Interim Results

Clarke(T.) PLC 15 August 2003 Interim Results for the six months to 30 June 2003 T. CLARKE PAYS SPECIAL DIVIDEND OF 10P AS IT REPORTS ROBUST PEFORMANCE T. Clarke plc, the electrical engineering and contracting company, has announced its interim results for the six months to 30 June 2003. Highlights: Profit Before Tax* up 36% to £6.28M (2002: £4.6M) *Before Goodwill Profit Before Tax up 38% to £6.0M (2002: £4.3M) Turnover up 16% to £78M (2002: £67M) EPS up 40% to 31.68p (2002: 22.58p) Interim Ordinary Dividend up 14% to 8p (2002: 7p) Special Dividend of 10p per share Aylward Electrical acquired in July for £3.4M Major completions include: Imperial College of Science, London Paternoster Square, St Paul's Lazard & Co., Berkeley Street, W1 Visa International, Paddington Major projects won include: BBC West One London Stock Exchange, Paternoster Square Russell Race, Chairman commented: ' At the start of 2003, the outlook was challenging, however, I am delighted to report that we have delivered a very creditable performance in the first half. ' We have continued our strategy to grow the scale of the business organically and by further acquisitions. In July we completed the acquisition of Aylward in Cambridgeshire for £3.4 million improving our regional coverage. ' 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. To reflect the Group's success in the first half and our strong financial position, we are paying a special dividend of 10p per share, in addition to the interim dividend which has moved ahead by 14%. ' Looking forward, the outlook for the Group remains demanding, but the Board is confident of achieving current market expectations for the year.' -ends- Date: 15 August 2003 For further information, please contact: T. Clarke plc City Profile Group Pat Stanborough, Chief Executive Simon Courtenay John Daly, Finance Director Tel: 020-7448-3244 Tel: 020-7358-5000 web: www.tclarke.co.uk Arbuthnot Shaun Whyte Tel: 020-7002-4600 CHAIRMAN'S STATEMENT Interim Results Despite the challenging trading environment, the first half of the year witnessed a very satisfactory advance in Group turnover and profits. Turnover was 16% higher at £78m (2002 : £67m) whilst pre-tax profits were up 38% at £6.0m (2002 : £4.3m ). Before goodwill write-offs, the profits grew by 36% to £6.28m (2002 : £4.6m ). Earnings per share rose in parallel by 40% to 31.7p (2002 : 22.6p). This performance has encouraged the Board to declare an interim dividend of 8p per share, and increase of 14% on the 2002 interim of 7p per share. With the continuing strength of the balance sheet, a special dividend payment of 10p per share is also being made. Both dividends will be paid on 15th September 2003 to those shareholders on the Register on 29th August 2003. The shares will be marked ex-dividend on 27th August 2003. A further stage in the development of our regional coverage was achieved in July with the acquisition of the Aylward Electrical companies for £3.4m. Based in Cambridgeshire, Aylward has an excellent track record and will complement our existing operations, especially in the East Midlands and East Anglia. We welcome the Aylward members to the Group and look forward to a mutually beneficial relationship in the years ahead. Current Trading Conditions in our key commercial market place remain demanding, with a relatively slow take up of major contracts, particularly in the South-East and continued pressure on margins. Against this, the regional operations are contributing well and there is an increasing availability of work generally in the PFI and urban regeneration fields. Major completions during the first half included Imperial College of Science, Paternoster Square St. Paul's, Lazard & Co. W1 and Visa International at Paddington. Current projects in hand include BBC Mailbox Birmingham, BBC White City, The Treasury Whitehall and Bank of America Canary Wharf. Among the projects secured in the first half, (some of which will take us into 2004 and beyond) are BBC West One and London Stock Exchange Fit-Out at Paternoster Square. Prospects We do not expect any change in our trading environment in the short term but the Board is confident of achieving current market expectations for the full year. Longer term I have no doubt that our excellent team, combined with our financial strength, will stand the Group in good stead. Russell Race Chairman 15 August 2003 GROUP PROFIT & LOSS ACCOUNT Unaudited Unaudited 12 Months to 6 Months to 6 Months to 31 December 2002 30 June 2003 30 June 2002 £,000 £,000 £,000 Turnover 77,885 67,122 143,990 ____________ ____________ ____________ Operating Profit 5,901 4,330 10,681 Goodwill