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Clarkson hoists profit guidance after stormy 2020

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Clarkson PLC (LON:CKN) has made the most of the stormy seas of 2020, saying profits for the past calendar year are expected to be ahead of market expectations.

The shipbroking group said underlying profits, subject to audit, were likely to be in the range of £43mln-£45mln, versus average analyst forecasts of £41mln.

However, there is a risk that, due to the ongoing macroeconomic uncertainty, the board may have to make impairments to the carrying value of goodwill in its final results, the FTSE 250 company added.

Back in August, the firm decided to pay the equivalent of its deferred 2019 final dividend as an extra payment along with its interim dividend as interim profits improved and strong cash flow was produced.

After today’s upgrade to guidance, house broker Liberum said it was raising its target price for Clarkson to 3,100p from 3,000p.

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