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Fri May 20 2022

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TClarke sees workload soar

27 Jan With record order books, publicly-listed building services contractor TClarke plc expects its turnover to top £500m for the first time next year.

TClarke’s order book has reached a record level of £534m, up from £456m 12 months ago. Projects relating to the technology sector have become increasingly significant to the business, now accounting for 25% of workload, up from 10% a year ago.

The company has already secured projects worth £379m for 2022 with more opportunities being pursued.

As a result the board is expecting turnover to exceed £400m in 2022, up from £327m in 2021, before achieving £500m by the end of 2023.

The introduction of reverse charge VAT has hit the firm’s net cash position, suppressing it to £5.3m as of 31st December 2021, compared to £10.2m a year before. This was in line with expectations.

When the 2021 results are published in March, they are expected to show turnover of £327m and underlying earnings before interest and tax (EBIT) of £8.8m.

Chief executive Mark Lawrence said: ''TClarke has had a tremendous second half of the year delivering a record level of turnover for that period and ending the year with an order book exceeding £530m; another record.

“During the year, the group has broadened its offering whilst strengthening our resources so that clients can be assured in our ability to deliver their projects. We are on track to achieve our growth ambitions and I am extremely excited and confident for the outlook for TClarke.''

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