Clarkson (CKN) H1 2025 earnings summary

Executive summary

• Revenue declined 4.0% to £297.8m for H1 2025 compared to H1 2024, with underlying profit before tax down 23.5% to £39.4m.

• Underlying EPS dropped 23.6% to 98.6p.

• Profit before tax after acquisition-related costs fell 25.1% to £37.5m year-over-year.

• Interim dividend increased to 33p per share, marking the 23rd consecutive year of dividend growth.

• The Board expects performance to be second-half weighted and in line with prior guidance.

Financial highlights

• Net available funds at 30 June 2025 were £227.1m, down from £243.7m at year-end 2024.

• Free cash resources stood at £206.2m at 30 June 2025, after payment of the 2024 final dividend.

• Working capital increased to £48.7m from £35.0m at year-end 2024.

• Cash balances at 30 June 2025 were £265.7m.

• Underlying administrative expenses were £246.6m, slightly down from £248.2m year-over-year.

Outlook and guidance

• Emphasis on strong balance sheet, forward order book, and continued investment in talent and technology.

• Management highlights best-in-class positioning and market intelligence as drivers for future progress.

• Industry fundamentals remain robust, with tight supply and ongoing demand, despite macroeconomic uncertainty.

• The Board maintains its expectation for a second-half weighted year, consistent with the AGM Trading Statement.