REG - TClarke PLC - Trading Statement

TclarkeAnnouncement

26/01/2023 07:01

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RNS Number : 8629N  TClarke PLC  26 January 2023

 

26 January 2023

TClarke plc

 

YEAR END TRADING UPDATE

 

NOTICE OF RESULTS

 

Record revenues achieved in 2022

 

TClarke plc ("TClarke" or the "Group"), the Building Services Group, today
announces a year end trading update for the full year ended 31 December 2022
("FY2022").

 

Financial Results

 

The Board is pleased to report that trading in the second half of the year has
continued strongly and that the Group's financial performance for the full
year is in line with market expectations.

 

The Group anticipates reporting turnover for FY2022 of c.£425m and earnings
before interest and tax (EBIT) of c.£11.5m. FY2022 profit before tax is
expected to be c.£10.3m (FY2021: £7.8m). Revenue has increased by almost
£100m (or 30%) compared to FY2021 and earnings per share are anticipated to
rise by approximately 30% over FY2021 levels as a result.

 

Order Book Record

 

TClarke occupies a premier position in the marketplace, particularly in
London.  The Group has invested heavily in resources and capacity, ensuring
that the Group's growth ambitions are fully supported, and our clients'
projects continue to be delivered on time. Our order book has now increased to
£555m (2021: £534m).

Cash Performance

 

Cash at the year-end was £22.5m (2021: £20.3m) with £15m (2021: £15m)
drawn down on the Group's revolving credit facility. Net cash was therefore
£7.5m and our average month end net cash during FY2022 was £2.6m. As at 31
December 2022 the Group has a further £10m of revolving credit facility and
an overdraft facility of £5m available to it. Bank facilities are committed
until 31 August 2026.

Balance Sheet

Building on our existing balance sheet strength is another key part of our
strategy as we grow the business. Net assets of the Group are expected have
grown by c.40% during 2022 and now amount to c.£38m.

Outlook

 

Looking to the future, TClarke is focused on delivering its growth strategy.
The Group is expecting to achieve its target turnover of £500m in 2023. The
size of the existing order book and the number of opportunities ahead for the
Group supports the expectation that TClarke will achieve its targets.

 

The Group's growth strategy is focused on maintaining and developing our core
markets whilst significantly expanding our data centre business. The Group is
also undertaking more large projects outside of London, expanding its
healthcare offering and energy efficient smart building solutions.

 

Commenting, Mark Lawrence, TClarke CEO said:

 

''TClarke has had a tremendous year delivering a record level of turnover for
the period and ending the year with an order book at a level that supports our
£500m turnover target. We are on track to achieve our growth ambitions and I
am extremely excited and confident for the outlook for
TClarke.''
 

The Group will be announcing its FY2022 preliminary results on 8 March 2023.

 

-ends-

 

For further information contact:

 

TClarke plc

Mark Lawrence, Group Chief Executive

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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