Clarkson undaunted by trade war fears despite falling first-half profits

CLARKSON, the world’s largest ship broker, shrugged off concerns about a trade war yesterday despite reporting a fall in firsthalf profits on the back of “challenging” market conditions.

Shares in the FTSE 250 company, which helps shipping firms buy tankers and container ships and secure freight contracts, jumped 6.6pc to £27.55 as it said trading had improved towards the end of the period and insisted its longer-term prospects were good.

The company had warned about the impact of tough market conditions and a slump in the value of the dollar in April, prompting a 20pc fall in its shares at the time, which its stock has now nearly recouped. Clarkson said pre-tax profits slumped 18pc in the first half of the year to £18m, as revenues dipped 2.5pc to £153m.

Andi Case, the chief executive, admitted trade tensions remained a risk but said “the impact of tariffs currently in force or proposed is estimated to be relatively limited”, adding that overall global shipping volumes were “expected to remain healthy”.