T Clarke continues to woo the stock market with impressive interim results.
Interim results for the six months ended 30 June 2003 saw pre-tax profits climb 38% to £6 million at m&e contractor T Clarke. The firm grew turnover by 16% to £78 million.

The figures prompted T Clarke to pay a special 10p dividend to shareholders in addition to the interim dividend, which moved ahead by 14% to 8p.

In July, the firm announced the acquisition of the Cambridgeshire-based AG Aylward companies for £3.4 million, improving Clarke's regional coverage.

Despite the dividend handout, the T Clarke Group remains cash-rich and further acquisitions are possible. "The nature of our business enables the Group to retain a strong balance sheet, which we are confident will assist us to continue our growth," said chair Russell Race.

Looking forward, T Clarke is predicting the market to toughen. "Conditions in our key commercial marketplace remain demanding, with a relatively slow take-up of major contracts, particularly in the south-east, and continued pressure on margins," said Race. "Against this, the regional operations are contributing well and there is an increasing availability of work generally in the PFI and urban regeneration fields."

The firm is currently working on several large projects, including BBC Mailbox, Birmingham, The Treasury, Whitehall and Bank of America, Canary Wharf, London. Shares rose nearly 6% on announcement of the figures.

Source

Electrical and Mechanical Contractor