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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| TClarke Plc | AQSE:CTO.GB | Aquis Stock Exchange | Ordinary Share | GB0002015021 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.0% | 120.00 | 105.00 | 135.00 | 123.98 | 120.00 | 120.00 | 25,386 | 16:29:57 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jun 2023 to Dec 2023
TIDMCTO
RNS Number : 8323F
TClarke PLC
13 July 2023
TClarke plc
Half year results for the six months ended 30 June 2023
Forward order book at record level
TClarke plc ("the Group" or "TClarke"), the Building Services Group, announces its half year results for the period ended 30 June 2023.
Financial Highlights:
6 months to 30 June H1 2023 H1 2022
Revenue GBP207m GBP206m
Operating profit (EBIT) GBP5.7m GBP6.0m
Operating margin 2.8% 2.9%
Profit before tax GBP4.8m GBP5.5m
Earnings per share (Basic) 8.68p 10.24p
Interim Dividend 1.375p 1.25p
Net Cash GBP4.5m GBP7.2m
Forward order book GBP781m GBP586m
--------- ---------
Earnings per share is calculated by dividing profit after tax by the weighted average number of shares in issue.
Trading
Trading has continued in line with expectations for the first six months of 2023 with revenue at a similar level compared with the corresponding period last year. Significant revenue growth is forecast for H2 2023; as a result the Board expects the Group to achieve its GBP500m annual revenue target. Revenue growth is particularly strong in London; this growth is forecast to continue throughout 2024 and 2025. Revenue is targeted to grow to GBP600m in 2024 and GBP650m in 2025.
Cash and Facilities
Good financial discipline is at the centre of our operations. Net cash is GBP4.5m as at 30 June 2023 (2022: GBP7.2m).The principal cash movements are detailed in the banking facilities section of this report.
In a separate announcement on 6 July 2023 the Board announced that it has conditionally raised gross proceeds of GBP10.7 million by way of an oversubscribed placing of new ordinary shares in the Company in order to fund significant further expansion beyond 2023.
The net proceeds of the Placing will further strengthen the Group's balance sheet and will provide additional resources with which to capture and deliver additional identified short to medium term attractive contract opportunities in the London business - in doing so driving further growth and margin expansion.
In addition the Group has banking facilities with Nat West comprising a GBP25m revolving credit facility (RCF) which extends to August 2026 and a GBP5m overdraft facility.
Dividend
The Board declares an interim dividend of 1.375p per share (2022: 1.250p per share) to be paid on 29 September 2023 to shareholders on the register at 1 September 2023.
Net Assets
Group net assets have increased by GBP3.1m in the six months to 30 June 2023 and now stand at GBP41.8m. This is principally due to the increase in retained earnings and the post tax reduction in pension deficit.
Order Book
Our confidence is underpinned with the success of the Group's forward order book which has been replenished and expanded and now stands at a new record of GBP781m. This is an GBP195m increase compared to the position at 30 June 2022. In addition, TClarke has many target projects and opportunities with the pipeline of current bids exceeding GBP1bn.The split of the order book is as follows:
30 June 30 June
Market Sector 2023 2022 Increase
GBPm GBPm %
-------- -------- ----------
Infrastructure 180 141 28%
-------- -------- ----------
Technology 248 184 35%
-------- -------- ----------
Residential &
Hotels 63 96 -34%
-------- -------- ----------
Engineering Services 272 151 80%
-------- -------- ----------
Facilities Management 18 14 29%
-------- -------- ----------
Total 781 586 33%
-------- -------- ----------
Outlook
The Board expects to achieve the 3-year strategic target of growing from a GBP300m turnover business to a GBP500m turnover business.
The Board is encouraged by the strength of the Group's position in the market and is confident that revenue growth will continue throughout 2024 and 2025.
