Trading Statement

TClarke PLC

06 July 2023

 

THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED IN IT, IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.

FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (AS AMENDED) (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED)). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

6 July 2023

TClarke plc

Trading update and Revenue Expansion to Continue

TClarke plc ("TClarke", the "Group" or the "Company"), the Building Services Group, issues a Trading Update covering the period from our AGM held 10 May 2023 to date.

Trading has continued to be strong, and the Board remains highly confident that the Group will successfully deliver its growth strategy such that the Group's revenues will exceed for the first time £500m in the current financial year, in doing so achieving the three-year revenue growth strategy set out by the Board in March 2021. The Group was £4.5m net cash positive at 30 June 2023.

We are pleased to be reporting a forward order book that has been replenished and has been strengthened significantly; as of 30 June 2023 it stands at a record £781m (2022: £586m). Having proactively invested in resources and capacity to support the Group's growth ambitions, TClarke is well-positioned to manage these additional revenues in our chosen market sectors.

In a separate announcement today, the Board is pleased to announce that it has conditionally raised gross proceeds of £10.7 million by way of an oversubscribed placing of new ordinary shares in the Company in order to fund significant further expansion beyond 2023.

The net proceeds of the Placing will further strengthen the Group's balance sheet and will provide additional resources with which to capture and deliver additional identified short to medium term attractive contract opportunities in the London business - in doing so driving further growth and margin expansion.

The Board is encouraged by the strength of the Group's position in the market.

TClarke will be reporting its half year results for the six months ended 30 June 2023 on 13^th July 2023.

Mark Lawrence, TClarke CEO, commented:

"All of us at TClarke remain absolutely focused on our approach to targeted tendering, risk management and the successful delivery of our projects.

Today's record forward order book which will convert to planned revenue expansion in the medium term is without doubt a significant milestone for TClarke and we are grateful for the support and trust given to TClarke and our teams to deliver for our clients."

For further information, please contact:

TClarke PLC	[phone]
Mark Lawrence, Chief Executive Officer Trevor Mitchell, Finance Director	http://www.tclarke.co.uk
Cenkos Securities plc (Sole Broker)	[phone]
Ben Jeynes / Max Gould / Hamish Waller (Corporate Finance)
Dale Bellis / Jasper Berry (Sales)
RMS Partners	[phone]
Simon Courtenay

Important notices

The distribution of this Announcement and any other documentation associated with the Placing into jurisdictions other than the United Kingdom may be restricted by law.  Persons into whose possession these documents come should inform themselves about and observe any such restrictions.  Any failure to comply with these restrictions may constitute a violation of the securities laws or regulations of any such jurisdiction.  In particular, such documents should not be distributed, forwarded to or transmitted, directly or indirectly, in whole or in part, in, into or from the United States, Australia, Canada, Japan or the Republic of South Africa or any other jurisdiction where to do so may constitute a violation of the securities laws or regulations of any such jurisdiction (each a "Restricted Jurisdiction").

This Announcement is not an offer of securities for sale into the United States.  The new ordinary shares to be issued pursuant to the Placing (the "Placing Shares") have not been and will not be registered under the US Securities Act 1933 as amended (the "US Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and, accordingly, may not be offered, sold, resold, taken up, transferred, delivered or distributed, directly or indirectly, within the United States except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offer of the Placing Shares in the United States. 

The Placing Shares have not been and will not be registered under the relevant laws of any state, province or territory of any Restricted Jurisdiction and may not be offered, sold, resold, taken up, transferred, delivered or distributed, directly or indirectly, within any Restricted Jurisdiction except pursuant to an applicable exemption from registration requirements.  There will be no public offer of Placing Shares.

This Announcement is for information purposes only and does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in any jurisdiction and should not be relied upon in connection with any decision to subscribe for or acquire any of the Placing Shares (as the case may be).  In particular, this Announcement does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States.

 

END