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Sat February 16 2019

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T Clarke order book swells

31 Jan Building services contract T Clarke has built up a record order book despite taking a more selective approach to bidding.

Tommy Clarke’s stated strategy is “to selectively target projects that we believe will add value and strengthen the margin profile of the group”.  Despite this, the forward order book started 2019 at a record £411m, representing 22% growth over the year from £337m and the start of 2018.

In a trading update today, T Clarke said that its 2018 financial results would show an underlying operating profit before interest and taxation of £8.6m (2017: £7.3m) from revenue of £320m (2017: £311m), giving an underlying operating profit margin of 2.7% (2017: 2.3%).

It said that it remains on track to achieve its medium term margin target of 3%.

The company is currently debt free, with £12.4m net cash.

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Chief executive Mark Lawrence said: “As T Clarke celebrates its 130th year, it is pleasing that this update demonstrates the successful implementation of our strategy both in terms of improving our profit margin and targeting areas of technology and digital integration in modern building projects that play to our core skills and capabilities.

“We are working on three UK data centres and our Building Controls Division, acquired in August 2017, can now boast its largest ever order book and the continued success in our other markets has led to the record forward order book for the TClarke Group as a whole.

“The board continues to look forward with optimism and we remain focused on delivering an improving financial performance as we move through the year."

MPU

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