Clarkson

CKN · Main Market · Industrial Goods and Services · mcap £1,661m · 5375.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 03 Aug 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,664m
Owner’s net cash: £332.9m
Net cash / market cap: 20%
EV ex leases: £1,333m
Revenue: £747.1m
Operating profit: £94.4m
Free cash flow after leases: £101.3m
EV / EBIT: 14.1×
FCF yield: 6.1%
Price / tangible book: 3.03×
Net income (owners): £77.7m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Guidance upgrade 06 Oct 26ahead1 figure since the last report

Clarkson raises full-year profit guidance to at least £135m on strong August-September trading.

Expected underlying profit before tax FY26

not less than £135m

As stated by the company, unaudited. Read it →

Latest report: H1 26 (six months to 30 Jun 26), published 03 Aug 26 · read the results ↗

Source ↗

	2026 Before acquisition- related costs £m +	2026 Acquisition- related costs £m +	2026 After acquisition- related costs £m +	2025 Before acquisition- related costs £m +	2025 Acquisition- related costs £m +	2025 After acquisition- related costs £m +
Revenue	413.5	-	413.5	297.8	-	297.8
Cost of sales	(22.9)	-	(22.9)	(18.5)	-	(18.5)
Trading profit	390.6	-	390.6	279.3	-	279.3
Administrative expenses	(333.8)	(5.8)	(339.6)	(246.6)	(1.8)	(248.4)
Operating profit	56.8	(5.8)	51.0	32.7	(1.8)	30.9
Finance income	6.0	-	6.0	7.4	-	7.4
Finance costs	(1.7)	(0.1)	(1.8)	(1.0)	(0.1)	(1.1)
Other finance income - pensions	0.4	-	0.4	0.3	-	0.3
Profit before taxation	61.5	(5.9)	55.6	39.4	(1.9)	37.5
Taxation	(14.5)	0.8	(13.7)	(8.8)	0.1	(8.7)
Profit for the period	47.0	(5.1)	41.9	30.6	(1.8)	28.8
Attributable to
Equity holders of the Parent Company	45.6	(5.1)	40.5	30.3	(1.8)	28.5
Non-controlling interests	1.4	-	1.4	0.3	-	0.3
Profit for the period	47.0	(5.1)	41.9	30.6	(1.8)	28.8
Earnings per share
Basic	147.6p	131.2p	98.6p	93.0p	–	–
Diluted	146.3p	130.1p	98.2p	92.6p	–	–

Source ↗

	2026 £m +	2025 £m +	31 December 2025 £m #
Non-current assets
Property, plant and equipment	27.6	27.6	27.0
Investment properties	0.9	1.0	0.9
Right-of-use assets	54.4	38.4	51.0
Intangible assets	240.6	177.1	177.4
Trade and other receivables	15.3	5.0	3.3
Investments	3.6	1.9	2.0
Investments in associates and joint ventures	1.6	-	1.9
Employee benefits	14.5	12.0	14.4
Deferred tax assets	16.6	10.6	16.9
Total non-current assets	375.1	273.6	294.8
Current assets
Inventories	5.1	4.4	4.5
Trade and other receivables	268.8	154.6	201.2
Income tax receivable	7.7	6.8	6.5
Investments	6.6	69.1	70.4
Cash and cash equivalents	332.9	265.7	401.1
Total current assets	621.1	500.6	683.7
Current liabilities
Trade and other payables	(335.6)	(200.8)	(354.0)
Lease liabilities	(10.5)	(10.8)	(9.9)
Income tax payable	(20.0)	(15.7)	(19.4)
Provisions	(0.8)	(0.9)	(0.8)
Total current liabilities	(366.9)	(228.2)	(384.1)
Net current assets	254.2	272.4	299.6
Non-current liabilities
Trade and other payables	(6.5)	(8.1)	(6.3)
Lease liabilities	(48.9)	(33.0)	(46.1)
Provisions	(3.8)	(3.3)	(3.6)
Deferred tax liabilities	(20.3)	(7.9)	(10.6)
Total non-current liabilities	(79.5)	(52.3)	(66.6)
Net assets	549.8	493.7	527.8
Capital and reserves
Share capital	7.7	7.7	7.7
Other reserves	91.9	89.6	91.8
Retained earnings	446.8	394.2	425.6
Equity attributable to shareholders of the Parent Company	546.4	491.5	525.1
Non-controlling interests	3.4	2.2	2.7
Total equity	549.8	493.7	527.8

