Last checked at 10 May 2013 07:00
TClarke
AGM AND INTERIM MANAGEMENT STATEMENT
Ahead of the 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 2013 to 9 May 2013.
Trading has continued in line with the Board's expectations for the year. Contract completions in the current year to date total £65 million. In addition to these completions, we have refreshed and maintained our forward order book through our stated strategy of targeted tendering and are pleased to report as at 30 April 2013 the order book stands at £230 million, up from £210 million at the same time last year. Over 80% of our targeted revenues for this year are now secured.
As reported in March, we have good visibility on a number of fully committed high quality opportunities across our eight target business sectors, particularly in high-end residential, London commercial projects and the growing market for data centres.
The financial position of the Group remains strong and it remains debt free. We reported improved net cash balances of £5.6 million as at 31 December 2012. Some cash, as we anticipated, has since been used to fund the working capital requirements associated with new projects. However cash balances at the beginning of this month were again just under £6 million and overall during the period covered by this IMS generally remained in the range of £3 - £5 million.
By maintaining a strict financial discipline, a selective tendering approach and despite well reported margin pressures in our markets and business failures among our competitors, TClarke has continued to deliver profitable financial results and meet our clients' expectations for delivery.
The next update is scheduled for 6 August 2013 with the release of the Group's interim results.
Ends
Date: 10 May 2013
For further information please contact:
Mark Lawrence, Group Chief Executive
Martin Walton, Finance Director
Tel: 020 7997 7400
web: www.tclarke.co.uk
N+1 Singer (Financial Adviser and Broker)
Sandy Fraser
Tel: 020 3201 3710
Web: www.n1singer.com
Broker Profile
Simon Courtenay/ Abigail Genis
Tel:020 7448 3244
Web: www.broker-profile.com