Last checked at 11 Nov 2011 07:00
Interim Management Statement
T.Clarke plc, ("T.Clarke" or the "Group") the Building Services Group, announces its Interim Management Statement covering the period from 1 July 2011 to 10 November 2011.
Positively, the Board expects the results for the full year to be in line with market expectations.
The Board is encouraged that our forward order book remains strong, standing at approximately £187m (£180m November 2010).
In London we have been awarded a number of significant contracts including 100 Bishopsgate, a joint development between Brookfield Multiplex and Great Portland Estates. This commercial office scheme, when completed in 2014, will provide three new buildings totalling 820,000 sq ft including a 39 storey, 166m tall office tower and the enabling works at London Bridge Station which will involve the removal and transferring of key station services and assets, such as telecoms cabling, around the station by 2013.
Our forward order book in the regions is supported by contract wins including educational projects at the College of West Anglia, Kings Lynn; De Warenne Academy, Doncaster; Jesus College, Cambridge and at York University. We have also secured Fife Renewables Innovation Centre, Fife; and residential developments at Temple Quay Bristol known as The Eye and Nazareth House, Plymouth.
In September we announced contracts had been exchanged for the sale of 116 - 118 Walworth Road, London SE17 1JY, currently the Group's Head Office. We expect that this transaction which includes a cash consideration of £3.1m and an exceptional profit of £2.1m will be completed in December this year.
In the short term there is no doubt that conditions in the construction sector will remain bumpy and we will continue to manage the business on the basis that market conditions will remain tough.
Across the UK we continue to focus on the diversity of our businesses which has allowed us to make sensible progress with our strategy to broaden the range of services that we offer. We are confident that this will enable us to increase our market share of quality work in the medium term.
--------- ENDS ---------
Date 11th November 2011
For further information contact:
T.Clarke plc
Mark Lawrence, Group Chief Executive
Martin Walton, Finance Director
Tel: 020 7358 5000
www.tclarke.co.uk
City Profile Arbuthnot Securities Ltd
Simon Courtenay Andrew Kitchingman
Adam Lloyd
Tel: 020 7448 3244 Tel: 020 7012 2000