Underlying operating profit margin shrank from 4.1% in 2010 to 2.6% in 2011. Underlying pre-tax profit fell 39% to £4.3m (2010: £7.0m) on group revenue up nearly 3% to £183.8m (2010: £179.0m).
However, the company leadership was upbeat about the performance. “The board is encouraged that the mix of our business has broadened in line with our strategy of widening the range of services we offer. The group has strengthened its balance sheet, continued to deliver a profit and remains committed to paying our shareholders an appropriate dividend,” said chief executive Mark Lawrence.
Last year T Clarke set out a new strategy to target other sectors in the wider building services markets.
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Chairman Russell Race said: “In this context it is particularly pleasing to report that we have secured some of the most significant projects that have come to market particularly in the London commercial sector. It is also pleasing that we secured targeted projects that are away from our traditional M&E contracting in line with the group's strategy.”
London projects of T Clarke include the Walkie Talkie tower, the Shard, Tate Modern 2, Deutsche Bank, Royal London Hospitaland 100 Bishopsgate.
Mr Lawrence added: “Looking ahead, we are well positioned. In uncertain times the strength of our reputation is shining through. We are trusted by our clients and we continue to work alongside the top-tier of developers on many of the highest profile projects in the UK. As a result, our order book is strong and we are pleased with the diversity of our revenues. We have an encouraging number of opportunities to tender for projects across the full range of our eight target sectors. In conclusion, we remain optimistic that we will continue to drive the business forward."
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