Date: 13 July 2023
For further information contact:
TClarke plc Mark Lawrence Chief Executive Officer Trevor Mitchell Finance Director Tel: 020 7997 7400 www.tclarke.co.uk Cenkos Securities plc (Corporate Broker) Ben Jeynes (Corporate Finance) Alex Pollen (Sales) Tel: 020 7397 8900 www.cenkos.com RMS Partners Simon Courtenay Tel: 020 3735 6551
Operational Review
The Group has delivered another set of strong results for the first half of the year with revenue increasing by GBP0.8m to GBP207.0m from GBP206.2m in the same period last year. Operating profit has decreased slightly by GBP0.3m to GBP5.7m (30 June 2022: GBP6.0m), but operating margins are up to 2.8% when compared with 2.7% for 2022 as a whole.
We have continued to target organic growth based on the established engineering strengths of the business whilst targeting additional revenue streams. We have focused on maintaining our premier position in our five core market sectors whilst growing revenue from larger projects outside of London, expanding our healthcare offering, becoming a major player in the data centre market and investing in our capability to deliver smart building solutions.
We have seen sustained growth in our London market providing engineering solutions to some of the capital's most iconic buildings whilst also successfully pursuing our strategy of targeting large projects in the regional businesses. We currently have 13 live projects each in excess of GBP5m outside of London.
Our technology offering, specifically in UK Data Centres where TClarke is now delivering six Data Centres, has seen solid growth of GBP2.6m to GBP64.8m cementing this as our largest operational sector, with the expectation for further rapid growth in the second half of the year. There remain many opportunities for growth in this sector and we expect Data Centres to continue to contribute significant revenues in the medium term.
Whilst we strive to be a socially responsible business, specifically implementing initiatives to improve TClarke's own environmental impact, the move towards sustainable practices more generally has offered TClarke with unique opportunities to lead the industry in helping clients with large existing infrastructure improve their sustainability. In addition to our capability to deliver smart building solutions, we have seen an excellent response in the first half of 2023 to our new ground source heat pump engineering and technological solutions.
We remain focused on the major areas of public sector infrastructure. We continue to work in hospitals across the country delivering major upgrades to the healthcare infrastructure with an 'on site' portfolio of eight major hospital projects. This marks a milestone in TClarke Healthcare's steady rise from dispersed pockets of expertise and specialisation to a one-stop nationwide service that leads in critical new technologies and capabilities for the next generation of smart hospitals.
Our recent diversification of the Scotland business from a predominantly residential M&E provider to an increased commercial M&E offering has enabled TClarke to mitigate the challenging trading environment in the residential market which has been driven by the rise in interest rates and the reaction of housebuilders to slow production. The hotels market remains buoyant and we look forward to the second half of 2023 as we begin work on several prestigious hotel projects.
Pension Obligations
In accordance with IAS 19 'Employee Benefits', an actuarial gain of GBP0.6m, net of tax, has been recognised in reserves during the first six months of 2023, with the pension scheme deficit decreasing to GBP11.4m (30 June 2022: GBP15.9m). The decrease in the deficit is largely the result of the discount rate increasing to 5.14% (30 June 2022: 3.82%), partially offset by the hedging strategy employed by the scheme. In accordance with the Group's agreed deficit reduction plan, described in detail in the most recent annual report, the annual deficit reduction contribution is set at GBP1.2m per annum.
The scheme is closed to new members and the Group continues to meet its ongoing obligations to the scheme.
Banking Facilities and Cash Flow
The Group has recently renewed its banking facilities, which comprise a GBP5.0m overdraft facility, repayable on demand, and a GBP25.0m revolving credit facility ("RCF") expiring 31 August 2026. At 30 June 2023 the Group had drawn down GBP15.0m (2022: GBP15.0m) of the RCF and the overdraft facility was unutilised. The gross cash balance was GBP19.5m, resulting in net cash of GBP4.5m. The Group therefore has up to GBP34.5m available to support the Group's working capital flows and funding demands during the course of the year. The Group has GBP65.1m bonding facilities in place of which GBP30.1m were utilised at 30 June 2023.
