Review statements
Chair's review
I am privileged to report another set of record results. As I reflect on the drivers of this performance, despite all the disruptions to shipping faced throughout the year, I believe it comes down to a number of key factors, the seeds of which were planted many years ago. For a number of years, Clarksons has consistently invested in line with its strategy to build breadth and depth of services to its clients with leading positions in each segment.
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CEO's review
2023 was a year of disruption in the maritime markets and I am enormously proud of, and grateful to, my colleagues across the business, who have together achieved another record year. Seaborne trade has continued to grow, and the increase in shipping demand has been exacerbated by tonne-mile impact arising from a variety of disruptions, be they climate or geo-political related.
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Financial review
Another year of record financial performance. Strong cash generation enables us to continue our progressive dividend policy for the 21st consecutive year. The Group delivered another excellent financial performance in 2023, with revenue of £639.4m (2022: £603.8m) and underlying profit before taxation of £109.2m (2022: £100.9m), both ahead of the comparative period. Underlying basic earnings per share grew 9.9% to 275.0p (2022: 250.3p).
Read moreIn 2023, shipping has had to rise to the challenge of increasing disruption and complexity.
The drive to emission reduction has created a need for fuelling transition; new advanced technology has enabled enhanced risk management, improved efficiency and data-led decision-making; and geo-political shifts and climate change have created focus on energy and food security irrespective of changing trade flows and other disruptions. But navigating change and complexity is what we do best.
Navigating change & complexity is what we do best
Green transition
As the industry finds its way through the energy transition, Clarksons continues to be at the heart of the conversation and lead positive change.
Understand the shift to greener shipping
Technology
Technological innovations will unlock new possibilities, address complex challenges and drive sustainable growth and societal impact.
What does this mean for Clarksons?
Geo-political complexity
We invest in technology and resources in order to manage risk and empower, reassure and protect our stakeholders.
The impact on shipping2023 achievements
Investing in our strategy
We are continuing to build the diversity of our talent pipeline through skills and experience development programmes, such as paid internships and the Trainee Broker Programme. We have reached an increasingly broad pool of candidates through careers events, partnerships and campaigns.
We brought together experts from our Green Transition team, Investment Banking, Research and Offshore Renewables to share their views on the future of offshore energy. This breadth of knowledge and expertise is the foundation of our integrated offer to our clients, empowering them to make better informed decisions, and us to lead positive change.
Clarksons Securities was engaged by Ocean Ventus to help find
financing and strategic partners for their end-to-end solution to
deliver cost-competitive power from floating wind. Our deep knowledge of the offshore wind sector and our understanding of our client’s needs meant that we were uniquely placed to win this mandate.
Our Clarkson Port Services (CPS) business acquired DHSS, an offshore renewable energy provider, in February 2023. Based in the Netherlands, and with a presence across a number of ports in the Netherlands, DHSS’s activities and locations were complementary to CPS’ existing strengths in the offshore renewable energy sector,
providing us with the opportunity to extend our reach into larger offshore renewables contracts internationally.
With geopolitics driving increasingly complex and disrupted trade patterns, our focus on trusted intelligence is more vital than ever. In December 2023, we quickly launched the first of a series of briefings and impact assessments around Red Sea disruption, supporting vital understanding of impacts on shipping markets and the broader global economy.
We maintained our progressive dividend policy and increased our dividend for the 21st consecutive year. We attained an 8.2% increase in underlying profit before tax, remained cash-generative and increased our free cash resources. We continued to invest in new people and teams.
Performance highlights
Revenue
2022: £603.8m
Reported profit before taxation
2022: £100.1m
Dividend per share
2022: 93p
OUR IMPACT
Building a more sustainable future through our focus on ESG
Our purpose as a Company is to ‘enable smarter, cleaner global trade’ and to ‘lead positive change’, and we are committed to supporting our clients to achieve their decarbonisation goals.
Environment
We’re playing a pivotal role in the reduction of emissions across the maritime sector. As a business, we are committed to monitoring and minimising our carbon footprint in the nearer term and achieving net zero by 2050 in line with current UK government targets.
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Social
We have continued to invest in and grow the Clarksons community. Our people are the driving force of our Company, and we are committed to a diverse and inclusive workplace where we prioritise their health, wellbeing and development. Supporting society as a whole is central to our values.
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Governance
Our governance structures are integral to the long-term success of our business; we have robust systems and policies in place to maintain trust and deliver value to our stakeholders.
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