(WebFG News) - Liberum downgraded FTSE 250 shipbroker Clarkson to 'hold' from 'buy' and cut its price target to 3,200p from 3,600p on Monday following a profit warning, as it reduced its forecasts on quieter asset transaction markets and FX.
(WebFG News) - FTSE 250 shipping services provider Clarkson warned on Monday that both first-half and full-year profits are now expected to be "materially below" the previous year following a number of headwinds in the first quarter.
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Clarksons lifted its dividend on Monday as it posted a 12% jump in full-year underlying pre-tax profit amid early signs of a recovery across shipping markets.
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Shipping broker Clarkson said it expected full year results for 2017 to be in line with current expectations.
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Shipping services provider Clarksons said its computer systems were accessed in a cyber security incident and that the person or persons behind it could release some data on Wednesday.
London's FTSE 250 index was in the red on Tuesday afternoon, led by an assortment of fallers from different sectors.
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Clarkson saw profits tax before jump by a quarter to reach £21.9m at the half-year stage amid top-line growth from £147.2m to £156.8m.
Shipping services provider Clarksons said on Friday that it has had an encouraging start to the year and is trading in line with its expectations.
Shipping broker Clarkson said interim prospects remained challenging with signs of a pick up in the medium term as it reported a fall in full year underlying pre-tax profits to £44.8m from £50.5m.
Clarkson issued a very short trading update on Friday, prior to entering its close period, and ahead of the announcement of its results for the year to 31 December.
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Battling low global shipping rates, Clarkson delivered a stable first-half performance that helped its shares return to their level from before the profit warning last month.
Clarkson´s chairman, James Hughes-Hallett, picked up a batch of shares of the battered shipbroker a day after it issued a profit warning.
FTSE 250 stocks ended on a sour note with residential property-linked stocks figuring prominently among the fallers as UK construction data disappointed.
Profits at Clarkson will be "materially lower" in 2016 than in full-year 2015 as a result of lower freight rates, quiet capital markets and weak investor confidence.
Clarkson was under the cosh on Friday as it warned the short-term outlook remains "very challenging" and risks to the full-year outcome have increased, putting a heavier weighting on the second half.