LONDON (Alliance News) - Shipping company Clarkson PLC on Monday said profit in 2016 will be "materially lower" year-on-year as it continues to face challenges in its key markets.
Clarkson said the recent recovery in the oil price has driven the return of some activity in the company's offshore broking division, but it will take some time before a meaningful recovery is seen in the oil and gas industry.
Clarkson said overall transactions in its broking arm have increased, but the fall seen in freight rates and asset values has hit its revenue. This, combined with quiet capital markets and weak investor confidence, has reduced activity in its financial division.
The group will publish interim results for 2016 on August 15.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Clarkson (CKN)