T Clarke has acquired Derby-based electrical and mechanical contractor Mitchell & Hewitt. The privately owned ECA company was bought for £5.9 million, of which £1.5 million was satisfied by the issue of new shares in T Clarke.
Mitchell & Hewitt has a strong regional presence in the Midlands and in the year to March 2003 it reported turnover of £10.447 million, a pre-tax profit of £701 000 and net assets of £885 000.

This news comes as T Clarke announced a dip in year-end profits compared with 2002: profit before tax in 2003 was £8.94 million on a turnover of £143.3 million whereas in 2002 the company produced £10.79 million in profits from a turnover of £144 million.

Chairman Russell Race said: "Given the difficult trading conditions during the year, especially in our core markets in London and the South East, these results are a credit to the entire group."

T Clarke's share price fell 10% on the day of the results. Long-term prospects for Clarke's markets looked "more promising," said Race.

Source

Electrical and Mechanical Contractor