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Investing in the business
We continue to invest in new teams, expand into new geographies and broaden our service offering to clients.
As I present the Financial review to shareholders for the final time, I would like to express my gratitude to all the outstanding colleagues I have had the pleasure to work alongside over the past two decades. I am equally grateful to the Board and to our shareholders for their trust and support throughout my tenure. It has been a privilege to serve as CFO since 2006, and to contribute to the Group’s evolution into the market leading business it is today.
I am pleased to report a robust performance for the Group in 2025, which delivered revenue of £631.4m (2024: £661.4m) and an underlying profit before taxation* of £90.6m (2024: £115.3m). The well-documented geo‑political headwinds facing shipping markets, particularly in the first half of the year, resulted in a lower underlying operating profit* of £78.0m (2024: £101.7m). Finance income of £14.0m (2024: £14.9m) was also slightly down, as central banks’ review of monetary policy saw interest rates cut during the year. The Group delivered underlying basic earnings per share* of 225.8p (2024: 286.9p).
Reported profit before taxation and basic earnings per share were £86.7m (2024: £112.1m) and 214.0p (2024: 277.1p) respectively. In line with the Group’s commitment to a progressive dividend policy, which is now in its 23rd consecutive year, a full year dividend of 112p is recommended as described in more detail on page 25.
Free cash resources* increased to £232.0m (2024: £216.3m) as the Group continues to deliver strong cash generation across the cycle, which underpins our continued investment in exceptional talent, market-leading intelligence and enhanced technology. Aligned with its strategic objectives, including the establishment of new teams, expansion into additional geographies, broadening of our service offering and strengthening of our market position, the Group also actively pursues M&A opportunities.
*Classed as an APM. See pages 205 and 206 of the 2025 Annual Report for further information on APMs.
£631.4m
Revenue
2024: £661.4m
£86.7m
Reported profit before taxation
2024: £112.1m
112p
Dividend per share
2024: 109p
2025 performance overview
The Broking division performed positively during the year, reporting revenue of £476.0m (2024: £529.3m) and an operating profit of £93.9m (2024: £122.6m). The division’s performance was shaped by the complex geo-political landscape faced by shipping markets, including a shifting tariff and sanctions environment, uncertainty caused by government policy changes and ongoing regional conflicts. A weaker US dollar also provided a headwind to the division’s operating result.
Despite these challenges, the supply and demand dynamics which have shaped the industry over recent years remained in fine balance. Seaborne trade continued to grow, driven by increased economic consumption and a demand for commodities. Freight rates in most sectors remained at or above their 10-year average, with dry bulk markets experiencing a strong second half, due to growth in long-haul Atlantic exports and increased import demand from China. Energy markets also finished the year positively, with seasonal demand supported by additional cargoes following a reversal of OPEC+ supply cuts and increasingly complex sanctions requirements.
Despite an easing of asset market volumes compared to the historic high in 2024, the division’s Sale & Purchase teams performed well. Prices for both second-hand and newbuilding remained at elevated levels and clients continued to value the teams’ insight across all asset classes. The green transition also continued to influence decision-making, with sustained interest in green technologies and uncertainty surrounding new emissions regulations reinforcing demand for specialist expertise.
The Financial division had a record year, reporting revenue of £60.1m (2024: £42.6m) and an operating profit of £12.9m (2024: £5.2m), as a strong Nordic high-yield bond market provided the backdrop for a significant number of capital markets transactions. Debt capital markets were particularly active, with the team advising on several corporate bond transactions in the metals and minerals, offshore and energy sectors. Despite periods of geo-political uncertainty affecting market confidence, revenues from commissions on secondary trading activity also remained robust throughout the year.
The Project Finance business continued to work with clients on mandates throughout 2025, executing several deals towards the end of the year. In the first half of the year, the Group completed the buy-out of the minority interest in the shipping and offshore business and continues to invest in the team’s future success. The Real Estate business, where a minority interest is retained, performed positively, despite challenges from uncertainty in the Norwegian real estate market due to the high-interest rate environment and subdued activity in secondary markets outside of prime segments.