See Note 9 (Post Balance Sheet Events) for details on the share placing discussed above.
The net cash figure of GBP4.5m is GBP3.0m lower than at the year end reflecting profit for the period, operational and other non operating cashflows, as set out below:
Net Assets and Capital Structure
The Group is funded by equity capital, retained reserves and bank facilities. Shareholders' equity at 30 June 2023 is GBP41.8m; an increase of GBP6.7m compared to 30 June 2022.
Condensed consolidated income statement
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
to to to
30 06 2023 30 06 2022 31 12 2022
GBPm GBPm GBPm
Revenue 207.0 206.2 426.0
Cost of sales (181.4) (181.5) (378.6)
----------- ----------- -----------
Gross profit 25.6 24.7 47.4
Administrative expenses (19.9) (18.7) (35.9)
----------- ----------- -----------
Operating profit 5.7 6.0 11.5
Finance costs (0.9) (0.5) (1.2)
----------- ----------- -----------
Profit before taxation 4.8 5.5 10.3
Taxation (1.1) (1.1) (1.9)
----------- ----------- -----------
Profit for the period 3.7 4.4 8.4
Earnings per share
Attributable to owners of TClarke
plc
Basic 8.68p 10.24p 19.60p
Diluted 8.65p 10.17p 19.51p
Condensed consolidated statement of comprehensive income
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
to to to
30 06 2023 30 06 2022 31 12 2022
GBPm GBPm GBPm
Profit for the period 3.7 4.4 8.4
Other comprehensive income
Items that will not be reclassified
to profit or loss
Actuarial gain on defined benefit
pension scheme, net of tax 0.6 5.5 6.8
Revaluation of Freehold Property - - (0.2)
Other comprehensive income for the
period, net of tax 0.6 5.5 6.6
Total comprehensive income for
the period 4.3 9.9 15.0
----------- ----------- -----------
Condensed consolidated statement of financial position
Unaudited Unaudited Audited
30 06 2023 30 06 2022 31 12 2022
GBPm GBPm GBPm
Non-current assets
Intangible assets 25.3 25.3 25.3
Property, plant and equipment 12.6 12.5 13.5
Deferred taxation 3.3 4.4 3.6
Trade and other receivables 6.3 4.9 6.3
Total non-current assets 47.5 47.1 48.7
----------- ----------- -----------
Current assets
Inventories 0.5 0.4 0.5
Amounts due from customers under construction
contracts 62.1 69.8 54.3
Trade and other receivables 48.8 39.9 55.3
Current tax receivables - 0.2 -
Cash and cash equivalents 19.5 12.2 22.5
----------- ----------- -----------
Total current assets 130.9 122.5 132.6
----------- ----------- -----------
Total assets 178.4 169.6 181.3
----------- ----------- -----------
Current liabilities
Borrowings (15.0) (5.0) (15.0)
Amounts due to customers under construction
contracts (9.2) (2.5) (7.7)
Trade and other payables (90.3) (101.9) (96.1)
Current tax liabilities (1.0) - -
Obligations under leases (2.7) (1.8) (2.7)
----------- ----------- -----------
Total current liabilities (118.2) (111.2) (121.5)
----------- ----------- -----------
Net current assets 12.7 11.3 11.1
----------- ----------- -----------
Non-current liabilities
Obligations under leases (4.5) (5.7) (5.7)
Trade and other payables (2.5) (1.7) (2.5)
Retirement benefit obligation (11.4) (15.9) (12.9)
Total non-current liabilities (18.4) (23.3) (21.1)
----------- ----------- -----------
Total liabilities (136.6) (134.5) (142.6)
Net assets 41.8 35.1 38.7
----------- ----------- -----------
Equity attributable to owners of the
parent
Share capital 4.4 4.4 4.4
Share premium 4.4 4.4 4.4
Revaluation reserve 0.4 0.7 0.4
Retained earnings 32.6 25.6 29.5
----------- ----------- -----------
Total equity 41.8 35.1 38.7
----------- ----------- -----------
Condensed consolidated statement of cash flows
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
to to to
30 06 2023 30 06 2022 31 12 2022
GBPm GBPm GBPm
Net cash generated by operating activities
(see note 6A) 1.0 5.3 9.3
----------- ------------- -----------
