Source: Sharecast
The shipping services company said underlying pre-tax earnings would now be £85m - £95m. Clarkson shares tanked in March after it warned the US President Donald Trump's trade tariffs, political tensions and economic weakness had resulted in lower freight rates and asset values.
At the time it had also unveiled record profits of £115.3m. Shares in the company fell 10.6% in London
In a trading update ahead of its annual general shareholder meeting, Clarkson said shipping rates were running 7% lower in dollar terms than anticipated at the time of the full year results on March 10.
It warned that if US dollar exchange rates remained at current levels to the end of 2025 “profits would be reduced by £9.5m” compared with previous expectations.
"Whilst the board believes that the effect of current macro uncertainty has the potential to be reversed once normality returns to the markets, it now expects that the recent changes in US government policy will impact results for 2025," the company said.
Trump's erratic trade policies have caused market volatility across the globe. Most imports to the US face a 10% tariff but those from China have been hit with a 145% levy while Beijing has has retaliated by imposing a 125% duty on US imports.
Reporting by Frank Prenesti for Sharecast.com