Clarke(T.) PLC Year End Trading Update and Board Changes (5493D)
February 01 2018 - 1:00AM
UK Regulatory
TIDMCTO
RNS Number : 5493D
Clarke(T.) PLC
01 February 2018
TClarke plc
YEAR END UPDATE AND BOARD CHANGES
TClarke plc ("TClarke" or the "Group"), the Building Services
Group, announces a year end trading update for the financial year
ended 31st December 2017.
Trading
The Board is pleased to report that the expected outcome for the
year is in line with current market expectations, which are an
underlying profit before taxation of circa GBP6.5m and revenues in
the region of GBP310m.
Cash
After an aggregate GBP3m investment in the ETON acquisition and
at our manufacturing facility at Stansted, the Group's cash
generation remains robust with the year end net cash position
improving by 27% to GBP11.7m, the strongest closing balance
recorded since 2009 (31(st) December 2016: GBP9.2m).
Order Book
Our forward order book as at 31(st) December 2017 has
strengthened to GBP337m compared to GBP330m at 31(st) December
2016. This has eased back from the record high reported during the
course of 2017, a reflection of our selective approach to tendering
rather than lack of opportunities.
Board Changes
Today we announce that Martin Walton, Finance Director will be
leaving the business after a short handover period to a newly
appointed Interim Finance Director.
The Board would like to thank Martin for his substantial
contribution to the Group since he joined the business in 2007 and
wish him well for the future.
Trevor Mitchell will assume the responsibilities of Finance
Director having been appointed to the board effective 1st February
2018 for an interim term of one year.
Trevor is a Chartered Accountant and accomplished Finance
professional with extensive experience across many sectors
including financial services, construction and maintenance,
education and retail, working within organisations such as Balfour
Beatty plc, Kier Group plc, Rok Plc, Clerical Medical Group,
Halifax plc.
Trevor, aged 57, is already familiar with the Financial Team at
TClarke, where he has been working within the business since
October 2016 assisting with simplifying the structure and improving
the Group's financial controls and procedures.
There are no further disclosures required in connection with the
appointment of Trevor John Mitchell, FCA under Listing Rules
9.6.13(1) - (6).
Mark Lawrence, CEO, commented;
"We are acutely aware of the risks associated with our industry
and the damage which can be caused by bidding at unrealistic
levels. The Group continues to be financially disciplined and
remains well positioned and focused on future opportunities.
I am also pleased to re-confirm, further to our announcement
regarding Carillion on 15(th) January 2018 and with the benefit of
further interaction with the stakeholders concerned, that we do not
expect there to be any adverse financial impact on the Group
arising from any direct exposure to Carillion.
We will continue to target projects for margin growth from our
core M&E markets as well as our other developing revenue
streams, particularly in the areas of technology and digital
integration."
The results for the year ended 31(st) December 2017 will be
announced on Tuesday 27(th) March 2018.
-ends-
1(st) February 2018
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 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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