In major news on UK stocks, Clarkson PLC (GB:CKN) surged over 3% following the release of its strong results for 2023. The company’s underlying profit before taxation reached a record £109.2 million, marking an increase of 8.2% compared to 2022. Clarkson is the largest provider of shipping services globally, offering solutions across 23 countries.
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The company’s 2023 profits were mainly driven by its broking business, which saw solid growth in energy shipping. The company, due to its market-leading position, was well-positioned to advise clients amidst persistent trade disruptions, such as those experienced at the Red Sea.
2023 Results Snapshot
Clarkson’s revenues grew by about 6% to £639 million as compared to last year.
Speaking of shareholder returns, Clarkson raised its dividend to 102p per share, marking a 9.7% rise over last year. This also signifies the 21st consecutive year of dividend growth for the company.
For 2024, the company maintains a robust forward order book, with invoicing orders valued at $217 million, similar to $216 million recorded in 2022. This consistency underscores the company’s continued business momentum and ability to secure ongoing projects.
Is Clarkson a Good Share to Buy?
According to TipRanks, CKN stock has received a Moderate Buy consensus rating based on two Buy recommendations. The Clarkson share price target is 4,529.51p, which is 19.2% above the current trading levels.