Source ↗

	2026 £m +	2025 £m +
Cash flows from operating activities
Profit before taxation	55.6	37.5
Adjustments for
Foreign exchange differences	(5.3)	4.7
Depreciation	8.0	7.7
Share-based payment expense	1.6	1.1
Gain on sale of property, plant and equipment	-	(0.1)
Gain on sale of investments	(0.6)	-
Share of losses of associates and joint ventures	0.3	-
Amortisation of intangibles	4.0	2.9
Difference between pension contributions paid and amount recognised in the income statement	0.7	(0.1)
Finance income	(6.0)	(7.4)
Finance costs	1.8	1.1
Other finance income - pensions	(0.4)	(0.3)
Increase in inventories	(0.6)	(0.1)
Increase in trade and other receivables	(71.5)	(22.2)
Decrease in bonus accrual	(30.9)	(117.0)
Increase in trade and other payables	25.9	19.8
Increase/(decrease) in provisions	0.2	(0.2)
Cash utilised in operations	(17.2)	(72.6)
Income tax paid	(12.2)	(13.7)
Net cash flow from operating activities	(29.4)	(86.3)
Cash flows from investing activities
Interest received	5.9	7.4
Purchase of property, plant and equipment	(3.2)	(2.1)
Purchase of intangible assets	(1.1)	(0.5)
Purchase of investments	(1.1)	(0.1)
Proceeds from sale of property, plant and equipment	0.1	0.3
Transfer from/(to) current investments (cash on deposit and government bonds)	63.8	(6.9)
Acquisition of subsidiaries, net of cash acquired	(54.9)	(2.3)
Net cash flow from investing activities	9.5	(4.2)
Cash flows from financing activities
Interest paid and other charges	(1.8)	(1.1)
Dividends paid	(23.9)	(23.1)
Dividends paid to non-controlling interests	(0.1)	(1.7)
Principal elements of lease liabilities	(5.3)	(5.6)
Proceeds from shares issued	0.9	0.2
Acquisition of non-controlling interests	(0.1)	(1.6)
ESOP shares acquired	(24.0)	(31.6)
Net cash flow from financing activities	(54.3)	(64.5)
Net decrease in cash and cash equivalents	(74.2)	(155.0)
Cash and cash equivalents at 1 January	401.1	431.3
Net foreign exchange differences	6.0	(10.6)
Cash and cash equivalents at 30 June	332.9	265.7

Source ↗

	2025 Before acquisition- related costs £m	2025 Acquisition-related costs £m	2025 After acquisition- related costs £m	2024 Before acquisition- related costs £m	2024 Acquisition- related costs £m	2024 After acquisition- related costs £m
Revenue	631.4	-	631.4	661.4	-	661.4
Cost of sales	(39.1)	-	(39.1)	(33.7)	-	(33.7)
Trading profit	592.3	-	592.3	627.7	-	627.7
Administrative expenses	(514.3)	(3.7)	(518.0)	(526.0)	(3.2)	(529.2)
Operating profit	78.0	(3.7)	74.3	101.7	(3.2)	98.5
Finance income	14.0	-	14.0	14.9	-	14.9
Finance costs	(2.2)	(0.2)	(2.4)	(1.9)	-	(1.9)
Other finance income - pensions	0.8	-	0.8	0.6	-	0.6
Profit before taxation	90.6	(3.9)	86.7	115.3	(3.2)	112.1
Taxation	(20.3)	0.2	(20.1)	(26.0)	0.2	(25.8)
Profit for the year	70.3	(3.7)	66.6	89.3	(3.0)	86.3
Attributable to
Equity holders of the Parent Company	69.4	(3.7)	65.7	87.9	(3.0)	84.9
Non-controlling interests	0.9	-	0.9	1.4	-	1.4
Profit for the year	70.3	(3.7)	66.6	89.3	(3.0)	86.3
Earnings per share
Basic	225.8p	214.0p	286.9p	277.1p	–	–
Diluted	224.6p	212.9p	284.9p	275.2p	–	–

