Ahead of the 100th Annual General Meeting being held today at 12.00 noon at Savoy Place, 2 Savoy Place WC2R 0BL, TClarke plc ("TClarke" or the "Group") the building services group, issues its Interim Management Statement covering the period from 1 January 2012 to 10 May 2012.
The Group continues to trade in line with the Board's expectations despite our markets remaining challenging due to the weak economic conditions.
It is encouraging to note that there is some evidence that Clients and Principal Contractors are becoming increasingly discerning, seeking to build resilience into their supply chains by selecting strong partners. With the Group's long history, reputation and financial strength TClarke is well positioned to benefit from this trend. TClarke has no long term debt and entered 2012 with a strengthened balance sheet.
The Group has continued to be selective when bidding contracts and it is pleasing to report that our order book has strengthened over the period. As at 30 April 2012 the value of our order book was £210m (April 2011: £190m) an increase of 11% from twelve months ago. With £100m of this work scheduled to be undertaken in 2012 having already completed £46m so far this year the Group has secured over 80% of its target revenue for 2012.
In addition we are the preferred bidder for projects that will commence in 2012 worth in excess of £30m including a Data Centre in the Midlands and for a number of short term projects at various Olympic venues ahead of the start of the Games later this summer.
In summary the business remains focused and financially strong, with a growing and diverse order book. Although our markets continue to be demanding we have an encouraging number of exciting and prestigious project opportunities to tender across the full range of our eight target sectors.
Finally with respect to the Board, our Senior Independent Director, Bob Campbell who is approaching his 70th birthday has advised the board of his desire to retire from the industry. Bob has served as an Independent Director of TClarke since 2008 and feels that today's 100th Annual General Meeting is the appropriate time to step down.
The Board is immensely grateful for the contribution and support given by Bob in his time at TClarke and wishes him a long, healthy and happy retirement.
Date: 11th May 2012
For further information please contact:
Mark Lawrence, Group Chief Executive
Martin Walton, Finance Director
Tel: 020 7997 7400
N+1 Brewin (Financial Adviser and Broker)
Tel: 020 3201 3710
Simon Courtenay/ Abigail Genis
Tel:020 7448 3244
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