The Support division delivered revenues of £68.1m (2024: £65.0m) and an operating profit of £4.8m (2024: £7.7m), as the UK business experienced a more challenging trading environment, in part due to government policy towards new oil and gas field development and delays to offshore energy projects. The division’s Northern European business experienced comparatively favourable market conditions, including signing a 10-year agreement with a major client to support their port operations, logistics and maintenance activities. The Egyptian Agency business continues to perform robustly given the challenges arising from reduced Suez Canal transits and remains well positioned to support clients when activity returns.
The division’s tooling and supplies business, Gibb Group, faced similar challenges from the reduction in offshore oil, gas and renewables activity, although demand for medical and rescue expertise continued to increase with both revenue and profits from this business segment increasing year on year.
The Research division delivered another excellent performance in 2025, increasing revenue and operating profit to £27.2m (2024: £24.5m) and £10.6m (2024: £9.5m) respectively. Recurring revenue continues to represent over 90% of the division’s sales and high client retention has allowed the business to continue to scale and invest in its product set. New functionality and content this year included economic impact assessments of US policy on tariffs, the continued disruption in the Red Sea following regional conflict and the impacts of an increasingly complex sanctions environment. Clients continue to value the provision of high-quality market‑leading insights as they navigate geo-political changes and complex shipping markets.
Administrative expenses
The Group incurred underlying administrative expenses* of £514.3m (2024: £526.0m), driven by a reduction in the bonus charge for the year, aligned to operating performance. Throughout the year, the Group continued to invest in people, teams and technology, expanding our presence in new geographies and markets, delivering improved technology and tools for trade and maintaining our commitment to develop and train new talent. The Group remains focused on investing across the business to ensure we have the best people, technology and market insights to support our clients globally.
*Classed as an APM. See pages 205 and 206 of the 2025 Annual Report for further information on APMs.
Financial income and costs
The Group reported finance income of £14.0m (2024: £14.9m); whilst the business continues to generate strong levels of cash and actively manage its treasury activities, interest rate cuts by central banks provided a headwind to investment returns. Finance costs were £2.4m (2024: £1.9m) and are mainly comprised of interest expenses on lease liabilities, which have increased in line with the Group’s continued investment in its global footprint including new and extended office leases in key shipping locations.
Acquisitions
In March 2025, we were pleased to announce the acquisition of Euro‑America Shipping & Trade, Inc. (since renamed Clarksons EAST LLC), a Washington DC-based ship brokerage firm specialising in freight contracts with US government agencies across multiple shipping markets. This acquisition adds new capability to the Group by further expanding our presence within the US and broadening our capabilities with this new market segment.
In January 2026, the Group completed the acquisition of Zuma Labs Limited (‘Zuma’), a leading technology provider serving stakeholders in the Forward Freight Agreement and commodities market. The acquisition of Zuma reinforces the Group’s commitment to technology-enhanced engagement with clients, responding to the evolving needs of maritime markets in an increasingly complex and competitive trading environment.
Acquisition-related costs of £3.9m (2024: £3.2m), which include the above transactions, have been disclosed separately in the consolidated income statement, and relate to the amortisation of intangibles and costs linked to ongoing employment obligations. We estimate acquisition-related costs for 2026 to be £2.3m assuming no further acquisitions are made.
Taxation
The Group reported an underlying effective tax rate* of 22.4% (2024: 22.5%). The Group’s underlying effective tax rate* remains stable and is reflective of the broad international operations of the Group. The Group’s reported effective tax rate was 23.1% (2024: 23.0%).
*Classed as an APM. See pages 205 and 206 of the 2025 Annual Report for further information on APMs.