Source ↗

	2025 £m	2024 £m
Non-current assets
Property, plant and equipment	27.0	28.5
Investment properties	0.9	1.0
Right-of-use assets	51.0	32.0
Intangible assets	177.4	172.6
Trade and other receivables	3.3	1.0
Investments	2.0	1.9
Investments in associates and joint ventures	1.9	-
Employee benefits	14.4	12.4
Deferred tax assets	16.9	18.1
Total non-current assets	294.8	267.5
Current assets
Inventories	4.5	4.3
Trade and other receivables	201.2	130.5
Income tax receivable	6.5	4.5
Investments	70.4	62.2
Cash and cash equivalents	401.1	431.3
Total current assets	683.7	632.8
Current liabilities
Trade and other payables	(354.0)	(326.4)
Lease liabilities	(9.9)	(10.6)
Income tax payable	(19.4)	(20.7)
Provisions	(0.8)	(1.0)
Total current liabilities	(384.1)	(358.7)
Net current assets	299.6	274.1
Non-current liabilities
Trade and other payables	(6.3)	(6.8)
Lease liabilities	(46.1)	(27.5)
Provisions	(3.6)	(3.6)
Employee benefits	-	(0.1)
Deferred tax liabilities	(10.6)	(7.9)
Total non-current liabilities	(66.6)	(45.9)
Net assets	527.8	495.7
Capital and reserves
Share capital	7.7	7.7
Other reserves	91.8	89.0
Retained earnings	425.6	395.3
Equity attributable to shareholders of the Parent Company	525.1	492.0
Non-controlling interests	2.7	3.7
Total equity	527.8	495.7

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
Profit before taxation	86.7	112.1
Adjustments for
Foreign exchange differences	2.9	(5.7)
Depreciation	16.2	15.0
Share-based payment expense	2.4	2.5
Gain on sale of property, plant and equipment	(0.1)	(0.2)
Gain on sale of investments	-	(0.4)
Share of losses of associates and joint ventures	0.3	-
Amortisation of intangibles	5.8	5.2
Difference between pension contributions paid and amount recognised in the income statement	0.5	0.4
Finance income	(14.0)	(14.9)
Finance costs	2.4	1.9
Other finance income - pensions	(0.8)	(0.6)
Increase in inventories	(0.2)	(0.8)
(Increase)/decrease in trade and other receivables	(67.5)	14.9
(Decrease)/increase in bonus accrual	(13.8)	32.4
Increase/(decrease) in trade and other payables	65.8	(22.2)
Increase in provisions	-	2.3
Cash generated from operations	86.6	141.9
Income tax paid	(22.2)	(27.2)
Net cash flow from operating activities	64.4	114.7
Cash flows from investing activities
Interest received	13.9	14.8
Purchase of property, plant and equipment	(5.5)	(5.7)
Purchase of intangible assets	(1.9)	(1.6)
Purchase of investments	(0.1)	(0.9)
Proceeds from sale of investments	-	0.7
Proceeds from sale of property, plant and equipment	1.3	0.4
Transfer to current investments (cash on deposit and government bonds)	(8.1)	(22.1)
Investments in associates and joint ventures	(2.2)	-
Acquisition of subsidiaries, net of cash acquired	(2.3)	(2.5)
Dividends received from investments	-	0.1
Net cash flow from investing activities	(4.9)	(16.8)
Cash flows from financing activities
Interest paid and other charges	(2.4)	(1.8)
Dividends paid	(33.0)	(31.5)
Dividends paid to non-controlling interests	(1.9)	(1.5)
Principal elements of lease payments	(11.2)	(10.9)
Proceeds from shares issued	3.0	1.2
(Acquisition of)/contributions from non-controlling interests	(1.7)	0.2
ESOP shares acquired	(33.4)	(26.4)
Net cash flow from financing activities	(80.6)	(70.7)
Net (decrease)/increase in cash and cash equivalents	(21.1)	27.2
Cash and cash equivalents at 1 January	431.3	398.9
Net foreign exchange differences	(9.1)	5.2
Cash and cash equivalents at 31 December	401.1	431.3

