Clarkson navigates stormy seas

Broking revenue fell 12 per cent last year to $232m (£154m) and divisional profit slumped 30 per cent to £25.2m. Worries over the US fiscal cliff and euro crisis damaged dry bulk seaborne trade, and drought in the US hit grain volumes. Clarkson's finance arm struggled, too, losing almost £10m due to start-up costs and a "paucity of deals". But finance director Jeff Woyda sees light at the end of the tunnel. A record number of ships were scrapped in 2012 and demolition exceeded new tonnage for the first time in a decade, which should help correct chronic overcapacity. Revenue from futures broking is building momentum and slashing costs on the banking side, where Clarkson acts as a middle man, is seeing "significant" client interest. Elsewhere, a first full-year's contribution from EnShip more than doubled profits from port services to £4.2m. Research profits rose sharply, too.

Broker Panmure Gordon has trimmed forecasts and now expects adjusted pre-tax profit of £22.5m 2013 and adjusted EPS of 87.7p (from £20.4m and 76.8p in 2012).