Foreign exchange
The Group is exposed to adverse movements in foreign exchange as its revenue is mainly denominated in US dollars, whereas operating expenses are denominated in local currencies and financial performance is reported in sterling.
During the year, the US dollar moved sharply against most major currency pairs following frequent geo-political driven shocks. The sterling to US dollar exchange rate started the year close to US$1.26 and ended at US$1.35, with an average rate of US$1.32 (2024: US$1.28) providing an additional headwind to this year’s financial performance.
Dividend
The Board is recommending a final dividend in respect of 2025 of 79p (2024: 77p) which, subject to shareholder approval, will be paid on 22 May 2026 to shareholders on the register at the close of business on 8 May 2026.
Together with the interim dividend in respect of 2025 of 33p (2024: 32p), this would give a total dividend of 112p for 2025, an increase of 3% on 2024 (2024: 109p) and representing the 23rd consecutive year the Group has increased returns to shareholders. In reaching its decision, the Board took into consideration the Group’s 2025 performance, balance sheet strength, ability to generate cash and forward order book.
Free cash resources
The Group ended the year with cash balances of £401.1m (2024: £431.3m) and a further £70.1m (2024: £62.0m) held in short-term deposit accounts and government bonds, classified as current investments on the balance sheet. Although the aggregate cash and investments position is lower than last year, it remains extremely strong. In addition, the lower profit in 2025 has reduced the amounts reserved for bonus, and resulted in an overall increase to the net cash and available funds* position.
Net cash and available funds*, being cash balances after the deduction of the total cost of accrued bonuses, at 31 December 2025 were £260.1m (2024: £243.7m). The Board uses this figure as a better representation of the net cash available to the business since bonuses are typically paid after the year-end, hence an element of the year-end cash balance is earmarked for this purpose. It should be noted that accrued bonuses include amounts relating to the current year and amounts held back from previous years which will be payable in the future.
A further measure used by the Board in taking decisions over capital allocation is free cash resources*, which deducts monies held by regulated entities from the net cash and available funds* figure. Free cash resources* at 31 December 2025 were £232.0m (2024: £216.3m).
In addition to these free cash resources*, the Group has a strong balance sheet and has consistently generated an underlying operating profit and good cash inflow. Management has stress tested a range of scenarios from the base case, modelling different assumptions with respect to the Group’s cash resources and, as a result, continues to adopt the going concern basis in preparing the financial statements. See page 147 for further details.
*Classed as an APM. See pages 205 and 206 of the 2025 Annual Report for further information on APMs.
Balance sheet
Net assets at 31 December 2025 were £527.8m (2024: £495.7m). The balance sheet remains strong, with net current assets and investments exceeding non-current liabilities (excluding pension assets and lease liabilities as accounted for under IFRS 16 ‘Leases’) by £281.1m (2024: £257.7m). The Group’s pension schemes had a combined surplus before deferred tax of £14.4m (2024: £12.3m).
Forward order book ('FOB')
The Group earns some of its commissions on contracts where the duration extends beyond the current year. Where this is the case, amounts that can be invoiced during the current financial year are recognised as revenue accordingly. Those amounts which are not yet invoiced, and therefore not recognised as revenue, are held in the FOB. In challenging markets, such amounts may be cancelled or deferred into later periods.
The Directors review the FOB at the year-end and only publish the FOB items which will, in their view, be invoiced in the following 12 months. At 31 December 2025, this estimate was US$244m (31 December 2024: US$231m).
Alternative performance measures ('APMs')
Clarksons uses APMs as key financial indicators to assess the underlying performance of the Group. Management considers the APMs used by the Group to better reflect business performance and provide useful information. Our APMs include underlying profit before taxation, underlying earnings per share, net cash and available funds, and free cash resources.
See pages 205 and 206 of the 2025 Annual Report for further information on APMs.
Jeff Woyda
Chief Financial Officer & Chief Operating Officer
6 March 2026
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