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TClarke in line with forecasts

By BFN News | 07:39 AM | Friday 08 May, 2015


Building services group TClarke's trading since the start of the year has been in line with the boards forecasts, according to an update issued ahead of today's annual general meeting. The group says the first quarter is typically its slowest and it maintains that it will be the latter part of the year before it begins to see meaningful margin improvement in its most competitive markets. It adds: "Our revenues to the 30th April 2015 were £72 million (30th April 2014 £70 million). In March we reported a record forward order book and we are pleased to report that this order book has been replenished and maintained at £300 million against £265 million as at the same time last year. "Overall the Group has secured 84% of its target revenues for 2015 which gives the Board confidence in the outlook for the year. There is a particular focus at TClarke Bristol / Cardiff and TClarke East where current secured revenues are lower than in comparison to the same period last year. "The recovery in our markets is clearly being driven from London and a number of the previously announced London schemes will begin to generate revenues from the third quarter. We have also recently agreed our revised contract sum for the 900,000 sq ft. office development which is now proceeding at 100 Bishopsgate and are now mobilising our design teams with our onsite activities scheduled to start in April 2016. We are currently bidding in limited competition for further London schemes worth in the region of £100 million. "The Group is benefiting from having maintained its core resource of engineers and skilled operatives during the downturn with many clients now expressing concerns regarding the availability of resources in the medium term. Supporting this strategy of home grown talent we intend to recruit 75 apprentices across the UK this summer." Story provided by StockMarketWire.com

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