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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tclarke Plc | 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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 162.50 | 162.00 | 162.50 | 164.50 | 162.00 | 163.00 | 292,199 | 16:35:05 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Special Trade Contractor,nec | 491M | 6.5M | 0.1230 | 13.17 | 85.62M |
TIDMCTO
RNS Number : 5914O
Clarke(T.) PLC
31 January 2019
TClarke plc
Year End Trading Update
TCLARKE REPORTS SUSTAINED GROWTH IN ORDER BOOK AND PROFITABILITY
AND IS DEBT FREE
TClarke plc ("TClarke" or the "Group"), the Building Services Group, announces a year end trading update for the financial year ended 31(st) December 2018.
Financial Results
The Board is pleased to report that the expected outcome for the year is in line with the upgrade that was released to shareholders on 27(th) November 2018; that is an underlying operating profit before interest and taxation of circa GBP8.6m (2017: GBP7.3m) and revenue of circa GBP320m (2017: GBP311m). The underlying operating profit margin is 2.7% (2017: 2.3%) and we remain on track to achieve our medium term margin target of 3%.
Cash
The Group's cash position remains robust, with the year end cash position having improved to GBP12.4m (2017 net cash GBP11.7m). The Group has available bank facilities comprising a GBP5m overdraft facility, repayable on demand, and a GBP15m revolving credit facility expiring on 31(st) August 2022.
At 31(st) December 2018 the Group had not drawn down any of these facilities and hence is debt free. This remains the case at 31(st) January 2019.
Order Book
Our established strategy is to selectively target projects that we believe will add value and strengthen the margin profile of the Group. At 31(st) December 2018 the forward order book stood at a record GBP411m representing a 22% growth year on year (2017: GBP337m). Our Technologies sector has been the main driver of this increase, up almost 400% to GBP54m.
Outlook
The Board remains encouraged by the continued opportunities available to the Group, particularly on high profile projects working with clients who value our ability to deliver large, complex projects successfully.
The Group remains on track, with good progress being reported from each of its businesses and it remains on target to achieve the market expectations during the course of the current financial year.
TClarke plc will be announcing its 2018 preliminary results on Tuesday, 26(th) March 2019.
Mark Lawrence, CEO, commented:
"As TClarke celebrates its 130(th) year, it is pleasing that this update demonstrates the successful implementation of our strategy both in terms of improving our profit margin and targeting areas of technology and digital integration in modern building projects that play to our core skills and capabilities.
We are working on three UK data centres and our Building Controls Division acquired in August 2017, can now boast its largest ever order book and the continued success in our other markets has led to the record forward order book for the TClarke Group as a whole.
The Board continues to look forward with optimism and we remain focussed on delivering an improving financial performance as we move through the year."
Ends
31(st) January 2019
For further information contact:
TClarke plc
Mark Lawrence - Group Chief Executive
Trevor Mitchell - Finance Director
David Lanchester - Company Secretary
Tel: 020 7997 7400
www.tclarke.co.uk
N+1 Singer (Financial Adviser and Broker)
Sandy Fraser
Rachel Hayes
Tel: 020 7496 3000
www.nplus1singer.com
RMS Partners
Simon Courtenay
Tel: 020 3735 6551
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
TSTURSNRKNAAOAR
(END) Dow Jones Newswires
January 31, 2019 02:00 ET (07:00 GMT)
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