Investing activities
Purchase of property, plant and equipment (0.5) (0.6) (1.8)
Net cash generated by / (used in) investing
activities 0.5 (0.6) (1.8)
----------- ------------- -----------
Financing activities
New shares issued - 0.2 0.2
Facility fee - - (0.3)
Repayment of bank borrowing - (10.0) -
Equity dividends paid (1.8) (1.8) (2.3)
Acquisition of shares by ESOT - (0.5) (0.8)
Repayment of lease obligations (1.7) (0.7) (2.1)
Net cash used in financing activities (3.5) (12.8) (5.3)
----------- ------------- -----------
Net (decrease) / increase in cash and
cash equivalents (3.0) (8.1) 2.2
Cash and cash equivalents at beginning
of period 22.5 20.3 20.3
----------- ------------- -----------
Cash and cash equivalents at end of period
(see note 5) 19.5 12.2 22.5
----------- ------------- -----------
Condensed consolidated statement of changes
in equity
For the six months ended 30 June 2023
Share Share Revaluation Retained
capital premium reserve earnings Total
GBPm GBPm GBPm GBPm GBPm
At 1 January 2023 4.4 4.4 0.4 29.5 38.7
---------- ---------- ---- ------------ ----------- ---------
Comprehensive income
Profit for the period - - - 3.7 3.7
Other comprehensive income
Actuarial gain on retirement
benefit obligation - - - 1.0 1.0
Deferred income tax on
actuarial gain on retirement
benefit obligation - - - (0.4) (0.4)
Total other comprehensive
income - - - 0.6 0.6
---------- ---------- ---- ------------ ----------- ---------
Total comprehensive income - - - 4.3 4.3
---------- ---------- ---- ------------ ----------- ---------
Transactions with owners
Share based payment charge - - - 0.5 0.5
SAYE option cost - - - 0.1 0.1
Dividends paid - - - (1.8) (1.8)
---- ------------
Total transactions with owners - - - (1.2) (1.2)
---------- ---------- ---- ------------ ----------- ---------
At 30 June 2023 4.4 4.4 0.4 32.6 41.8
---------- ---------- ---- ------------ ----------- ---------
Condensed consolidated statement of changes in
equity
For the six months ended 30 June 2022
Share Share Revaluation Retained
capital premium reserve earnings Total
GBPm GBPm GBPm GBPm GBPm
At 1 January 2022 4.4 4.2 0.7 17.2 26.5
--------- --------- ------------ ---------- -------
Comprehensive income
Profit for the period - - - 4.4 4.4
Other comprehensive income
Actuarial gain on
retirement
benefit obligation - - - 7.5 7.5
Deferred income tax on
actuarial
gain on retirement
benefit obligation - - - (2.0) (2.0)
Total other comprehensive
income - - - 5.5 5.5
--------- --------- ------------ ---------- -------
Total comprehensive income - - - 9.9 9.9
--------- --------- ------------ ---------- -------
Transactions with owners
Share based payment charge - - - 0.8 0.8
Shares acquired by ESOT - - - (0.5) (0.5)
Allotted in respect of
share option
schemes - 0.2 - - 0.2
Dividends paid - - - (1.8) (1.8)
------------
Total transactions with
owners - - - (1.5) (1.3)
--------- --------- ------------ ---------- -------
At 30 June 2022 4.4 4.4 0.7 25.6 35.1
--------- --------- ------------ ---------- -------
Condensed consolidated statement of changes in equity
For the year ended 31 December 2022
Share Share Revaluation Retained
capital premium reserve earnings Total
GBPm GBPm GBPm GBPm GBPm
At 1 January 2022 4.4 4.2 0.7 17.2 26.5
--------- --------- ------------ ----------- -------
Comprehensive income
Profit for the year - - - 8.4 8.4
Other comprehensive income
Actuarial gain/(loss) on
retirement
benefit obligation - - - 9.2 9.2
Deferred income tax on actuarial
gain on retirement benefit
obligation - - - (2.4) (2.4)
Revaluation on freehold property - - (0.2) - (0.2)
Total other comprehensive income - - (0.2) 6.8 6.6
--------- --------- ------------ ----------- -------
Total comprehensive income - - (0.2) 15.2 15.0
--------- --------- ------------ ----------- -------
Transactions with owners
