major shareholder issues profit upgrade (CKN)

"Outside of the Bel 20, shipping company CMB closed 6.40 eur higher or 5.70
pct at 118.50 after reporting forecast-busting first half results."

With a market capitalisation of £90m and a forecasted net cash balance of
approaching £40m the market is merely valuing the underlying business at £50m.
This represents less than 4x FY04 post tax profits,indicating the market clearly has yet to appreciate the group is successfully reducing the cyclicality of the business.As the non-shipbroking operations develop we believe investors will re-rate the shares giving Clarkson's more of a services multiple and less of a broking multiple