Last checked at 15 Jan 2016 07:00
YEAR END UPDATE CONFIRMS TRADING IN LINE WITH EXPECTATIONS
TClarke plc ("TClarke" or the "Group"), the Building Services Group, announces a trading update ahead of its preliminary results for the year ended 31st December 2015, which will be announced on Tuesday 22nd March 2016.
Since the Interim Management Statement on 19th November 2015, the underlying performance of the Group has remained encouraging and the Board expects that full-year results will be in line with expectations.
The Group's cash position improved significantly during the second half of the year as major new contracts came on-stream. The Group finished the year with net cash of £6.6m (31st December 2014: £5.3m).
Confirming that we have maintained our market share, our replenished forward order book as at 31st December 2015 remained at a similar level to the end of the previous year and stood at £300m (31st December 2014: £300m). Our markets remain active, and the Group is tendering for work across its target markets, particularly for projects stretching into 2017. The Group continues to focus on opportunities consistent with our strategy to drive margin improvement.
A selection of new projects secured include;
· Beckley Court, Student Accommodation Plymouth
· Crystal Peaks Shopping Centre, Sheffield upgrade works
· Derriford (Clinical) Research Centre, Plymouth
· Fife College, Levenmouth Campus Development
· Heriot Watt University, Easter Bush Campus, Edinburgh
· HMRC Headquarters Refurbishment, Newcastle
· ING, 8-10 Moorgate, London
· John Lewis, Leeds
· Judges Business School, Cambridge
· Quads Clay Farm, Residential Scheme, Cambridge
· Scarborough University Training Centre
· Sky, Project Otis, Leeds
· Sunderland University, Enterprise & Innovation Block
· The Botanics Apartments, Glasgow
· Waitrose, High Wycombe
TClarke is regarded as a partner of choice and this continues to deliver major new contract opportunities. Most notably, the Group is currently the preferred bidder on a number of London projects with a combined contract value in the region of £65m, none of which is within our current forward order book, including:
· 22 Bishopsgate, a 1.4m sq. ft office development
· 148, Old Street, a 150,000 sq. ft office refurbishment project
· The International Quarter, Stratford Commercial Buildings 5 and 6 which will be home to the Financial Conduct Authority (FCA) and Transport for London (TfL)
· Westfield London, 740,000 sq. ft retail extension
As market conditions continue to improve, we are pleased with the profile of our forward order book which reflects our focus on tendering for work at acceptable margins.
Ends
15 January 2016
For further information, contact:
TClarke plc
Mark Lawrence - Group Chief Executive
Martin Walton - Finance Director
Alexandra Dent - Company Secretary
Tel: 020 7997 7400
www.tclarke.co.uk
N+1 Singer (Financial Adviser and Broker)
Sandy Fraser
Nick Owen
Tel: 020 7496 3000
www.nplus1singer.com
Capital Access Group
Simon Courtenay
Harry Rippon
Tel: 020 3763 3400
www.capitalaccessgroup.co.uk