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Fri April 19 2019

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Tommy Clarke beats expectations

26 Mar Building services contractor TClarke plc outperformed market expectations in 2018, growing underlying profits by 21% and taking its order book to new heights.

In the year to 31st December 2018 TClarke generated revenue up 5% to £326.8m (2017: £311.2m) and made a pre-tax profit of £7.8m (2017: £7.1m).

Underlying profit, excluding one-off items, was £8.8m, compared to £7.3m in 2017. The underlying operating margin improved from 2.3% to 2.7%.

TClarke is working on a raft of some of London’s biggest and most prestigious projects, including, 100 Bishopsgate, 22 Bishopsgate, Battersea Power Station, 1 Triton Square Google’s new HQ at Kong’s Cross, One Nine Elms and The Peninsula Hotel at Hyde Park Corner.

The company started 2019 with a forward order book at a record £411m (2017: £337m), £12.4m net cash and zero debt.

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Chief executive Mark Lawrence said: "I am pleased to report that TClarke's results for 2018 have exceeded market expectations, delivering on our promise to focus on a quality order book spread across our five key strategic markets. Of particular note, revenue from technologies has jumped to £42.9m (2017: £14.0m).

“We continue to focus on cash collection and remain debt free. Our clients recognise this as a strength of our business, reflected by the fact 88% of our revenue comes from repeat clients. Our shareholders also benefit, as our strong cash performance has allowed us to recommend a total dividend for the year of 4.0p per share, exceeding market expectations.

“Our teams across the UK have delivered an exceptional performance and, looking ahead to 2019, with a record forward order book as at the end of February of £430m, the foundations are in place for another strong performance across the group. TClarke remains firmly on target to achieve our medium-term goal of a sustainable underlying operating margin of 3%."

MPU

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