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CTO Tclarke Plc

0.50 (0.32%)
24 May 2024 - Closed
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
  0.50 0.32% 158.50 158.00 158.50 159.00 158.00 158.00 102,099 16:35:21
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Special Trade Contractor,nec 491M 6.5M 0.1230 12.93 84.03M
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 158p. 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 £84.03 million. Tclarke has a price to earnings ratio (PE ratio) of 12.93.

Tclarke Share Discussion Threads

Showing 5051 to 5074 of 5125 messages
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These results pleased me. The actions that they took to deal with various contract problems, as reported in the trading update late last year, were particularly impressive, imo, and if I was a client or potential client with a major project and very significant cost implications for any missed completion deadline, it would put TClarke at the top of my tender list.
The market should ideally have already priced in the reduction in PBT.

But the overall health of the company looks terrific, with the order book up 70% to a whopping £943m and a positive forward outlook. The move into data centres has been a huge success and should continue to thrive.

Net cash at £19.3m compares nicely to the £67m m/cap.

Cabendish have left their forecast for 2024 unchanged at 24.1p EPS

They have a 197p price target.

A very mixed bag of results, which we knew about from the trading Update in November, on a positive note, the forward looking statement looks very good especially if the margins move back to 3%..

Dividend increased by 10%, Cash substantiallly up mainly to fund raise...

Results tomorrow 15th March
There was a trade yesterday of 7739 @ 130 at 1635 so 130 was a real price Dr Bio.
The offer at 16.26 was 128.5 andbid 127 .......the day before I could have bought at 120
130 isn’t a real price. Bid is 121, mid is 124.
dr biotech
Very strange drop and recovery in the last couple of days.........
Prelims results are any day now. So hopefully a leg up again soon...
Well the last note I have on EBIT was for adjust EBIT forecast £9m

So that coupled with the order book is not so bad as the chart would have indicated I think?

With the cash position I think YE can be manipulated but neverthelss is good.
(The I in EBIT will help us know the true picture - since this effectvely measures the average cost of debt for the year).

A couple of medium size sells on very little volume, looks to have caused the fall back..
Why are they so weak this afternoon?
Looks like CTO are gearing up for lots of growth in the south.
This dated yesterday just reinforces my view that CTO really are a top quality company always looking to the future, whatever your views on cyclicality etc:

"TClarke Climate Solutions team leads major decarbonisation project with Exeter University

One of TClarke’s successful in-house startups, Climate Solutions leads critical decarbonisation projects in public and private sectors generating substantial revenue. Director Gary Tidball explains:

The present time is the perfect opportunity for us to utilise our engineering skills. Companies in all areas of the UK economy are required to move away from using fossil fuels and switch to low-carbon energy sources and more efficient energy systems. This is a complex engineering task that demands specialised skills, integrated teams, and expertise. Fortunately, we possess all these qualities and can deliver successful outcomes.

Recently, Climate Solutions completed the Bio-Science project at Exeter University with Willmott Dixon (pictured). The client from the University stated, “I do want to say that it has been a long time since I have seen such a quality M&E installation.”

This project is part of a broader decarbonisation project across the entire University Campus. Climate Solutions is also working on another project at Cornwall House, where they are removing two large commercial gas boilers and replacing them with a cascade heat pump system. The existing boilers serve the heating/hot water services and a swimming pool, so our challenge is to keep all these systems online while transitioning to the new heat pumps.

The Climate Solutions Team supports all the Group offices across the UK and is currently working with Oxford on projects at Portsmouth and Bournemouth Hospital and will be working with Bristol at Guys Marsh Prison and with Derby and Peterborough on various projects and also with London and the Design and Build Team."

Peg ratio 0.1 nuff said.


