changed. Clarksons will hold its AGM
electronically by audiocast to protect shareholders and meet
government guidance on social interaction. Full details will be
provided in the Notice of AGM. A more detailed trading update will
be given at the time of the AGM.
For further information:
Company enquiries:
Andi Case, Chief Executive Officer
Jeff Woyda, Chief Financial Officer and Chief Operating
Officer
Tel: +44(0) 20 7334 0000
Camarco:
Billy Clegg
Jennifer Renwick
Tel: +44(0)20 3757 4983 / 4994
About Clarkson PLC
Clarkson PLC is the world's leading provider of integrated
shipping services and investment banking capabilities to the
shipping and offshore markets, facilitating global trade.
Founded in 1852, Clarksons offers its diverse and growing client
base an unrivalled range of shipbroking services, sector research,
on-hand logistical support and full investment banking capabilities
in all key shipping and offshore sectors.
The Company has delivered 16 years of consecutive dividend
growth. The highly cash generative nature of the business,
supported by a strong balance sheet, has enabled Clarksons to
continue to invest to position the business to capitalise on the
upturn in its markets.
Clarksons is listed on the main market of the London Stock
Exchange under the ticker CKN and is a member of the FTSE 250
Index.
For more information, visit www.clarksons.com .
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END
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