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TClarke confident with improved order book

By BFN News | 07:20 AM | Friday 27 January, 2017


Building services group TClarke said underlying profits for the year ended 31 December were substantially ahead of last year. And it said the group has entered 2017 in a strong, confident position, supported by an improved net cash balance and improved forward order book. A year-end update said: "Further to our announcement on 31st October 2016, the 2016 results will include exceptional charges and provisions in relation to the internal fraud at our DGR subsidiary. "These are estimated at £2.2m, including a provision for professional costs of £0.4m directly associated with our efforts to recover the misappropriated funds. "Profits for the year are expected to be in line with market expectations after reflecting the full impact of the accounting adjustment for the fraud in the period, other than the provision for related professional costs referred to above. "Legal proceedings to recover the misappropriated funds are ongoing." It said the group's year end net cash position improved for the fourth successive year to £9.2m (31st December 2015: £6.6m), an increase of 39% on the previous year. The update continued: "Supporting our growth, our banking facilities with NatWest were renewed successfully as planned. "The Group now has access to an increased three year £10m (previously £5m) revolving credit facility and a £5m (previously £8m) overdraft facility. "Our forward order book as at 31st December 2016 has strengthened to £330m (31st December 2015: £300m). "Notable new project wins include two significant London office fit out projects for a social media client and a major asset manager client, along with projects at The University of Gloucester Business School & Growth Hub and The Plymouth History Centre." Story provided by StockMarketWire.com

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