Amortisation (250) (250) (500) Interest 375 278 615 ____________ ____________ ____________ Profit on Ordinary Activities Before Taxation 6,026 4,358 10,796 Taxation (1,966) (1,463) (3,613) ____________ ____________ ____________ Profit on Ordinary Activities After Taxation 4,060 2,895 7,183 Dividends (2,307) (897) (3,205) ____________ ____________ ____________ Surplus Transferred to Reserves 1,753 1,997 3,978 ____________ ____________ ____________ Earnings per Share 31.68p 22.58p 56.0p ____________ ____________ ____________ Special Dividend per Share 10p - - Ordinary Dividend per Share 8p 7p 25p ____________ ____________ ____________ GROUP BALANCE SHEET Unaudited at Unaudited at 12 Months to 30 June 2003 30 June 2002 31 December 2002 £'000 £'000 £'000 Fixed Assets Goodwill 3,909 4,406 4,159 Tangible Fixed Assets 3,710 3,384 3,298 ____________ ____________ ____________ 7,619 7,790 7,457 ____________ ____________ ____________ Deferred Taxation 43 43 25 ____________ ____________ ____________ Current Assets Work in Progress 4,331 4,246 4,595 Debtors 11,789 14,192 15,599 Cash at Bank and in Hand 26,956 22,170 24,930 ____________ ____________ ____________ 43,076 40,608 45,124 ____________ ____________ ____________ Current Liabilities Bank Overdraft 3,624 4,120 2,501 Creditors and Accruals 28,369 29,311 33,113 ____________ ____________ ____________ 31,993 33,431 35,614 ____________ ____________ ____________ Net Current Assets 11,083 7,177 9,510 ____________ ____________ ____________ Total Assets Less Current Liabilities 18,745 15,010 16,992 ____________ ____________ ____________ Capital Reserves Share Capital 1,282 1,282 1,282 Share Premium 1,047 1,047 1,047 Profit and Loss Account 16,379 12,642 14,626 Revaluation Reserve 37 39 37 ____________ ____________ ____________ Equity Shareholders Funds 18,745 15,010 16,992 ____________ ____________ ____________ CASH FLOW STATEMENT Unaudited Unaudited The Year Ended Six Months Six Months 31 December Ended Ended 2002 30 June 2003 30 June 2002 £,000 £,000 £,000 £,000 £,000 £,000 Net Cash Inflow (Outflow) from Operating Activities 6,435 10,167 18,760 Returns on Investments and Servicing of Finance Interest received (Net) 375 278 615 Taxation (1,896) (1,285) (3,465) Capital Expenditure and Financial Investment Purchase of Tangile Fixed Assets (594) (683) (803) Acquisitions and Disposals Purchase of Subsidiary Undertakings - (2,669) (2,669) Net Cash Acquired with Subsidiaries - - 1,179 (1,490) 1,179 (1,490) _______ ______ ________ Equity Dividends Paid (2,307) (1,923) (2,820) ________ _________ ________ Cash Inflow (Outflow) Before use of Liquid Resources 2,013 5,064 10,797 Management of Liquid Resources Cash Placed on Short Term Deposits (26,435) (18,500) (22,802) Cash Received from Short Term 22,802 15,000 15,000 Deposits ________ _________ ________ Net Cash Inflow (Outflow) from Management of Liquid Resources (2,730) (3,500) (7,802) Increase (Decrease) in Cash in The Period ________ _________ ________ Before Financing (717) 1,564 2,995 ________ _________ ________ Financing Finance Lease Payments - - (9) Repayment of Loan Notes (1,110) (1,110) - - (1,479) (1,488) ________ _________ ________ Increase (Decrease) in Cash in (1,827) 1,564 1,507 Period ________ _________ ________ Reconciliation of Operating Profit to Net Cash Flow (Outflow) from Operating Activities:- Operating Profit 5,651 4,080 10,182 Goodwill Amortisation 250 250 500 Depreciation Charges 181 163 362 (Increase) Decrease in Work in Progress and 4,074 2,431 2,035 Debtors Increase (Decrease) in Creditors (3,271) 3,245 5,681 ________ _________ ________ 6,435 10,167 18,760 ________ _________ ________ NOTES: 1. The results for the half year are unaudited. 2. The accounts have been prepared using accounting consistent with those adopted for the year ended 31st December 2002. 3. Earnings per share are calculated on the basis of the weighted average of 12,818,980 ordinary shares in issue (2002 : 12,818,980) and profit attributable to shareholders of £4,060,000 (2002 : £2,895,000). 4. An interim ordinary dividend of 8.0p per share is proposed payable on 15th September 2003 to shareholders on the register on 29th August 2003. The shares will go ex-dividend on 27th August 2003. 5. This interim report will be circulated to members on 19th August 2003 from which date copies will be available to the public at or on application to the company's registered office: T. Clarke plc, Stanhope House, 116-118 Walworth Road, London SE17 1JY, telephone number 020-7358-5000 (Ext. 211). This information is provided by RNS The company news service from the London Stock Exchange

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