Share Name Share Symbol Market Type Share ISIN Share Description
Clarke T. LSE:CTO London Ordinary Share GB0002015021 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.20p +0.24% 83.70p 82.40p 85.00p - - - 16,863 16:35:06
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 278.6 3.7 5.5 15.4 35.01

T Clarke Share Discussion Threads

Showing 3051 to 3075 of 3075 messages
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DateSubjectAuthorDiscuss
19/1/2018
15:02
With a larger order book there may be the need for higher working capital at some point. I am not sure a revovling facility of £3m bothers me very much, particularly if margins are maintained or improved ...
edmundshaw
19/1/2018
09:50
Initially after the CLLN liquidator was appointed on Monday construction stocks responded on the basis of statements made by the individual companies. Kier had no liability - it went up Balfour Beatty and Galliford were in for about £40m each and they went down Since them the market seems to have decided that other construction companies balance sheets must be guilty by association or given the lousy job the auditors undertook maybe there are other problems. The best example of this is IRV where it fell nearly 20% intraday before recovering everything and is not higher than where it started. So, I took a closer look at CTO and it's actual cash position. This is what is says in it's latest published 2006 accounts "The Group’s net cash balances improved to £9.3m at 31st December 2016 (2015: £6.7m) after deducting the £3.0m (2015: £5.0m) outstanding under the revolving credit facility. This reflects the improved underlying performance of the Group and improved management of working capital. During the year the Group renegotiated its banking facilities and now has in place a £10.0m revolving credit facility, which is committed until 31st March 2020 and a £5.0m overdraft facility, renewable annually. Interest on overdrawn balances is charged at 2.25% above base rate, and interest on balances drawn down under the revolving credit facility is charged at 2.25% above LIBOR, fixed for the duration of each drawdown (typically three to six months). In addition the interest payment in note 6 to the accounts is £0.1m So, what's their average bank balance as opposed to the year end position as with net cash of £9m one wonders why they have a drawn revolving credit facility. In common with every other quoted company we must draw the conclusion that they pay December bills a day late to make the accounts look good. Standard practice. However, we can reassure ourselves that it is nothing more than that going on by reference to the interest payments. £3m drawn revolving credit facility at LIBOR +2.25% gives an interest payment of £82k matching the £0.1m in the accounts. Interest has to be paid on the drawn RCF whether it's used or not but we see CTO are not using the overdraft or exceeding the £3m RCF. I would like to hope that in the 2017 accounts the RCF is no longer required and the company is cash positive for 12 months of the year. Given £6.5m profits, less £1.3m corporation tax, £1.4 dividends, £1.5m for Eton, £1.1m for the pre-fab facility, plus amortisation of £0.3m and one off £1.4m from fraud recovery, I get a cash inflow of £2.9m, just about enough depending on the flows of debtors and creditors to get them to a position of no bank loans at any point in the year. I'm not sure how many quoted companies can say that - very few I would guess.
cc2014
18/1/2018
10:52
It seems we have found support at 83. Surprised it dropped so low given the statement said the financial impact was less than £100k, which is a rounding on £6.5m profit. I guess the MM's have shaken out some sells down near 80 for whatever reason. It's very difficult to read L2 right now and I'm not sure the MM's now what's going on with the trade flow either. WINS have increased their spread since the 9k buy at 10:36. It's very very rare to see them do that intra-day. Hoping it means they've pushed the price down for their friends and we will see it return straight to the 90 area. Fingers crossed.
cc2014
16/1/2018
23:31
I noticed the jacket in the link CC. MVS (then in small letters) "working in partnership with Carillion". Hmm... I agree it could have a good effect on margins medium term; and sadly some exposed subcontractors at least in the private sector, or those owed a lot of money, will be in trouble. On the back of this, I have put some money today where my mouth - and fingers - is/are...
edmundshaw
16/1/2018
13:17
In a trading update from CMS today, their pension deficit decreased from £55m to £38m. Hopefully CTO will shortly be able show a similar improvement which would be a positive.
junior21
16/1/2018
11:48
All very sad for all those involved with CLLN, but this could be a very positive event for the industry and particularly CTO. The demise of such a large player is just what supporters of capitalism have been waiting for ie Creative Destruction, which will eliminate weaker players, and undermine the CLLN business model which relied on taking on low margin contracts and squeezing the sub-contractors/suppliers. It will also free up the labour market reducing the bargaining power of workers,possibly throw open new contracts to CTO which now urgently need completion,help enhance margins on new work now being negotiated, and if capacity in the industry is going to fall, sadly for those involved, CTO's overall bargaining position will be enhanced.
tuscan4
16/1/2018
11:00
Very reassuring news re the lack of exposure to CLLN. I'm looking forward to the trading update on 1st February, especially given the "encouraging" outlook in the November update: "There remains a clear demand for our specialist services in the markets in which TClarke operates. We have already secured £190m and £100m of our planned revenues for 2018 and 2019 and beyond, respectively, and we are encouraged by the number and quality of the opportunities that continue to be available both within our established M&E markets and from the new opportunities that we are pursuing, driven by sustained investment at national level in both technology and infrastructure. The future for the Group remains encouraging."
