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TClarke starts action to recover misappropriated funds

By BFN News | 07:22 AM | Thursday 17 November, 2016


Building services group TClarke has started legal proceedings to recover misappropriated funds announced on 31 October. The group says it is too early at this stage to confirm the quantum of what will be recovered, but investigations and proceedings are continuing in conjunction with expert professional advisers to recover as much as practicable. The group also issued a trading update and said the result of the EU referendum and other developments in the wider global environment had led to "levels of uncertainty which we are alert to, particularly movements in commodity prices and exchange rate fluctuations which could influence tender pricing. "Despite these uncertainties, we continue to see steady, but cautious, improvements in our core markets, supported by a strong forward order book that has seen no project cancellations. The Group's underlying performance for the year continues to be in line with the Board's expectations, with operating cash generation improving year on year." It continued: "Demand for our services continues to be strong and, through a combination of repeat business and negotiated as well as competitive bidding, we have maintained an enviable committed forward order book in excess of £320 million with visibility now stretching beyond 2019. "We are pleased to confirm that we have now signed contracts for 22 Bishopsgate, London. This major development scheme, which includes 1.275 million sq. ft. of offices, is being developed by Lipton Rogers in partnership with AXA IM (Investment Managers) and is under construction by Multiplex. Our onsite activities will commence in 2017 for completion in 2019." Story provided by StockMarketWire.com

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