Last checked at 16 Nov 2012 07:00
Interim Management Statement
TClarke plc, ("TClarke" or the "Group") the Building Services Group, announces its Interim Management Statement covering the period from 1st July 2012 to 15th November 2012.
The Group's operations remain on target to meet market expectations for the year. Our forward order book, supported by projects that have been secured recently, has grown to £230m (at 31st October 2012). This is an increase of 23% compared to the same period last year, with 55% of target revenues for 2013 already secured. Cash balances at 31st October 2012 were £1.2m
We continue to manage the business on the basis that market conditions will remain tough. We maintain strict criteria when assessing projects that we choose to bid for but characteristics such as a high numbers of bidders and unrealistic pricing levels continue to blight the construction industry, resulting in margin pressures and a lack of confidence in progressing new schemes particularly across our core M&E contracting businesses.
Within our last statement in August we announced that we had been awarded a significant number of projects across the UK, all of which have now commenced, albeit a few have suffered some initial programme delays which we expect to recover during the course of the contracts.
In addition we are a partner in Balfour Beatty's successful bid for a position on the Welsh Government's 'Designed for Life: Building for Wales 3′ National Framework. The four-year framework covers NHS building projects in Wales with construction values of above £10m.
Across the UK we continue to focus on the diversity of our businesses which has allowed us to progress our strategy to broaden the range of services that we offer. Our Utilities and Technologies Division, now known as TClarke Mission Critical, has been instrumental in securing contract awards for four data centres this year.
TClarke Mission Critical provides our expertise in this field and delivers ultimate resilience and reliability for data and power projects in its target markets of the UK, Europe and Scandinavia.
We believe that there are a number of significant opportunities in this sector.
A further update is scheduled for 11th January 2013 and full year results are planned to be announced on 19th March 2013.
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Date 16th November 2012
For further information contact:
TClarke plcMark Lawrence Martin Walton
Group Chief Executive Finance DirectorTel: 020 7997 7400 Tel: 020 7997 7400
www.tclarke.co.uk
N+1 Singer (Financial Adviser and Broker)
Sandy Fraser
Tel: 020 7496 3000
City Profile
Simon Courtenay/ Abigail Genis
Tel: 020 7448 3244