TClarke maintains expectations as it adds more new contracts

TClarke was continuing to expect revenue and profits for 2018 in line with current market expectations, investors were told on Friday as they gathered for the company’s annual general meeting.

The London-listed firm said to put that in context for the year ending 31 December, they were forecast to be revenues of £300m, underlying profit before tax of £7m, and underlying earnings per share of 13.2p.

It said it also expected to maintain its trend of underlying positive movement in net cash year-on-year.

“Our forward order book has been replenished and as at 30 April stood at £368m, increasing from £337m as at 31 December,” the board said in its statement.

“Encouragingly, we are seeing no lack of opportunities, but we maintain a strict policy only to bid for projects that meet our internal risk analysis and where we are comfortable with the covenant and market reputation of the contractual counterparty.”

The board said overall, planned group revenues for 2018 had now been secured with some capacity in the North West and Newcastle businesses to address.

Future secured revenues were £145m for financial year 2019 and £40m for years 2020 and beyond.

Since its last announcement on 27 March, TClarke had added a number of recently-secured projects.

It said those included electrical infrastructure resilience works for BAE Systems; Rolls Royce, Trent Hall, VRV replacement, Derby; Cancer Research fit out of building S9, The International Quarter, Stratford; Battersea Power Station phase 2, electrical infrastructure; St Johns College, Durham; Royal National Orthopaedic Hospital, Stanmore, 4th Floor fit out; Virtus Data Centre, Slough; Ashurst, Project Loop, London; Donaldson's, The Crescent, Edinburgh; Gorse Academies Trust, FM contract renewal serving ten academies in the Leeds area; additional FM works for CBRE and Servest across the UK; and the Princess Alexandra Maternity Wing, Royal Cornwall Hospital Services Upgrade.

“Once again, TClarke has made an excellent start to the year and the Board looks to the future with continued confidence,” the board said.

It added that the next update was scheduled for 7 August, with the release of the group's half-year results.