Clarke(T.) PLC Trading Update (7636W)
November 17 2017 - 1:00AM
UK Regulatory
TIDMCTO
RNS Number : 7636W
Clarke(T.) PLC
17 November 2017
TClarke plc
TRADING UPDATE
TClarke plc ("TClarke" or the "Group"), the Building Services
Group, today issues a trading update for the period from 1 July
2017 to date.
We entered 2017 in an optimistic mood. Our trading performance
during the period has continued to justify that optimism and the
Board is pleased to report that the results for the year ending 31
December 2017 are expected to be in line with current market
expectations, which are an underlying profit before taxation of
GBP6.5m and revenues in excess of GBP300m.
In August we announced the acquisition of ETON Associates
Limited ("ETON"), a London based privately owned control systems
specialist offering a variety of Building Management Systems. The
acquisition, together with investment in our new off-site,
prefabrication manufacturing facility at Stansted, has entailed
aggregate cash expenditure of approximately GBP3.0m in the current
financial year. However, the Group's cash position remains strong
with the year-end net cash position, which can be affected by
timings of our stage payments, expected to be in the region of
GBP9.0m.
We continue to target projects that we believe will add value
and help to improve the margin profile of the Group and the Board
is encouraged that, whilst maintaining our selective approach to
bidding, our forward order book now stands at GBP380m against
GBP320m at the same time last year and a record GBP392m at the
interim stage.
Some examples of recent project wins include;
-- Our Transport Division has been awarded a place on the MAG
(Manchester Airports Group) EMA Small & Medium Works Framework
covering M&E projects up to GBP3.0m at East Midlands,
Manchester and Stansted Airports. The Framework will run for an
initial period of three years.
-- In Vauxhall, London we have secured the Electrical Shell
& Core Package at One Nine Elms. The two towers on the One Nine
Elms project rise to 58 storeys (City Tower) and 43 storeys (River
Tower) respectively, accommodating 487 new homes. At the base of
the towers, opening onto a new piazza, will be a 187-room Dalian
Wanda luxury brand 5-star hotel, the first of its kind in
Europe.
-- The London region has been awarded the Shell & Core
package for building S9 at The International Quarter London,
Stratford development. This 10 storey, 26,000m(2) office building
represents the next phase of the 22 acre overall development by
Lendlease (following on from the successful S5 & S6 projects).
We have secured both the M&E works on this phase.
Also, our team in the North West is in final client negotiations
to secure an extension to the current BAE Systems contract at
Samlesbury and Warton for a further three years.
In addition, we have handed over two significant schemes in the
period, Bloomberg's New European Headquarters in the City of London
and Rathbone Square on Oxford Street, the new home to Facebook's
London Headquarters.
We are pleased with the progress of integrating ETON into the
Group and the positive reception in the market place for the
acquisition along with early feedback from clients to our strategy
of jointly targeting bidding opportunities.
There remains a clear demand for our specialist services in the
markets in which TClarke operates. We have already secured GBP190m
and GBP100m 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.
Ends
17(th) November 2017
For further information contact:
TClarke plc
Mark Lawrence - Group Chief Executive
Martin Walton - Finance Director
David Lanchester - Company Secretary
Tel: 020 7997 7400
www.tclarke.co.uk
N+1 Singer (Financial Adviser and Broker)
Sandy Fraser
Rachel Newton
Tel: 020 7496 3000
www.nplus1singer.com
RMS Partners
Simon Courtenay
Tel: 020 3735 6551
This information is provided by RNS
The company news service from the London Stock Exchange
END
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