Final Results

Clarke(T.) PLC 8 March 2002 T. Clarke plc T. CLARKE HITS RECORD AS ACQUISITIONS BOOST PERFORMANCE T. Clarke plc, the electrical engineering and contracting company, has announced its preliminary results for the year ended 31 December 2001. • Pre-tax exceptional operating profit up to £8.71 million (2000: £4.49 million) • Operating profit up to £7.86 million (2000: £4.30 million) • Pre-tax profits up 84% to £8.40 million (2000: £4.58 million) • Turnover increased by 34% to £131.79 million (2000: £98.36 million) • £1.15 million Preston based J.J. Cross acquisition completed • Earnings per share 43.82p (2000: 24.69p) • Ordinary dividends up by 29% to 20p (2000: 15.5p) • Special dividend of 10p paid at interim stage • Net cash balance £13.0 million Current work includes: HM Treasury, Whitehall The Gate, Newcastle Upon Tyne Vodafone, Newbury RBS, Spitalfields Deutsche Bank, Hayes Data Centre New work includes: BBC, White City Clifford Chance, Canary Wharf Paternoster Square, London HMP Preston • Acquisition in January 2002 of GDI Electrical, based in Altrincham, Cheshire for £1.55 million Russell Race, Chairman commented: ' The Group has delivered an excellent performance this year. Trading has been very strong and we have been active on the acquisition front. The businesses that we have acquired recently have delivered a very creditable performance. ' Looking forward, the Company continues to trade well. The Group remains strong financially and therefore well placed to take advantage of opportunities for expansion, especially in the regions. We have won a good selection of work in a number of different sectors and our forward workload stretches well into 2003. The outlook for the Group remains very positive.' -ends- Date: 8 March 2002 For further information contact: T. Clarke plc City Profile Group Pat Stanborough, Managing Director Simon Courtenay John Daly Ed Senior Tel: 020-7358-5000 Tel: 020-7448-3244 Web: www.tclarke.co.uk e-mail: simon.courtenay@city-profile.com T.CLARKE PLC Chairman's Statement Results for 2001 The year saw another major advance in the fortunes of the Group. Turnover rose by 34% to £131.79m. (32% excluding acquisitions) and profit before tax grew by 84% to £8.4m. This result confirms the excellent position reported at the interim stage, and the strong trading has been mirrored by an equally resilient balance sheet. At the year end net cash balances stood at just under £13m., some £4m. above the level twelve months earlier. Operating profit is stated after allowing for costs of £851,000 in the year, including costs incurred in acquiring new subsidiaries, amortisation of goodwill on acquisitions, and £500,000 augmentation to the Group's pension fund. Earnings per share rose from 24.69p to 43.8p. A final dividend of 15p per share is recommended by the Board, bringing the total of ordinary dividends for the year to 20p per share, a 29% advance on the 15.5p paid in respect of 2000. In addition shareholders received a special dividend of 10p per share at the interim stage. Operational Review The generally favourable trading conditions in the commercial construction market in which we operate continued during the latter part of 2001, despite the uncertainties following September 11th. Advances in turnover were recorded in most geographical areas of our operations, with particular buoyancy in London and the South-East. H&C Moore, acquired mid-2000, made a very satisfactory first full year's contribution, whilst J&J Cross, purchased at the end of June 2001, had an excellent first six months within the Group. Meggitt Marsh, our Bournemouth subsidiary, posted a strong advance in turnover but did not make a positive contribution in the year. The Bristol office, which had operated under the aegis of the principal trading company in London, is now incorporated as a separate trading entity - T.Clarke (Bristol) Ltd. - reflecting its greater size within the Group. Among the major projects completed during the latter part of 2001 were Mid-City Place, Holborn; Goldman Sachs, Fleet Street; Winter Gardens, Sunderland; Kennet Wharf, Reading and Bristol and West Building Society. We continue to work on a large number of significant projects, including Vodafone HQ, Newbury; HM Treasury, Whitehall; Clifford Chance, Canary Wharf; The Gate, Newcastle Upon Tyne; Peter Jones, Sloane Square and Deutsche Bank, Hayes Data Centre. The forward workload takes us, in some instances, well into 2003 and we are scheduled to commence work later in the year on BBC White City; Paternoster Square, London; HMP Preston; HM Treasury East, Whitehall; BBC Mail Box, Birmingham and RBS, Spitalfields. Prospects Whilst market conditions continue to be generally favourable, it would not be reasonable to expect during 2002 the scale of advances in turnover and profit which we have enjoyed during the last two years. Nonetheless, our existing order book underpins a good proportion of this year's expected workload, and current indications are that the main centres of activity - both in London and the South-East and the regions - should provide good opportunities for profitable business in the year ahead. The Group remains strong financially and therefore well placed to take advantage of opportunities for expansion, especially in the regions. In line with this policy, in January we acquired GDI Electrical based in Altrincham, Cheshire for £1.55m. GDI has annualised turnover of some £2.2m. and will make a welcome addition to our presence in the North-West. Overall I remain confident of a satisfactory outcome for the Group in 2002, based on the dedicated team under Pat Stanborough's leadership