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.
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.
