Ahead of the Annual General Meeting, being held today at 10.00am at 200 Aldersgate, St Paul's, London EC1A 4HD, TClarke plc ("TClarke" or the "Group") the Building Services Group, issues a Trading Update covering the period from 1st January 2017 to date.
We are pleased to announce that recently secured projects include:
· Dyson, New Research and Development Campus Development at Hullavington Airfield, Wiltshire
· A two-year extension to the Term Contract at Westinghouse Springfields (Nuclear Fuels), Preston
· 20 St. James Street, London Office Refurbishment Scheme
· Thomson Reuters HV Infrastructure Upgrade
· The Reach Free School, Rickmansworth
· Gloucester Royal Hospital - MRI Installation
· Royal Cornwall Hospitals Trust - three year Term Contract for the provision and maintenance of Security Systems, CCTV and Access Control
· Avant Homes, Blantyre, Glasgow - Residential Plumbing and Heating Scheme
· Shackleton Building, Nurse Teaching Facility at University of Sunderland
· Robertson Homes, Bearsden, Glasgow, Residential Plumbing and Heating Scheme
Our confidence for the medium term is underpinned by this ability to secure significant projects in the markets where we operate. As a result of new project wins our replenished order book has for the first time surpassed £400 million and as at the 30th April stood at £402 million an increase of 22% since the beginning of the year.
As a result of the strengthening order book and based upon current project programmes we expect revenues and profits for 2017 to be ahead of current market expectations, which are revenues of £300 million, underlying profit before tax of £6.1 million and underlying EPS of 11.3p.
Our direct workforce is valued by our clients and we believe this contributes to our success. We will continue to target opportunities to match planned capacity and resources with a focus on projects which further improve the margin profile of the business.
The next update is scheduled for 8th August 2017 with the release of the Group's interim results.