Transfer on depreciation of freehold
properties - - (0.1) 0.1 -
Share based payment charge - - - 0.8 0.8
Shares acquired by ESOT - - - (1.6) (1.6)
Allotted in respect of share option
schemes - 0.2 - 0.2
SAYE option cost - - - 0.1 0.1
Dividends paid - - - (2.3) (2.3)
Total transactions with owners - 0.2 (0.1) (2.9) (2.8)
--------- --------- ------------ ----------- -------
At 31 December 2022 4.4 4.4 0.4 29.5 38.7
--------- --------- ------------ ----------- -------
Notes to the condensed consolidated financial statements for the six months to 30 June 2023
Note 1 - Basis of preparation
TClarke plc (the 'Company') is a company incorporated and domiciled in the United Kingdom. The nature of the Group's operations and its principal activities are set out in Note 2 below and in the interim management report. The consolidated interim financial statements comprise the condensed financial statements of the Company and its subsidiaries (together the 'Group').
These condensed interim financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2022 were approved by the Board of Directors on 20(th) March 2023 and have been delivered to the Registrar of Companies and a copy has been made available on the Company's website at www.tclarke.co.uk . The auditors' report on those accounts was unqualified and did not contain any statement under section 498 of the Companies Act 2006.
These condensed interim financial statements for the half year ended 30 June 2023 have been prepared in accordance with the UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. They do not include all the information required for the full annual financial statements and should be read in conjunction with the financial statements of the Group as at and for the year ended 31 December 2022.
The interim financial statements have not been audited or reviewed by the Company's auditors.
Accounting policies
Except as described below, the financial statements have been prepared using the accounting policies and presentation that were applied in the audited financial statements for the year ended 31 December 2022.
Taxes on income in the interim periods are accrued using the estimated effective tax rate that would be applicable to expected total annual earnings.
Estimates and financial risk management
The preparation of interim financial statements requires the Directors to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities at the reporting date and the amounts of revenue and expense incurred during the period that may not be readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
In preparing these interim financial statements, the significant judgements made by the Directors in applying the Group's accounting policies and the key sources of uncertainty together with the Group's financial risk management objectives and policies were the same as those that applied to the financial statements as at and for the year ended 31 December 2022. The principal risks and uncertainties continue to be those which are set out on pages 29-32 of the Group's annual report and accounts for the year ended 31 December 2022.
Going concern
As at 30 June 2023 the Group held cash of GBP19.5m (2022: GBP22.5m) and had drawn down short term borrowings of GBP15m under a revolving credit facility. This resulted in a net cash of GBP4.5m (2022: GBP7.5m). The Group also has access to a further GBP10.0m of the revolving credit facility and a GBP5.0m overdraft facility. The level of usage of the revolving credit facility is dependent on covenant compliance. No balances were drawn down under the overdraft facility at 30 June 2023.
After making appropriate enquiries, the Directors are satisfied that the Company and Group have adequate resources to continue their operations for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.
