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Thu November 21 2019

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1 Aug Building services contractor TClarke has posted healthy first-half numbers showing double digit growth in profit and turnover.

For the six months ended 30th June 2019 pre-tax profit was up 10% on the same period last year to £4.5m on revenue up 12% to £171.3m.

"The board is pleased with these results which demonstrate that TClarke is in excellent shape,” said chief executive Mark Lawrence. “The success of our strategy of targeting repeat work for blue chip clients, balanced with sensible growth, focusing on improving margins and seeking new markets aligned to our core business, is firmly reflected in our results.”

He said that results for the full year were likely to be in line with expectations.

“We remain very selective about the quality of the work that we take on and, despite some competitive pressures, our order book has been maintained at £370m,” he said.

TClarke makes most of its money in London, which accounted for more than £100m of group revenue in the first half. Prestige London projects include 22 Bishopsgate, 100 Bishopsgate, 1 Bishopsgate Plaza, Battersea Power Station, KGX1 at Kings Cross and 1 Triton Square.

It is making an operating margin of 4.3% in London, compared to 3.8% elsewhere in southern England and 2.4% in the north. However, profits from the north were impacted by spending by the Liverpool and Manchester offices looking for work in those areas. “We are actively pursuing a number of exciting opportunities in those areas which are due to commence at the end of 2019 or early 2020,” the board said.

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