Half Year Results for the six months ended 30th June 2018
TClarke plc ("the Group" or "TClarke"), the Building Services Group, announces its half year results for the six months ended 30th June 2018.
· Delivering against our strategic plan to achieve medium term margins of 3%, underlying operating margin increased to 2.6% from 2.0%.
· All regions profitable in the first half of 2018.
· 7% increase in revenues to £153.5 million.
· Year on year net cash improved from £2.4 million to £4.7 million.
· 10% increase in interim dividend to 0.66p per share (30th June 2017: 0.6p per share).
· £370 million forward order book (30th June 2017: £392 million).
· Bank Credit approved terms in place for extension of banking facilities to August 2022.
New contracts secured since our previous announcement include:
· 1 Triton Square, London, M&E commercial office scheme
· The Crescent, Edinburgh, residential scheme
· Electrical Infrastructure Resilience 2018-2019 (BAE systems)
· Ferry Village, Renfrew, residential scheme
· Whitehall Junior School, Hitchin, heating upgrade
· St Luke's School, St Albans, heating upgrade
· Queens Court, Newcastle, Midrise residential communal area refurbishment
· ITV, Grays Inn Road, London, Project Refresh
· Middlemoor, Exeter, Criminal Justice Centre
· The Minories Hotel, London
· Bank of England, London, LED lighting upgrade project
· One Crown Place, London, residential and commercial office scheme
· LIV Student Accommodation, Ecclesall Road, Sheffield
Mark Lawrence, Chief Executive, commented:
"The Board is extremely pleased with these results which demonstrate that TClarke is in excellent shape. The success of our strategy targeting repeat work for blue chip clients, sensible growth, focusing on improving margins and seeking new markets aligned to our core business, is beginning to be reflected in our results.
September will see our annual intake of apprentices commencing their training with TClarke and yet again the business is making this important investment in our future workforce. We wish the 52 apprentices joining us across the UK all the success for their future years with TClarke.”