Clarke T. Share Price (CTO)

N+1 Brewin downgrades Clarke (T) from buy to hold, target price cut from 60p to 50p.

Mark Lawrence, Chief Executive, commented: "Our markets remain challenging, but we are pleased with the group's performance, which demonstrates the resilience of TClarke. The Board is encouraged that the mix of our business has broadened in line with our strategy of widening the range of services we offer. The group has strengthened its balance sheet, continued to deliver a profit and remains committed to paying our shareholders an appropriate dividend. Looking ahead, we are well positioned. In uncertain times the strength of our reputation is shining through. We are trusted by our clients and we continue to work alongside the top-tier of developers on many of the highest profile projects in the UK. As a result, our order book is strong and we are pleased with the diversity of our revenues. We have an encouraging number of opportunities to tender for projects across the full range of our eight target sectors. In conclusion, we remain optimistic that we will continue to drive the business forward."

Results for the year ended 31st December 2011 Highlights: · Group revenue £183.8m (2010: £179.0m) · Underlying operating profit* £4.8m (2010: £7.3m) · Underlying operating profit* margin 2.6% (2010: 4.1%) · Underlying profit before tax* £4.3m (2010: £7.0m) · Profit before tax £4.9m (2010: £5.7m) · Earnings per share 9.69p (2010: 8.91p) · Earnings per share - diluted 9.64p (2010: 8.91p) · Earnings per share - underlying* 7.34p (2010: 12.44p) · Forward order book £190m (2010: £190m) · Final dividend per share 2.0p (2010: 4.25p) · Total dividend per share 3.0p (2010: 8.50p)

http://www.investegate.co.uk/Article.aspx?id=201203200700216515Z

N + 1 Brewin initiates buy on Clarke (T), target price 60

T Clarke (CTO) remains a "hold" for Panmure Gordon, with a reduced target price of 50p, from 85p, after the building services contractor achieved weaker than expected half year results. Adjusted pre-tax profits of 2.25 million pounds against the broker's forecast of 2.93 million pounds and net cash fell to 3.4 million pounds. With a similar second half performance anticipated, Panmure has reduced its full year pre-tax profit target to 4.4 million pounds, from 6 million pounds. While the dividend yield of 6.2% looks attractive, the broker notes that there are better ones available in the sector. Shares in T Clarke dropped 0.5p to 47p.