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Shipping company Clarkson plc (LON:CKN) saw shares rise over 2 percent in morning trading on Tuesday, after reporting a 12 percent increase in profit for the six months to June.
Revenue for the first half of the year rose to £156.8 million, up from £147.2 million during the same period last year. Underlying profit before taxation increased by 12 percent to £24.5 million, with profit before tax up 25 percent to £21.9 million. Underlying earnings per share rose 9 percent to 57.5 pence.
The company, who provide integrated shipping services and have offices across 21 countries, also said it was now debt free after repaying loan notes in June of this year.
“We are pleased with our performance so far in 2017, increasing revenue and volumes in difficult shipping and offshore markets. As we see signs of a rebalancing across some of the shipping markets, we are optimistic in our ability to capitalise on the upturn in the markets when it occurs, whilst maintaining the strength of the underlying business”, said CEO Andi Case.
“Nevertheless, in the short-term, low activity in the newbuilding market and a predominance of spot over longer-term period business continues to limit forward visibility of revenues.
“We have invested in hiring key people and believe our market-leading technology and best in class client service positions us strongly as we enter the second half of the year.”
Shares in Clarkson are currently trading up 1.95 percent at 2,694.00 (1504GMT).