which produced last year's outstanding results. I am pleased to announce that John Daly, our Company Secretary, is to be appointed Financial Director on 3rd May 2002. In his short time with the Company John has already made his mark and will further complement a strong Executive team. I close once again with thanks to our loyal Staff, and for continued support of our Clients and Suppliers. R.J.Race Chairman 7th March 2002 Group profit and loss account For the year ended 31st December 2001 2001 2000 Continuing £ £ Acquisition Operations Total Total Turnover 1,465,722 130,329,606 131,795,328 98,363,555 Cost of sales 1,059,580 113,771,386 114,830,966 87,649,811 __________ __________ __________ __________ Gross Profit 406,142 16,558,220 16,964,362 10,713,744 Administrative expenses 267,534 8,836,494 9,104,028 6,413,243 __________ __________ __________ __________ Operating profit 138,608 7,721,726 7,860,334 4,300,501 ========== ========== Interest receivable (net) 564,352 277,094 __________ __________ Profit on ordinary activities before 8,424,686 4,577,595 taxation Taxation on profit on ordinary activities 2,807,254 1,485,000 __________ __________ Profit on ordinary activities after 5,617,432 3,092,595 taxation Dividends 3,845,694 1,986,942 __________ __________ Profit for the financial year 1,771,738 1,105,653 ========== ========== Earnings per share 43.82 pence 24.69 pence ========== ========== In 2000 and 2001 the group had no recognised gains or losses other than the result for the financial year. Group balance sheet At 31st December 2001 2001 2000 £ £ Fixed assets Goodwill 2,554,645 1,805,000 Tangible assets 2,404,180 2,479,961 __________ __________ 4,958,825 4,284,961 __________ __________ Deferred taxation 48,877 49,000 __________ __________ Current assets Work in progress 5,320,421 3,252,713 Debtors 15,548,121 17,680,250 Cash at bank and in hand 16,439,833 10,575,279 __________ __________ 37,308,375 31,508,242 Creditors, amounts falling due within one year (29,303,301) (23,091,543) __________ __________ Net current assets 8,005,074 8,416,699 __________ __________ Total assets less current liabilities 13,012,776 12,750,660 Creditors, amounts falling due after more than one year - (1,509,622) __________ __________ 13,012,776 11,241,038 ========== ========== Capital and reserves Called up equity share capital 1,281,898 1,281,898 Revaluation reserve 1,046,602 1,046,602 Share premium 38,634 39,966 Profit and Loss account 10,645,642 8,872,572 __________ __________ Equity shareholders funds 13,012,776 11,241,038 ========== ========== These financial statements were approved by the board on 7th March 2002 P.E. STANBOROUGH R.J. RACE Directors Group cash flow statement For the year ended 31st December 2001 2001 2000 £ £ £ £ Net cash inflow from operating activities 9,712,907 5,397,768 Returns on investments and servicing of finance Interest received 670,727 327,081 Interest paid (106,375) (49,987) __________ __________ Net cash inflow from returns on investments 564,352 277,094 and servicing of finance Taxation UK corporation tax paid (2,067,287) (1,370,003) Capital expenditure and financial investment Purchase of tangible fixed assets (292,933) (235,702) Sale of tangible fixed assets 99,014 58,038 __________ __________ Net cash outflow from capital expenditure (193,919) (177,664) and financial investment Acquisitions and disposals (2,150,000) - Net cash acquired with subsidiary 1,606,811 504,562 __________ __________ (543,189) 504,562 Equity dividends paid (3,422,668) (1,580,871) __________ __________ Cash inflow before use of liquid resources 4,050,196 3,050,886 Management of liquid resources Cash placed on short term deposits (15,000,000) (9,800,000) Cash received from short term deposits 9,800,000 7,000,000 __________ __________ Net cash outflow from management of liquid (5,200,000) (2,800,000) resources __________ __________ Increase in cash in the year before (1,149,804) 250,886 financing Financing Finance lease payments (59,000) (38,355) __________ __________ Increase in cash in the year (1,208,804) 212,531 ========== ========== Notes :- 1. The earnings per share represents the profit for the year on ordinary activities after taxation divided by the number of ordinary shares in issue. The numbers of ordinary shares, being a weighted average, for the purpose of this calculation, is 12,818,980 (2000: 12,527,851). 2. The figures for the year ended 31 December 2001 have been extracted from the full audited accounts for the year, which have not yet been delivered to the Registrar of Companies. The figures have been prepared and compiled in accordance with applicable accounting standards under the historical cost convention. The comparative figures for the year ended 31 December 2000 have been taken from, but do not constitute, the group's statutory accounts for the year. Those statutory accounts have been reported on by the group's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. 3. Copies of the annual report and accounts will be posted to shareholders shortly. Further copies can be obtained from the Company's registered office; Stanhope House, 116-118 Walworth Road, London, SE17 1JY. 4. The Company's Annual General Meeting will be held in the Bishops Room, Simpsons, The Strand, London WC2 on Friday 3 May 2002 at 12:00 noon. 5. Subject to the approval of shareholders the final dividend of 15 pence per share will be paid on 7 May 2002. The shares will go ex-dividend on 17 April 2002. The records will close on 19 April 2002. This information is provided by RNS The company news service from the London Stock Exchange

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