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T Clarke revenue shrinks but forward orders grow 29%

27 Aug 10 M&E contractor T Clarke has experienced a fall in revenue and profit for the first half of 2010, but forward orders jumped 29%.

M&E contractor T Clarke has experienced a fall in revenue and profit for the first half of 2010, but forward orders jumped 29%.

The firm described trading conditions as “challenging” for the six months to 30 June.

Revenue was down 8%)to £85.7m (H1 2009: £93.2m), while profit before tax decreased by 19% to £3.2m (H1 2009: £4m).

However, the forward order book climbed to £220m (30 June 2009: £170m).

Contracts won include: London Bridge Station Concourse; Yorkshire Television, Leeds; John Lewis Croydon and Tunbridge Wells; Victoria Station Redevelopment; Ravensbourne College, Greenwich.

Net cash at 30 June 2010 was £2.4m, compared to £12.6m at 31 December 2010.

T Clarke said it would continue its strategy “to broaden the group's activities”, having acquired D&S Engineering Services in March, and DGR Mechanical Services earlier this week.

During the reporting period, the contractor closed its Preston operation, and reorganised into three regional divisions: South, North and Scotland.

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In the South, revenue fell by £12.1m to £49.3m, while operating profit increased by £300,000 to £3.2m.

The North business grew turnover by £4.5m to £27.2m, and operating profit was up £700,000 to £1m.

In Scotland, revenue climbed marginally to £9.2m (H1 2009: £9.1m), but the operation reported a loss of £1.1m, compared to a £500,000 profit a year ago.

Chief executive Mark Lawrence said: "I am pleased to report that the Group has maintained its market share in the period and has secured some of the most significant projects available despite a continuing tough and challenging environment.

“The Board continues to manage and look for new ways to improve the Group businesses through common controls, systems and procedures.

“All of us within the business are focused on securing revenues with acceptable levels for 2011 and beyond, but we must remain vigilant both in terms of risk and opportunities.”

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