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CTO Tclarke Plc

2.50 (1.57%)
Last Updated: 08:00:07
Delayed by 15 minutes
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
  2.50 1.57% 162.00 158.50 162.00 162.00 162.00 162.00 6,071 08:00:07
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Special Trade Contractor,nec 491M 6.5M 0.1230 13.17 85.62M
Tclarke Plc is listed in the Special Trade Contractor sector of the London Stock Exchange with ticker CTO. The last closing price for Tclarke was 159.50p. Over the last year, Tclarke shares have traded in a share price range of 105.00p to 167.50p.

Tclarke currently has 52,850,780 shares in issue. The market capitalisation of Tclarke is £85.62 million. Tclarke has a price to earnings ratio (PE ratio) of 13.17.

Tclarke Share Discussion Threads

Showing 4976 to 4999 of 5125 messages
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Theres 2 delayed trades of 479k shares from after close yesterday that have just shown up @ 132p, could be interesting.
For the record, Cenkos' latest note forecasts 17.4p EPS this year, rising to 24.2p EPS and then 27.1p EPS.

The cash pile is forecast at £9.2m at the end of this year, rising to £11.3m then £16.9m.

And the dividend is 5.9p rising to 6.5p and 7.1p.

They summarise (extracts):

"TClarke Plc
Momentum into H2 and beyond

Following the successful placing, todays interims are in-line with expectations, with revenues at a similar level last year (with significant growth forecast for H2) and an improvement in the margin to 2.8%. The group has excellent revenue visibility and is taking strong growth momentum into H2 and beyond, particularly with contract opportunities in the London region. On a FY24E PE of 5.5x, EV/EBITDA of 2.6x and an attractive 5% yield, we believe the valuation significantly underestimates the ongoing growth potential and quality of earnings. BUY."

" Forecasts: We make no changes to forecasts post our recent upgrades, following the placing. The proceeds of the placing will provide additional resources which will enable the group to capture and deliver identified short- to medium-term attractive contract opportunities in the London business, (which are expected to be margin enhancing). The placing is expected to be significantly accretive to underlying profitability. We forecast an operating margin improvement to 3.2% in FY25E, up from 2.4% in FY23E, with a 2-year CAGR (FY23-25E) in EBITA and EPS of 30% and 25% respectively.

 View: In our view, management’s track record of delivery to date of its growth ambitions, which has been achieved without acquisitions or fully supportive endmarkets has been excellent. The recent placing will allow another step change in the growth profile of the business, whilst also (and importantly) improving the quality of its earnings. There looks to be significant opportunities ahead, backed up by supportive end markets, such as government backed investment in infrastructure, the move to net zero and the significant expansion in the Data Centre market. On this basis, TClarke looks very well positioned to benefit and we retain our BUY."

The increase is merely due to the recent placing....

The Company's largest shareholder, Regent Gas Holdings Ltd, has subscribed for 4,000,000 Placing Shares at the Placing Price.

-- Cenkos is acting as Sole Broker in connection with the Placing.

Regent Gas increase again to 21.51%, must be getting close to making an offer, will have to I think if they go over 30%

Interesting to see how this plays out


A little write up on MI last week too (LON:CTO) – Record Order BooksThis very well-established building services group announced it half year results yesterday and the statement was more than encouraging.The revenues for the six months to end June were hardly changed at £207m (£206m), while the pre-tax profit was lower at £4.8m (£5.5m), with interim earnings easing to 8.68p (10.24p), but with an increased halfway dividend of 1.375p (1.25p) per share.However, we can now expect a very much stronger second half, with almost £300m sales anticipated, taking it up to some £500m for the year.The record order book of £781m (£586m) helps the group going forward, with £600m sales in 2024 and then at least £650m in 2025 being group targets.Analyst Andrew Gibb at Cenkos Securities rates the group's shares as a Buy.He estimates £10.7m adjusted profits for 2023, worth 17.4p in earnings and paying a 5.9p dividend per share.Jumping ahead he sees £17.1m profits next year, worth 24.2p enabling a dividend lift to 6.5p.The shares closed last night at 131.5p, undervalued at this price.(Profile 10.12.19 @ 120p set a Target Price of 165p*)
Tipped in the IC by Simon Thompson - subscriber-only unfortunately:

"TClarke's order book goes from strength to strength

Building services contractor’s technology also has £1bn of tenders in the pipeline
July 14, 2023
By Simon Thompson

Record £781mn order book, up £195mn year-on-year
Pipeline of current tender bids exceeds £1bn
Revenue guidance £500mn (2023), £600mn (2024) and £650mn (2025)
£10.7mn oversubscribed placing to support growth
Single-digit PE ratio and attractive dividend yield

Building services contractor TClarke (CTO:132p) has reported a 33 per cent year-on-year surge in its order book to a record £781mn at the half year stage. First half operating profit of £5.7mn was slightly down on flat revenue of £206mn, but it's not a concern given the material second half weighting as the contracted order book is delivered. The directors are maintaining guidance for 17 per cent growth in full-year revenue to £500mn.

