Brokers are tipping shipping services group Clarkson with the analyst consensus towards the business firmly pointing to a ‘strong buy’.
Stock in the FTSE Small-Cap listed industrial transportation firm, which operates through four divisions; broking, finance, support and research, has fallen by 4% over the past year but over three months, it is up by more than 21%.
In its final results, reported earlier this month, it reported a 35% rise in underlying pre-tax profit and a 20% increase in revenue – overall ahead of expectations. In addition, income seekers cheered the news that the dividend was raised by 7%, continuing the consistent dividend growth seen by the company over the decade.
Graham Spooner, investment research analyst at The Share Centre is currently backing the business. He said: “The group have both a solid balance sheet and cash position, making it an attractive choice for investors. Clarkson continues to grow as a shipping services provider as a result of last year’s acquisition of R S Platou, a Norwegian shipbroker and investment bank.
“As the company grows its market share, with global exposure from offices in 18 countries on five continents, we recommend Clarkson as a ‘buy’ for higher risk investors seeking a balanced portfolio.”
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