CLARKSON PLC Results Presentation
31 December 2023
Andi Case & Jeff Woyda 4 March 2024
Financial Results
Jeff Woyda
Chief Financial Officer &
Chief Operating Officer
Another year of record financial performance.
Increased Profit and EPS Free Cash Flow Healthy FOB
21st year of progressive dividend
Results summary
To 31 December
2023 | 2022 | ||
£m | £m | ||
Revenue | 639.4 | 603.8 | +5.9% |
Underlying profit before taxation | 109.2 | 100.9 | +8.2% |
(Before acquisition related costs) | |||
Acquisition related costs | (2.6) | (0.8) | |
Exceptional items | 2.2 | - | |
Profit before taxation | 108.8 | 100.1 | +8.7% |
(after acquisition related costs) | |||
Underlying earnings per share | 275.0p | 250.3p | +9.9% |
(Before acquisition related costs) | |||
Results Presentation|31 December 2023 | 3 |
Andi Case & Jeff Woyda|4 March 2024 | |
Segmental performance
Revenue, profit and margin
Revenue | Revenue | Profit | Profit | Margin | Margin | |
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |||
Broking | 516.8 | 495.5 | 121.2 | 117.6 | 23.5% | 23.7% |
Financial | 44.1 | 49.8 | 6.6 | 7.8 | 15.0% | 15.7% |
Support | 56.6 | 39.0 | 6.4 | 5.0 | 11.3% | 12.8% |
Research | 21.9 | 19.5 | 8.4 | 7.0 | 38.4% | 35.9% |
Results Presentation|31 December 2023 | 4 |
Andi Case & Jeff Woyda|4 March 2024 | |
USD v GBP Exchange Rate
GBP 1 is worth the following in USD
2023 | 2022 | |
Arithmetic average for the year | 1.2459 | 1.2300 |
Spot rate at year end | 1.2746 | 1.2057 |
Results Presentation|31 December 2023 | 5 |
Andi Case & Jeff Woyda|4 March 2024 | |
USD v NOK Exchange Rate
USD 1 is worth the following in NOK
2023 | 2022 | |||
Arithmetic average for the year | 10.56 | 9.59 | ||
Spot rate at year end | 10.15 | 9.86 | ||
Results Presentation|31 December 2023 | 6 |
Andi Case & Jeff Woyda|4 March 2024 | |
The foundation to deliver the intelligent marketplace for fixing freight
46k+
600+
Ended year with 46k annualised contracts managed in platform
Network of broker entities enabling streamlined collaboration
100+
$2.75bn
Charterers & operators adopted the Sea platform
Iron Ore Freight traded through Sea trade
Iron Ore
Coal
Grains
Minor Bulks
Operators
Oil
All Sea Trade customers have renewed contracts with increase in revenue
Results Presentation|31 December 2023 | 7 |
Andi Case & Jeff Woyda|4 March 2024 | |
The intelligence marketplace for fixing freight
2023 achievements and 2024 roll out
Integrated contracts platform across all sectors now The market leader in wet and dry
A single view digital solution to optimise the allocation of cargoes
and vessels
Predict, capture, calculate, monitor and report on your voyage CO2 footprint in one place
Upgraded design, functionality and flexibility to deliver 2 new commodity flows
Results Presentation|31 December 2023 | 8 |
Andi Case & Jeff Woyda|4 March 2024 | |
Balance sheet
At 31 December
2019 | 2020 | 2021 | 2022 | 2023 | |
£m | £m | £m | £m | £m | |
Tangible fixed assets | 28.9 | 28.6 | 24.7 | 29.1 | 33.9 |
Intangible fixed assets (software only) | 9.9 | 15.6 | 17.1 | 15.1 | 14.9 |
Investments (relating to convertible bonds) | 6.7 | 5.5 | 0.7 | 0.4 | 0.2 |
Investments (other) | 4.8 | 2.9 | 1.0 | 1.2 | 1.3 |
50.3 | 52.6 | 43.5 | 45.8 | 50.3 | |
Working capital | 14.0 | 10.4 | 19.1 | 19.8 | 26.0 |
Net available funds | 84.7 | 95.4 | 122.3 | 161.7 | 201.3 |
98.7 | 105.8 | 141.4 | 181.5 | 227.3 | |
Pensions | 11.0 | 12.0 | 22.0 | 15.4 | 13.4 |
Deferred tax | 3.1 | 1.8 | (0.5) | 7.5 | 7.4 |
Leases | (10.8) | (11.1) | (10.9) | (10.8) | (9.8) |
Net assets before intangibles | 152.3 | 161.1 | 195.5 | 239.4 | 288.6 |
Intangibles (excluding software above) | 228.3 | 167.3 | 166.1 | 173.8 | 168.0 |
Net assets | 380.6 | 328.4 | 361.6 | 413.2 | 456.6 |
Results Presentation|31 December 2023 | 9 |
Andi Case & Jeff Woyda|4 March 2024 | |
Net available funds and free cash resource
31 December | 31 December | |
2023 | 2022 | |
£m | £m | |
Cash and cash equivalents | 398.9 | 384.4 |
Interest-bearing loans and borrowing | - | - |
Current investment deposits | 39.9 | 3.1 |
Net cash equivalents | 438.7 | 387.5 |
Reserved for bonus (full cost) | (237.7) | (225.8) |
Net available funds | 201.1 | 161.7 |
Held by regulatory businesses | (25.7) | (30.8) |
Free cash resources | 175.4 | 130.9 |
Results Presentation|31 December 2023 | 10 |
Andi Case & Jeff Woyda|4 March 2024 | |
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Disclaimer
Clarkson plc published this content on 04 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2024 11:14:57 UTC.