See Note 9 (Post Balance Sheet Events) for details on the share placing discussed above.
Note 2 - Segmental information
The Group provides electrical and mechanical contracting and related services to the construction industry and end users.
At the beginning of the year the Group changed its internal management reporting, moving away from the previous geographic split of segments, and effectively adopting one operating segment. In delivering the Board's growth strategy, including focusing on winning large projects outside of London, the previous split ceased to be fully representative of the way the Group operates, with contracts often being won through entity-wide relationships or delivered outside of a segment's geographic footprint. As such, the Board, in its role as 'chief operating decision-maker', now only receives financial information for the Group as a whole, representing the Group's one operating segment. This approach has also been reflected in the preparation of these interim financial statements which as a result no longer require segmental analysis.
The Group's revenue from contracts with customers, analysed by business sector, was as follows:
Unaudited
30 06 Unaudited Audited
2023 30 06 2022 31 12 2022
Business sector GBPm GBPm GBPm
-----------------------
Facilities Management 16.9 17.0 31.3
Infrastructure 38.8 39.4 79.5
Engineering Services 62.6 58.0 124.7
Residential &
Hotels 23.9 29.6 45.3
Technologies 64.8 62.2 145.2
-----------------------
Total revenue 207.0 206.2 426.0
----------------------- ---------- ------------ -------------
Note 3 - Taxation expense
The effective corporation tax rate applied for the period is 23.5% (30 June 2022: 19.0%) being the pro-rated tax rate for the 2023 financial year.
Note 4 - Earnings per share
A. Basic earnings per share
The earnings per share represent the profit for the period divided by the weighted average number of ordinary shares in issue.
Unaudited Unaudited Audited
30 06 2023 30 06 2022 31 12 2022
GBPm GBPm GBPm
Earnings
Profit attributable to owners of the
Company 3.7 4.4 8.4
Weighted average number of ordinary
shares (000s) 42,991 42,988 43,056
------------ ------------ -------------
Basic earnings per share 8.68p 10.24p 19.60p
------------ ------------ -------------
B. Diluted earnings per share
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Company has one category of dilutive potential ordinary shares: share options granted under the Company's SAYE schemes. Further details of the scheme are given in note 18 of the 2022 annual report and financial statements .
Unaudited Unaudited Audited
30 06 2023 30 06 2022 31 12 2022
GBPm GBPm GBPm
Earnings
Profit attributable to owners of the
Company 3.7 4.4 8.4
3.7 4.4 8.4
------------ ------------ -------------
Weighted average number of ordinary
shares in issue (000s) 42,991 42.988 43,056
Adjustments
SAYE Share Options (000s) 139 278 187
Weighted average number of ordinary
shares for diluted earnings per share
(000s) 43,130 43,266 43,243
------------ ------------ -------------
Diluted earnings per share 8.65p 10.17p 19.51p
------------ ------------ -------------
Note 5 - Dividends
A final dividend of 4.1p (2022: 4.1p) per Ordinary share was paid during the year relating the previous year's results. The Directors are proposing an interim dividend of 1.375p (2022: 1.250p) per Ordinary share (post placing) totalling GBP0.7m (2022: GBP0.5m).
Note 6 - Notes to the consolidated statement of cash flows
Unaudited Unaudited Audited
A. - Reconciliation of operating profit 30 06 2023 30 06 2022 31 12 2022
to net cash from operating activities GBPm GBPm GBPm
Operating profit 5.7 6.0 11.5
Depreciation charges 1.7 1.1 3.0
Equity settled share based payments 0.6 0.8 0.1
Additional pension contributions (0.7) (0.8) (1.5)
Defined benefit pension scheme movement - 0.2 (0.7)
------------ ------------ ------------
Operating cash flows before movements
in working capital 7.3 7.3 12.4
Movement in inventories - - (0.1)
(Increase) / Decrease in contract balances (6.3) (18.1) 2.2
Decrease / (Increase) in operating trade
and other receivables 6.5 11.3 (3.8)
(Decrease) / Increase in operating trade
and other payables (5.4) 5.0 0.7
------------ ------------ ------------
Cash generated by operations 2.1 5.5 11.4
Corporation tax paid (0.5) - (1.6)
Interest paid (0.6) (0.2) (0.5)
------------ ------------ ------------
Net cash generated by operating activities 1.0 5.3 9.3
------------ ------------ ------------
B. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank less bank overdrafts.