Such is the strength of trading that the group now has more than £1bn tenders in its bid pipeline, too. The boom in data centres, the segment accounted for 31 per cent of first half revenue, and smart buildings are key drivers as is growth in the London market and improved revenue visibility outside of the capital. The technology sector order book has increased 35 per cent to £248mn in the past 12 months.


Over 99% voted FOR the all the resolutions at the AGM (including the remuneration).

I regard the register as having only one institutional investor.
(Regent I would say is a family office type investor).

So that leaves it to the PIs to vote entirely as they wish.

Page 26 onwards of the PDF if you are interested in the policy and the numbers: -

So if all the shareholders were to vote against it then they'd just not go through with it? I assume most people will vote in agreement with it?
Mentioned in a write up on stocko as one to watch.

Flagged up director renumeration as a concern with their pay at £4.6m out of the £10.3m PBT. Final comment was added to the writers watchlist.

Even if profits go up, how much will shareholders benefit as they just pay themselves more.

In the original Open Offer RNS it does say that they have "conditionally raised gross proceeds of GBP10.7 million" ... and later
"The Placing is conditional, inter alia, upon approval by Shareholders of the Resolutions and the placing agreement between Cenkos and the Company becoming unconditional and not being terminated."
The AGM vote is on July 24th.

Has anyone else received a corporate action regarding the placing? I did yesterday in my AJ Bell account but not my Iweb. I don't fully understand it, I thought the placing was done and now it's asking for a vote for 4 resolutions regarding it.
Suspending a dividend has a slow effect on the balance sheet as well as working capital, whilst disappointing, even annoying, long term investors who have become accustomed to a rising dividend. A quick one off fund raise reassures prospective public sector clients who require solidity in their suppliers.
Agree its cheap and good potential growth. No div for the year would also strengthen balance sheet and have no dilutive effect. Clearly that would not raise enough to fund the growth, but would have been understandable. Anyway if we double in price from here, It will all be worth while.
Some people are used to - and supposedly sometimes even rely on - a stable dividend income from their shares. Some funds require it. And the management probably wants to continue the long record of increased dividends which goes back at least 6 years.

Personally I'd be happy with a shelved dividend in the short term, but dividend payments in general I like as it helps maintain some management shareholder focus.

Dunns - the order book needs significant working capital and equity is now cheaper than debt financing. I’m ok with this looking at the bigger picture. I also suspect behind the scenes potentially some of the new orders stipulated that TClarke strengthens its balance sheet. Bottom line is if TClarke executes and becomes a £600m business it is very cheap. Add on any dips maybe?
Seems a bit daft to issue shares at a discount to raise funds, then announce a dividend the next week.
I'm alittle bit underwhelmed with H1 numbers, looks like everything is geared for H2.
Rights issues are expensive, so for smaller sums placings like this are normal and sensible. But the discount does seem a bit steep for such a quality company. On the other hand taking on more debt at current interest rates would also not be that cheap if the business growth means that Wip grows and the debt cannot be paid down in a year or so...
Why did the directors raise 11milliom ... they should of stopped paying dividence to raise cash!
The core business is going great guns and needs funding to finance the growth. Fine. But the discount to the share price is too great to stomach easily. Let's hope those who didn't get enough stock due to the oversubscription come into the market to buy up stock.

Prospects look terrific with, as Cenkos state, "government backed investment in infrastructure, the move to net zero and the significant expansion in the Data Centre market)" plus healthcare and the move to smart buildings generally.

Cenkos conclude:

"View and current trading:

Alongside today’s placing announcement, the group has confirmed that trading since the last update (10 May 2023) has continued to be strong, with the order book increasing to £781m, a sharp uplift to the FY22A position of £585m. It is also £4.5m cash positive as at 30 June 2023. There has been a step change in the growth of this business in recent years (with a record year of growth delivered in FY22) it has deep relationships with its client base (90% of its contracts are with repeat clients and (or) principal contractors) and the order book provides the group with excellent visibility. BUY"

Broker summary. CENKOS.

TClarke has announced an oversubscribed placing to raise £10.7m (gross) at an issue price of 122p. The funds will be deployed to capture and deliver identified contract opportunities in the London region, alongside strengthening the balance sheet. These new contract opportunities are expected to materially enhance profitability, with higher operating margins reflecting the benefits from enhanced economies of scale. On our revised forecasts, the group is trading on a FY24E PE of 6

This was clearly going to drop today. Good chance 122p will be possible in open market anyway
All depends on inflation clauses in the contracts already won. If not strong enough can see possibility nay probability of major reduction in profits in next year or so - Remember construction trade currently in midst of major supply inflation.
Well, if the share price carries on like this, I will get my 122p myself. This happens quite often, but only after a sizeable discount on the placing. TBH I agree that longer term it is probably no big deal.
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