AGM and Trading Update
10/5/2019 : 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 2019 to date.
The Group is pleased to report that trading in the early months of the 2019 financial year has continued to be positive. The Board remains confident that revenues and profits for the year will be in line with the upgraded expectations that we announced in March. To put those in context, for the year ending 31st December 2019, these are forecast to be revenues of £340 million; EBITDA of £12.1 million; underlying profit before tax of £9.3 million and underlying EPS of 17.5p. The Group also remains well placed to meet its financial objective of a sustainable 3% operating margin in 2019.
We are pleased with the continuing high quality of our forward order book, which as at 30th April 2019 remains strong at £403 million (2018: £368 million). Encouragingly, we are seeing no lack of opportunities across all of the market sectors in which we operate. In addition, encouraged by our large multi-national clients, we are pursuing opportunities for our Technologies business in western Europe and have established a new subsidiary, TClarke Europe Limited, as the vehicle for tendering and delivering these projects. We maintain a strict policy only to bid for projects that meet our internal risk analysis and we will approach this emerging business opportunity with our usual discipline and caution.
Overall, the outlook for TClarke continues to be positive and we look forward to reporting on the progress that we make over the remainder of the year.
The next update is scheduled for 6th August 2019 with the release of the Group’s Half Year results for the six months ending 30th June 2019.
10th May 2019
For further information contact:
Mark Lawrence – Group Chief Executive
Trevor Mitchell – Finance Director
David Lanchester – Company Secretary
Tel: 020 7997 7400
N+1 Singer (Financial Adviser and Broker)
Tel: 020 7496 3000
Tel: 020 3735 6551