Shares in Clarksons increased by over 14% in early trading after the shipping services firm reported that its underlying pre-tax profit jumped by 56% year-on-year in the six months to 30 June.

The firm reported that in this period, its revenue rose by almost 39% to £413.5m, while its earnings per share increased by almost 50% to £1.47.

Clarksons said it entered the year with positive momentum and has achieved “record first half results”, despite operating against a backdrop of heightened volatility caused by geopolitical developments and disruption to key trade routes following the conflict in the Middle East.

It added that while complexities have influenced the markets to varying degrees, they have reinforced the value of the firm’s business model and global reach.

In its outlook, the firm said uncertainty remains over the timing and extent of the reopening of the Strait of Hormuz.

However, a progressive reopening in the second half is expected to support restocking activities, and recovering volumes are expected to have the potential to provide additional support to shipping markets.

As a result, Clarksons remains confident of its medium term opportunities across its markets, and in the near-term, it enters the second half of the year with “momentum, a well-diversified platform and a uniquely positioned global business”.

It therefore expects its full-year results to land ahead of expectations.

CEO at Clarksons, Andi Case, stated: "Clarksons delivered a record first half performance, reflecting both the investment into our underlying business and the exceptional volatility caused by the disruption to global trade from global conflict including the situation in the Strait of Hormuz. We expect the full year performance of the Group to be materially ahead of market expectations.

"I am extremely proud of our colleagues across the Group, whose exceptional hard work, commitment and client focus have made this performance possible. In a world that remains increasingly complex, our scale, breadth of expertise, market intelligence and global reach mean we are very well positioned to support clients with the best advice, whatever the market conditions. We look forward with confidence."

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