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T Clarke on track with no impact expected from Carillion collapse
Building services company T Clarke told investors on Thursday that its expected outcome for the trading year ended 31 December was in line with current market expectations.
Underlying pre-tax profit was slated to come in at around £6.5m thanks to group revenues of approximately £310m.
The London-based firm improved its net cash position by 27% to £11.7m over the year, its strongest closing balance since 2009, after approximately £3m worth of investment into its acquisition of ETON and at its manufacturing facility in Stansted helped keep its cash generation option robust.
Looking forward, T Clarke had a slightly improved order book, moving ahead to £337m from the £330 it had twelve months prior and used the Thursday morning investor update to re-confirm that it was unlikely to see any adverse effects as a result of Carillion's collapse.
Mark Lawrence, chief executive, said, "We are acutely aware of the risks associated with our industry and the damage which can be caused by bidding at unrealistic levels. The group continues to be financially disciplined and remains well positioned and focused on future opportunities.
"We will continue to target projects for margin growth from our core M&E markets as well as our other developing revenue streams, particularly in the areas of technology and digital integration," he added.
Separately, T Clarke announced that finance director Martin Walton would be standing down effective immediately and would be replaced with Trever Mitchell on an interim basis.
As of 1120 GMT, shares had declined 4.68% to 79.50p.