AGM and Interim Management Statement

RNS Number : 6513G

Clarke(T.) PLC

09 May 2014

 



AGM AND INTERIM MANAGEMENT STATEMENT

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 its Interim Management Statement covering the period from 1 January 2014 to 8 May 2014.

Trading

Trading for the year to date is in line with the Board's expectations. Whilst there are clear signs of improvements in our markets we still believe that it will be 2015 before we see meaningful improvement to margins in our most competitive markets.

Update

Within our 2013 results statement we made reference to two specific issues. We provide an update below.

Regarding the final account settlement in respect of a major project in our Mission Critical division it is disappointing that we continue to make slow progress with the Principal Contractor on the contract concerned. We are utilising the provisions of the Contract to pursue our entitlement.

A subsidiary company is one of a number of parties that are subject to a substantial damages claim in respect of work carried out in 2007. Damages were awarded against the company, which were settled by the company's insurers during the year. The award is subject to appeal and the apportionment of costs. Although there is considerable uncertainty with regard to this claim it is not considered likely that a liability will ultimately fall to the group. Pending the appeal which is scheduled to be heard, a High Court stay has been obtained with respect to any further payments being made by any of the parties concerned.

Order Book and Revenues

Revenues to the 30^th April 2014 were £70 million (30^th April 2013 £65 million). We are pleased to report that our forward order book is at an all-time high, standing at £265 million against £230 million as at the same time last year.

Recently secured projects include

·     BP, Sunbury

·     Fulham Reach Apartments, London

·     Helensburgh Council Offices, Argyll and Bute

·     Narrow Quay House, Bristol

·     Stone House Arena, Plymouth

·     Sunderland A & E Department

The upturn in our markets and our reputation for delivery positions TClarke well for the future. In addition, our commitment to direct employment should give us tendering advantages given recent HMRC changes towards the use of self employed operatives.

The Board

Finally with respect to the Board we are pleased to announce today that Tony Giddings a Director at property developer Argent LLP will be joining the Board as an Independent Non-Executive Director of the Company from 1^st October 2014.

Also as announced in March after today's Annual General Meeting, and after 16 years with the company Russell Race will be stepping down as Chairman and retiring from the Board of TClarke. The Board is immensely grateful for all that Russell has helped us to achieve and thank him for his steadfast and longstanding service. His ability to provide well-considered counsel to the Board and management team has been invaluable.  We wish him health and happiness in his retirement.

The next update is scheduled for 5^th August 2014 with the release of the Group's interim results.

-ends-

Date: 9^th May 2014

For further information contact:

TClarke plc

Mark Lawrence

Group Chief Executive

Martin Walton

Finance Director

Tel: [phone]   

www.tclarke.co.uk   

N+1 Singer (Financial Adviser and Broker)

Sandy Fraser

Tel: [phone]

www.nplus1singer.com

Broker Profile

Simon Courtenay

Tamsin Shephard

Tel: [phone]

www.broker-profile.com

 

END

 

 

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