rivaldo
15/1/2018
11:36
RNS TClarke is engaged as a Sub Contactor on a Carillion joint venture project with KBR as part of the Aspire Defence Contract at Tidworth, Bulford and Perham Down. We have been advised by the joint venture partner that there will be a transition for this contract and that we can expect "business as usual". Other areas of activity have aggregate exposures of less than GBP100,000 in total. We do not expect there to be any adverse financial impact on the Group arising from any direct exposure to Carillion.
typo56
15/1/2018
11:11
hmm. On 15/04/16 Diverse increased their holding from 8.62% to 9.xx% and from the transactions paid 90p. It appears on Friday they sold almost exactly the same amount reducing their holding back to 8.6% and got very nearly 90p for them.
cc2014
15/1/2018
08:59
Whilst incredibly sad for employees and pensioners, CLLN going bust will be good news for the industry and CTO. CLLN have been keeping margins low for years by bidding for projects at stupidly low prices and abusing the supply chain for the last 30 years. I think it no co-incidence CTO have little to no exposure but now this work will instead go to respectable main contractors. I expect CTO to benefit from CLLN going into liquidation. Even if there is a small hit to the profit and loss this year, long term it will help turnover and margins.
cc2014
15/1/2018
08:33
As best as I can tell no or little exposure. Evidence in half year presentation where they list turnover by client and construction company. List goes down to £1m, so assume it's between zero and £1m. I suspect it's small if not zero and covered by bad debt provision. I am guessing CTO had a policy of not working for them as did others in the M&E supply chain. Apparently one of the reasons Midland Metropolitan is 6 months behind is due to "designing the services". I take this as code to mean "no-one would do the design as they wouldn't get paid". NG Bailey and MVS have some involvement on this project anyway. MVS went into administration about 2 weeks ago, probably because CLLN didn't pay.
cc2014
15/1/2018
08:27
I would think any exposure to CLLN is minimal. From memory, clln were not in the top 10 clients list for the last two years at least, and the number ten client was down to something like £2m turnover value to Clarke, so from £0 to a £0.5m perhaps?
muckshifter
15/1/2018
08:17
Any exposure to CLLN? SDY being hit.
typo56
14/1/2018
00:34
All set for 90p plus next week.
its the oxman
12/1/2018
15:35
Volumes increasing fast, the bid is up to 89.8p, and the spread is a mere 1p. Things are happening.
rivaldo
12/1/2018
14:28
Well 89.2 on the bid now and no-one rushing to sell. The absolute 52 week all time high is 93.25 although very little volume went through above 91 when it got there last time
cc2014
12/1/2018
11:46
Great to hear L2 looks so good. Decent volumes today again, and the bid price is up to 86p from yesterday's 84p. Looking rather promising.
rivaldo
12/1/2018
10:28
On reflection maybe the explanation for the rise is much simpler. Pension deficit decreasing as perception interest rate rises are coming sooner than expected as requirement to prop up economy with cheap credit comes to an end after 10 years. Some article the other day about how banks are now pulling back on credit as they wish to make sure consumers have ability to pay as interest rates rise. L2 looking great. If nothing else we know the large seller at 87 has finished
cc2014
12/1/2018
09:44
So, we can there has been a battle at 87 with a buyer going in for significant volume. It looks like the seller is exhausted now but maybe he will return. It now looks like the MM's have gone "we don't know wtf is going on here" so the spread has gone massive. It protects them from losing money. There are a couple of points to be made. 1. The sector has picked up a bit since Xmas, apparently there was some report in the telegraph that the commercial property market is no-one near as depressed as everyone though. Additionally we have seen really good manufacturing output and whilst this isn't shown in construction output yet, you can only sweat the assets so long and the construction output follows sooner or later. 2. Maybe someone has gone and done some work and discovered CTO don't work for Carillion or at least the risk is minimal. You can see this in the list of turnover by company in the last analyst presentation. Or, it could be that the work they do for Interserve now seems derisked as evidenced by IRV share price more than doubling in the last month 3. It could also be that Chelverton who own 1m shares had a fund raising which completed I'm not sure but in the last week or two are coming in for more shares. I'd say the buyer still wants more stock. From the trades this is an institution/fund collecting rather than a PI with deep pockets which is the first time this has happened on the order book in the four years I've been holding these shares. Finally we seem to have got rid of most of the players who keep flipping for a few pence and someone is actively trying to acquire stock in volume to hold. I'd say this is a strategic move across the sector and as usual CTO has been lagging. My guess is we spend a bit of time here or at 90, which the buyer collects a bit more from the weak sellers as some always come out at previous highs. Tbh I'm surprised there haven't been more
cc2014
12/1/2018
09:24
50k buy now at 87.0, which is huge for CTO, now pulled.
cc2014
12/1/2018
09:06
More AT (likely institutional) trade buying this morning at 87p. Anyone confirm whether L2 is looking positive?
rivaldo
11/1/2018
15:01
Nice - another 100,000 just reported bought at 87p, as well as earlier 50k, 40k, 25k and other buys. Someone accumulating?
rivaldo
11/1/2018
11:23
Some more decent buys gone through at 87. It feels like someone is happy to buy any decent volume that comes on the market today.
cc2014
11/1/2018
09:21
Getting there. Volume pulled at 86 and filled at 87 Sellers are going to get a chance at 85+ again so let's see what happens this time
cc2014
10/1/2018
10:31
shouldn't be long before it smashers past that famous 90p barrier.
igoe104
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