T Clarke reports positive start to 2016
Building services contractor T Clarke has returned to a net cash position after a solid first half performance.
Revenues from continuing operations rose to £121,6m from £107.3m last time. Underlying operating profits rose to £2.2m from £2.1m and reported operating profits of £2.1m were up from £2.0m last time.
Pre-tax profits from continuing operations increased to £1.7m from £1.6m. The interim dividend of 0.5p per share is unchanged from a year ago.
A year ago the company had net debt of £8.7m; today it has a positive net cash position of £1.3m.
Chief executive Mark Lawrence said that opportunities for growth remained attractive, despite EU referendum uncertainty.
He said: “Demand for our services continues to be strong with opportunities across the group encouraging and we have seen excellent levels of activity within our estimating teams.
“A number of notable schemes are currently being bid which will provide good revenues for 2017.
“Although we note the comments of certain UK based developers, it is too early to evaluate any impact as a result of the EU referendum decision.”
Lawrence added: “We are pleased to be presenting a solid performance based upon our strategy of targeting quality projects and clients and are excited about current bidding opportunities that will give us good revenue opportunities into 2017 and beyond.”
New contracts secured since T Clarke’s previous announcement include The Dukes Residential Development in Ferniegair, Hamilton.