Clarkson (CKN) H2 2025 earnings summary

Executive summary

• Revenue declined 4.5% year-over-year to £631.4m, with underlying profit before tax down 21.4% to £90.6m and reported profit before tax down 22.7% to £86.7m.

• Underlying EPS fell 21.3% to 225.8p, reflecting a challenging year but significant progress in operational areas.

• Free cash resources increased to £232.0m at year-end, up from £216.3m, supporting continued dividend growth.

• Forward order book for 2026 invoicing stands at $244m, indicating a robust pipeline.

Financial highlights

• Revenue: £631.4m (2025) vs £661.4m (2024), -4.5% year-over-year.

• Underlying profit before tax: £90.6m (2025) vs £115.3m (2024), -21.4%.

• Profit before tax after acquisition costs: £86.7m (2025) vs £112.1m (2024), -22.7%.

• Underlying EPS: 225.8p (2025) vs 286.9p (2024), -21.3%.

• Net available funds: £260.1m (2025) vs £243.7m (2024).

Outlook and guidance

• Strong start to 2026, especially in tankers and asset markets.

• Forward order book remains high, supporting revenue visibility.

• Continued focus on operational progress, M&A, and new hires.