Clarkson PLC (LSE:CKN) shares climbed almost 8% to 5,101p after disruption in the Strait of Hormuz helped the shipping services group post strong interim profits and set a course for full-year results "materially ahead" of market forecasts.
Underlying pre-tax profit jumped 56% to £61.5 million in the six months to 30 June, from £39.4 million a year earlier. Revenue rose 39% to £413.5 million, while underlying basic earnings per share increased to 147.6p from 98.6p.
Reported pre-tax profit climbed to £55.6 million from £37.5 million.
Clarkson said strong underlying trading was amplified by turbulence in the Strait of Hormuz, as conflict disrupted global trade and increased demand for its shipbroking, market intelligence and advisory services.
The group did not expect its performance to be weighted towards the second half, as would usually be the case. Free cash resources stood at £154.6 million, down from £206.2 million a year earlier.
Chief executive Andi Case says the results reflect "record first half performance, reflecting both the investment into our underlying business and the exceptional volatility caused by the disruption to global trade from global conflict including the situation in the Strait of Hormuz".
Clarkson raised its interim dividend by 6% to 35p a share, marking its 24th consecutive year of dividend increases.
During the period, the group completed the acquisitions of Link Group, Zuma Labs and Serpac International, expanding its commodities offering, technology capabilities and geographic reach.
Broker Panmure Liberum said: "We had expected a strong H1 performance, given the favourable charter rate environment. However, Clarkson far surpassed our estimates, with PBT 26% ahead of our forecast.
"The group is making the most of current market strength, but there is also a structural element to the performance, with Clarkson capitalising on its broad-based market leadership and wide geographic presence."
Analysts increased their full-year earnings per share forecast by 6% but left later years unchanged.
** UPDATE: Adds share price and broker comments **
