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Clarkson shares rise as shipbroker confirms full-year results to be in-line with forecasts

Forecasts were lowered last April when Clarkson warned a “quiet period” of sales would dent 2018 profits
cargo ship
Clarkson shares have suffered over the past year, although they have rebounded slightly of late

Clarkson PLC (LON:CKN) shares were buoyant on Tuesday following a short but sweet trading update from the shipbroker.

In the announcement, which totalled just 47 words, Clarkson confirmed that its results for 2018, due to be published on 11 March, are expected to be “in line with expectations”.

READ: Clarkson warns on profits

Shares, which have fallen by a third over the past year following a profit warning last April, were up 3.1% to 2,320p early Tuesday.

“We remain positive on Clarkson's long-term fundamentals, underpinned by its market-leading positions and investment in research and technology,” said City broker Liberum.

“The recent share price rally has only partially reversed the weakness seen in Q4, so we still see reasonable value in a 2019 price-to-earnings of 17.5x and dividend yield of 3.6%. Our recommendation remains ‘buy’ with a DCF-based target price of 3.200p.”

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