Note 7 - Related party transactions
Transactions between the Company and its subsidiary undertakings, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Full disclosure of the Group's other related party transactions is given in Note 21 to the Group's financial statements for the year ended 31 December 2022. There have been no material changes in these relationships in the six months ended 30 June 2023 that have materially affected the financial position or performance of the Group during that period.
Note 8 - Pension commitments
The present value of the defined benefit retirement benefit scheme and the related past and current service costs were measured using the projected unit credit method. The amount included in the statement of financial position arising from the Group's obligations in respect of its defined benefit retirement benefit scheme is as follows:
Unaudited Unaudited Audited
30 06 2023 30 06 2022 31 12 2022
GBPm GBPm GBPm
Present value of defined benefit
obligations 39.4 51.2 40.6
Fair value of scheme assets (28.0) (35.3) (27.7)
------------- ------------- -------------
Deficit in scheme recognised
in the statement of financial
position 11.4 15.9 12.9
Key assumptions used
Rate of increase in salaries 3.28% 2.49% 3.26%
Rate of increase of pensions
in payment 3.06% 3.11% 3.05%
Discount rate 5.14% 3.82% 4.77%
Inflation assumption (RPI) 3.14% 3.19% 3.12%
Inflation assumption (CPI) 2.78% 1.99% 2.76%
Unaudited Unaudited Audited
Mortality assumptions (years) 30 06 2023 30 06 2022 31 12 2022
Life expectancy at age 65 for
current pensioners:
Men 21.2 21.2 21.2
Women 23.2 23.2 23.2
Life expectancy at age 65 for
future pensioners
(current age 45)
Men 22.2 22.1 22.1
Women 24.3 24.3 24.3
Note 9 - Post Balance Sheet Events
On 6 July 2023 the Group announced that it had conditionally raised gross proceeds of GBP10.7 million by way of an oversubscribed placing of new Ordinary Shares in the Company to certain institutional and other investors in order to fund significant further expansion beyond 2023. The placing is subject to TClarke shareholder approval at a general meeting to be held on 24 July 2023 at 9.00 a.m.
The Placing Shares will, when issued, be credited as fully paid and rank pari passu in all respects with each other and with the Existing Ordinary Shares, including, without limitation, the right to receive all dividends and other distributions declared, made or paid after the date of issue.
Applications have been made to the Financial Conduct Authority (the "FCA") for admission of the Placing Shares to the premium listing segment of the Official List maintained by the FCA and to London Stock Exchange plc ("LSE") for admission of the Placing Shares to trading on LSE's main market for listed securities ("Admission"). Admission and settlement of the Placing Shares is expected to take place on or around 8.00 a.m. on 25 July 2023.
Following Admission, the Company will have a total of 52,850,780 Ordinary Shares in issue. There are no Ordinary Shares held in treasury and therefore the total number of voting rights in the Company is expected to be 52,850,780.
Statement of Directors' responsibilities
The Directors confirm that the condensed interim financial statements have been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
-- an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and
-- material related party transactions in the first six months and any material changes in the related party transactions described in the last annual report.
On behalf of the Board
Iain McCusker - Chairman
Mark Lawrence - Chief Executive
Trevor Mitchell - Finance Director
13 July 2023
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IR GZGMNFZKGFZM
(END) Dow Jones Newswires
July 13, 2023 02:00 ET (06:00 GMT)
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