SMALL BUT BEAUTIFUL: Clarkson wins on dollar but loses on freight rates fall

SHARES in Clarkson closed up last night after the international shipping group said trading had been "in line with the board's expectations".

In yesterday's trading statement, Clarkson said: "As a result of the strengthening of the dollar, our main trading currency, over the last six weeks of 2008, revenues will exceed the board's expectations."

But Clarkson added: "The significant decrease in underlying freight rates, particularly dry cargo, in the latter part of the fourth quarter, will lead to an impairment of goodwill for the full year.

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"These two factors are expected to offset each other and consequently the board remains confident that the group will meet current expectations for the full year, after impairment charges, and deliver another year of record growth in 2008."

Clarkson – which has a market cap of about 80 million – is due to post its preliminary results for the year to 31 December on 16 March.

In the UK, Clarkson has offices in London, Liverpool, Southampton, Hull, Bristol, Tilbury, Ipswitch, Great Yarmouth and Ledbury.