Full year TS 5th March is in my diary

Nothing on their website. Given that they only updated on 30/11, I’m not expecting anything else unless it’s a material change. in 2023 they updated after the year end (28/1), but not before. in 2023, full year announcement was 8/3, but nothing showing for this year yet.
Anyone know if there is a date for their year end trading update please?
I think that's a good assessment and hope he's right rivaldo. I've long been a fan of CTO as they dealt with various severe obstacles over the years, and now just hope that they can cope with a fast expanding workload without mishaps.
FYI I came across analysis from the IC's Simon Thompson not posted here before:

"TClarke’s forecast profit recovery is underrated

The building services contractor’s record order book should deliver a 90 per cent recovery in 2024 earnings, a factor not reflected in a miserly forward PE ratio of 4.9

November 30, 2023
by Simon Thompson

Record £1.1bn order book
20 per cent revenue growth forecast in 2024
One-offs costs to dent 2023 earnings
EPS set to rebound 90 per cent in 2024
Net cash position better than forecast

Building services contractor TClarke (CTO:117p) has reported a 41 per cent increase in its order book in the second half, more than doubling in value to a record £1.1bn since the start of the year. In addition, the group has more than £1bn of quotations in the tender process with potential clients. This provides strong visibility of revenue for the next two financial years and is supportive of house broker Cavendish’s revenue estimates of £600mn (2024) and £650mn (2025), up from £500mn forecast in 2023.

The boom in data centres and smart buildings have been key growth drivers. The
segment delivered 31 per cent of first-half revenue and accounts for a third of the £1.1bn contracted order book, up from a 20 per cent share at the start of this year. Work on major engineering projects is another boom area, accounting for £489mn of the order book, up from £225mn in December 2022. For instance, TClarke is working on major UK government-funded healthcare infrastructure projects, such
as the National Rehabilitation Centre near Loughborough, one of 40 new hospitals to be built by 2030. It is also enjoying ongoing success in the education sector, too.

The booming order book notwithstanding, the turbulent conditions in the construction sector are impacting several market participants. This prompted the board to make the strategic decision to enter early contract agreements and
change some supply chain partners mid-contract to protect completion dates. These actions have incurred one-off costs of up to £3.2mn, which explains why operating profit guidance has been lowered from £12.2mn to £9mn-£10mn for the 2023 financial year, down from £11.5mn in 2022. On this basis, analysts now expect a 30 per cent
decline in current year pre-tax profit to £7.2mn, and 35 per cent lower earnings per share (EPS) of 12.7p.

That said, the actions protect the business, and with the benefit of a greater proportion of higher-margin work on data centres and smart buildings, as well as more complex projects, analysts forecast a strong rebound in TClarke’s
profitability in 2024. The house broker expects operating profit to double from £9mn to £18.6mn (2024) based on operating margin improving from 1.8 to 3.1 per cent, slightly above the group’s 3 per cent target.

On this basis, EPS is projected to rebound by 90 per cent to 24.1p, implying the shares trade on forward price/earnings (PE) ratio of 4.9.

Well-funded to deliver step up in revenue and profitability

The £62mn market capitalisation group remains well funded. In fact, the directors expect closing year-end net cash of £15mn, or £6mn higher than Cavendish’s previous forecast. In addition, the group has access to £30mn of low-cost bank facilities with NatWest to fund working capital as revenue scales up, as well as £65mn of bonding facilities that are used for a third of contracts, a key differentiator from rivals in the bidding process.

The recovery in 2024 profitability and the absence of this year’s one-off costs should also drive a marked improvement in free cash flow (FCF). Analysts expect FCF to more than treble to £7.6mn next year, implying a FCF yield of 12.2 per cent. That’s good news for the progressive dividend policy. Indeed, analysts expect the
payout per share to be raised by 10 per cent to 5.9p (2023) and 6.5p (2024), which underpins dividend yields of 5 and 5.5 per cent, respectively.

The low earnings multiple, chunky dividend yield and structural growth drivers in TClarke’s key end markets more than compensate for the reversal in this year’s profits, albeit the share price has dipped below the 122p placing price when TClarke raised £10.7mn in an oversubscribed equity raise (‘TClarke̵7;s order book goes from strength to strength’ July 2023). That said, the holding is still 56 per
cent in profit since I initiated coverage (Alpha Research:: ‘Profit from a buoyant earnings‘ cycle’, 7 December), during which time the FTSE Aim All-Share Total Return index has shed 15 per cent of its value.

Once the dust settles, and investors focus on next year's earnings recovery, expect the share price to recover. Buy."

Apparently CTO have had a good week for contract wins according to the electrical director. (On LinkedIn).one of the wins mentioned was work for Miller homes..
Moving up on good (relative) volume in the last few days and can move quickly when it gets going.
I would like to thank the kind person who sold me 10000 shares at just over 107 just after results!
Agreed. The dividend should act as a useful buffer.
Cheers Graham, looks very positive going forward, if they can deliver..
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