The company's revenues rose by 25% to GBP111.7m, despite the dollar weakening against the pound from a rate of $1.53 in H1 2013 to $1.68 in the reporting period.
Profits were impacted by acquisition costs of GBP1.7m that were incurred during the six month period. Clarksons bought Belfast-based port agent Michael F Ewings in June; before acquisition costs Clarksons profit was GBP11.5m.
The group's shipbroking division increased revenue by 15% to GBP84.5m and profit by 20% ro GBP14.9m. Clarksons noted that the dry bulk market fell swiftly from a high at the start of the year to stay low through most of the half. Historic trends and growing market optimism for the dry bulk trades, owing to a reduction in output from chinese mines, points to a potentially much-improved second half.
The tanker market had rather a mixed six months, VLCC earnings jumped 136% but still remained below breakeven rates for most owners. Suezmax and aframax earnings were up 77% and 73% respectively, both out-earning VLCCs as they benefited from increased ton-mile demand and US port congestion. Product tankers faired less well, with a 38% slide in earnings for MR tankers as US oil production shakes up the clean product trades.
The effects of restructuring within Clarksons' financial division were apparent in its first half results; revenue more than doubled to GBP8.4m and a GBP300,000 profit was a significant improvement on the GBP2.8m loss last year.
"Against a 24% increase in the average ClarkSea index, underlying profits in the first half were 46% higher than the same period last year. These results are also 10% ahead of the second half of 2013 despite an 8% fall in the average ClarkSea index. Indeed, had it not been for the depreciation in the value of the dollar, these profit increases would have been even higher," commented Clarksons chief executive Andi Case.
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