TClarke PLC Trading Statement (8629N)
26 January 2023 - 6:00PM
UK Regulatory
TIDMCTO
RNS Number : 8629N
TClarke PLC
26 January 2023
26 January 2023
TClarke plc
YEAR END TRADING UPDATE
NOTICE OF RESULTS
Record revenues achieved in 2022
TClarke plc ("TClarke" or the "Group"), the Building Services
Group, today announces a year end trading update for the full year
ended 31 December 2022 ("FY2022").
Financial Results
The Board is pleased to report that trading in the second half
of the year has continued strongly and that the Group's financial
performance for the full year is in line with market
expectations.
The Group anticipates reporting turnover for FY2022 of c.GBP425m
and earnings before interest and tax (EBIT) of c.GBP11.5m. FY2022
profit before tax is expected to be c.GBP10.3m (FY2021: GBP7.8m).
Revenue has increased by almost GBP100m (or 30%) compared to FY2021
and earnings per share are anticipated to rise by approximately 30%
over FY2021 levels as a result.
Order Book Record
TClarke occupies a premier position in the marketplace,
particularly in London. The Group has invested heavily in resources
and capacity, ensuring that the Group's growth ambitions are fully
supported, and our clients' projects continue to be delivered on
time. Our order book has now increased to GBP555m (2021:
GBP534m).
Cash Performance
Cash at the year-end was GBP22.5m (2021: GBP20.3m) with GBP15m
(2021: GBP15m) drawn down on the Group's revolving credit facility.
Net cash was therefore GBP7.5m and our average month end net cash
during FY2022 was GBP2.6m. As at 31 December 2022 the Group has a
further GBP10m of revolving credit facility and an overdraft
facility of GBP5m available to it. Bank facilities are committed
until 31 August 2026.
Balance Sheet
Building on our existing balance sheet strength is another key
part of our strategy as we grow the business. Net assets of the
Group are expected have grown by c.40% during 2022 and now amount
to c.GBP38m .
Outlook
Looking to the future, TClarke is focused on delivering its
growth strategy. The Group is expecting to achieve its target
turnover of GBP500m in 2023. The size of the existing order book
and the number of opportunities ahead for the Group supports the
expectation that TClarke will achieve its targets.
The Group's growth strategy is focused on maintaining and
developing our core markets whilst significantly expanding our data
centre business. The Group is also undertaking more large projects
outside of London, expanding its healthcare offering and energy
efficient smart building solutions.
Commenting, Mark Lawrence, TClarke CEO said:
"TClarke has had a tremendous year delivering a record level of
turnover for the period and ending the year with an order book at a
level that supports our GBP500m turnover target. We are on track to
achieve our growth ambitions and I am extremely excited and
confident for the outlook for TClarke."
The Group will be announcing its FY2022 preliminary results on 8
March 2023.
-ends-
For further information contact:
TClarke plc
Mark Lawrence, Group Chief Executive
Trevor Mitchell, Finance Director
Tel: 020 7997 7400
www.tclarke.co.uk
Cenkos Securities plc (Corporate Broker)
Ben Jeynes (Corporate Finance)
Alex Pollen (Sales)
Tel: 020 7397 8900
www.cenkos.com
RMS Partners
Simon Courtenay
Tel: 020 3735 6551
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTPPUCPGUPWGPA
(END) Dow Jones Newswires
January 26, 2023 02:00 ET (07:00 GMT)
TClarke (AQSE:CTO.GB)
Historical Stock Chart
From May 2024 to Jun 2024
TClarke (AQSE:CTO.GB)
Historical Stock Chart
From Jun 2023 to Jun 2024