REG - TClarke PLC - Trading Statement

TclarkeAnnouncement

25/11/2021 07:00

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RNS Number : 5100T  TClarke PLC  25 November 2021

TClarke plc

 

TRADING UPDATE

 

TClarke plc ("TClarke" or the "Group"), the Building Services Group, today
issues a trading update for the period from 1 July 2021 to date.

 

Trading Update

 

We are pleased to report that volumes have accelerated during the second half
of the year as the Group implements its plan to achieve £500m revenue per
annum by the end of 2023. As previously reported, revenue and profit for 2021
are heavily weighted to the last six months of the year, particularly in the
London business, where revenue in the last quarter of 2021 is at a record
high. Importantly, we are not experiencing any material shortages that impact
our ability to meet delivery programmes on our projects.

As a result, the Group is pleased to report it continues to trade in line with
expectations for the full year ending 31 December 2021.

Outlook and Order Book Growth

At 30 June 2021 we reported that the business had reached a significant
strategic milestone with the forward order book in excess of £500m for the
first time. At 31 October 2021 the forward order book had increased further to
£525m; in excess of £320m as at that date (2020: £257m) was already secured
for 2022 with many other significant opportunities in our bid pipeline.

As a result of the continued strength of the Group's forward order book and
the proportion of the order book already secured for 2022, the Board now
expects revenue for the year ended 31 December 2022 to be ahead of market
expectations at £410m.

The Group has five key market sectors: Infrastructure, Residential &
Hotels, Engineering Services, Technologies and Facilities Management.
Technologies is a major growth area and key to achieving £500m. It is
therefore pleasing to report that the Board now expects one third of Group
revenues to come from Technologies in 2022, up from under 15% in 2020.

Our long-standing, high quality reputation and the strength of the
relationships with our blue-chip clients is a key asset for TClarke.
Furthermore, our strong balance sheet continues to be a significant
differentiator and enables us to win and deliver projects of a scale which
positions us well for further growth.

We approach the new financial year in a strong position, both operationally
and financially which gives the Board confidence for the Group's prospects for
delivering our £500m revenue target by the end of 2023.

 

Date: 25 November 2021

Ends

The information contained within this announcement is deemed by the Group to
constitute inside information under the Market Abuse Regulations (EU)
No.596/2014.

For further information contact:

 TClarke plc
 Mark Lawrence
 Chief Executive Officer

 Trevor Mitchell

 Finance Director

 Tel: 020 7997 7400
 www.tclarke.co.uk (http://www.tclarke.co.uk)
 Cenkos Securities plc (Corporate Broker)
 Ben Jeynes (Corporate Finance)
 Alex Pollen (Sales)
 Tel: 020 7397 8900
 www.cenkos.com (http://www.cenkos.com)

 RMS Partners

 Simon Courtenay

 Tel: 020 3735 6551

 

 

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