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	747.1	631.4	661.4
Adjusted operating profit	102.1	78.0	101.7
Operating profit	94.4	74.3	98.5
Amortisation	6.9	5.8	5.2
Share-based payments	2.9	2.4	2.5
Operating profit to net income
Finance costs	(3.1)	(2.4)	(1.9)
Profit before tax	104.8	86.7	112.1
Tax	(25.1)	(20.1)	(25.8)
Net income (owners)	77.7	65.7	84.9
Per share
EPS basic	252.2p	214.0p	277.1p
EPS diluted	250.4p	212.9p	275.2p
Dividend per share	114.0p	112.0p	109.0p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	413.5	+39%	333.6	297.8
Gross profit	390.6	+40%	–	279.3
Adjusted operating profit	56.8	+74%	45.3	32.7
Operating profit	51.0	+65%	43.4	30.9
Amortisation	4.0	+38%	2.9	2.9
Share-based payments	1.6	+45%	1.3	1.1
Operating profit to net income
Finance costs	(1.8)	+64%	(1.3)	(1.1)
Profit before tax	55.6	+48%	49.2	37.5
Tax	(13.7)	+57%	(11.4)	(8.7)
Net income (owners)	40.5	+42%	37.2	28.5
Per share
EPS basic	131.2p	–	121.0p	93.0p
EPS diluted	130.1p	–	120.3p	92.6p
Dividend per share	35.0p	–	79.0p	33.0p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	121.3	64.4	114.7
Interest paid	(3.1)	(2.4)	(1.8)
Tax paid	(20.7)	(22.2)	(27.2)
Investing activities
Capex (PP&E)	(6.6)	(5.5)	(5.7)
Capex (intangibles)	(2.5)	(1.9)	(1.6)
Financing activities
Lease principal paid	(10.9)	(11.2)	(10.9)
Dividends paid	(33.8)	(33.0)	(31.5)
Share buybacks	(25.8)	(33.4)	(26.4)
Shares issued	3.7	3.0	1.2

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(29.4)	n/m	150.7	(86.3)
Interest paid	(1.8)	+64%	(1.3)	(1.1)
Tax paid	(12.2)	−11%	(8.5)	(13.7)
Investing activities
Capex (PP&E)	(3.2)	+52%	(3.4)	(2.1)
Capex (intangibles)	(1.1)	+120%	(1.4)	(0.5)
Financing activities
Lease principal paid	(5.3)	−5%	(5.6)	(5.6)
Dividends paid	(23.9)	+3%	(9.9)	(23.1)
Share buybacks	(24.0)	−24%	(1.8)	(31.6)
Shares issued	0.9	+350%	2.8	0.2

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Property, plant & equipment	27.6	27.0	28.5
Investment property	0.9	0.9	1.0
Associates & JVs	1.6	1.9	–
Current assets
Inventories	5.1	4.5	4.3
Trade receivables	268.8	201.2	130.5
Cash	332.9	401.1	431.3
Current assets	621.1	683.7	632.8
Current liabilities
Trade payables	335.6	354.0	326.4
Lease liabilities, current	10.5	9.9	10.6
Current liabilities	366.9	384.1	358.7
Non-current liabilities
Lease liabilities, non-current	48.9	46.1	27.5
Pension surplus / (deficit)	14.5	14.4	12.3
Equity
Non-controlling interests	3.4	2.7	3.7
Total equity	549.8	527.8	495.7
Net cash and other figures
Net cash / (debt) ex leases	–	260.1	243.7
Order book	–	244.0	231.0

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Property, plant & equipment	27.6	27.0	27.6	28.5
Investment property	0.9	0.9	1.0	1.0
Associates & JVs	1.6	1.9	–	–
Current assets
Inventories	5.1	4.5	4.4	4.3
Trade receivables	268.8	201.2	154.6	130.5
Cash	332.9	401.1	265.7	431.3
Current assets	621.1	683.7	500.6	632.8
Current liabilities
Trade payables	335.6	354.0	200.8	326.4
Lease liabilities, current	10.5	9.9	10.8	10.6
Current liabilities	366.9	384.1	228.2	358.7
Non-current liabilities
Lease liabilities, non-current	48.9	46.1	33.0	27.5
Pension surplus / (deficit)	14.5	14.4	12.0	12.3
Equity
Non-controlling interests	3.4	2.7	2.2	3.7
Total equity	549.8	527.8	493.7	495.7
Net cash and other figures
Net cash / (debt) ex leases	–	260.1	–	243.7
Order book	–	244.0	–	231.0

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