TClarke plc has announced its interim results for the six months ended 30th June 2017.
· £392 million forward order book (30th June 2016: £320m).
· 17% increase in revenues to £142.8 million
· Year on year net cash improved from £1.3 million to £2.4 million.
· 20% increase in interim dividend to 0.6p per share (30th June 2016: 0.5p per share)
· New 26,000 Sq Ft prefabrication facility at Stansted, Essex now operational
· Acquisition of control systems specialist Eton Associates Limited
· Investing in our future workforce, 70 new apprentices begin training across the UK from September.
The Group's results are in line with the Board's expectations for the period.
Underlying operating profit for the six months was £2.9 million (2016: £2.7 million), with revenues of £142.8 million (2016: £121.6 million). Underlying operating margins improved in three of our four regions, with London and South East delivering 4.4% margin (2016: 1.9%), North 3.8% (2016: 2.9%) and Scotland 3.9% (2016: 2.3%). However, the overall operating margin was impacted by workload and protracted final account settlement issues in the Central and South West region and were slightly lower at 2.0% (2016: 2.2%).
The last year has seen the net cash position improve by £1.1 million to £2.4m (2016: £1.3m). In addition, the Group has access to £12m of unused banking facilities. The interim net cash position reflects the Group's typical working capital profile, with absorption of cash during the first half of the financial year.
The Board proposes an increased interim dividend of 0.6p (2016: 0.5p). This will be paid on 6th October 2017 to shareholders on the register at 8th September 2017.
Our forward order book, which reflects only contracts where we have a firm commitment to proceed, has grown during the period and stood at £392 million at 30th June 2017 (£320 million 30th June 2016). Overall Group revenues for the year are expected to be in line with the Boards expectations for the year.
For the full results statement please visit the investor section of this website.