TIDMCTO
RNS Number : 1942S
TClarke PLC
08 March 2023
TClarke plc
Results for the year ended 31 December 2022
TClarke delivers record revenues of GBP426m
TClarke plc ("the Group" or "TClarke"), the Building Services
Group, announces its preliminary results for the year ended 31
December 2022.
Financial Highlights
RESULTS FOR THE FULL YEARED 31
DECEMBER 2022 2021 Change
Revenue GBP426.0m GBP327.1m +30%
---------- ---------- -------
Operating profit GBP11.5m GBP8.8m +31%
---------- ---------- -------
Profit before tax GBP10.3m GBP7.8m +32%
---------- ---------- -------
Basic Earnings per share 19.60p 14.99p +31%
---------- ---------- -------
Net cash at year end GBP7.5m GBP5.3m +42%
---------- ---------- -------
Total dividend per share 5.35p 4.85p +10%
---------- ---------- -------
FY 2022 summary
-- Record results with the Group on course to achieve its
strategic target of GBP500m annual revenue
-- Revenue up 30% to GBP426m
-- Operating margin 2.7% (2021: 2.7%)
-- Earnings per share up 31% to 19.6p
-- Strong balance sheet
-- Net Cash GBP7.5m (2021: GBP5.3m)
-- Average month end cash GBP2.6m (2021: -GBP2.9m)
-- Net Assets GBP38.7m (2021: GBP26.5m)
-- High quality and growing forward order book of GBP555m, up 4% on 2021
-- Data centre business expanding rapidly; 2022 revenue GBP129m (2021: GBP39m)
-- Further progress made in expanding in the healthcare sector,
large projects outside London and smart buildings. Total 2022
revenues from these sectors GBP91m (2021: GBP51m)
-- Progressive dividend policy with total dividend up 10%
-- Record intake of 50 Apprentices, with 210 now employed across TClarke
-- New target of 25% women in apprenticeship and training roles by 2028
-- Total type 1 and 2 emissions fall to 4.8 tCO2e/GBPm revenue (2021: 5.8 tCO2e/GBPm revenue)
Mark Lawrence, CEO commented
"2022 has been a transformational year in the history of TClarke
with a significant step change in the size of the Group. Our record
results reflect the high quality of our operations and talent and
commitment of our people and supply chain partners.
The Group is in fantastic shape. We have an excellent order book
of high quality projects across a wide range of sectors. The
business is supported by our strong balance sheet, which continues
to grow, with net assets increasing by 46% compared with 2021. We
remain committed to delivering economic, social and environmental
value for all our stakeholders and are working towards achieving
net zero by 2026.
Looking ahead, we continue to make excellent progress in our
chosen markets and our well-positioned to achieve our GBP500m
revenue target in 2023."
-ends-
Date: 8(th) March 2023
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 551
Online Investor Presentation
Mark Lawrence and Trevor Mitchell will be hosting a live online
investor presentation at 2.00pm on Thursday 9(th) March 2023.
The presentation is open to all existing and potential
shareholders and the Group welcomes the interaction with
shareholders. It will be structured to provide investors with a
greater understanding of the Group, its markets and its growth
strategy. The management team will be presenting the Group's
financial performance during the year and will be explaining its
strategy and operational strengths. They will also be presenting
how the order book is growing and which sectors the Group is
winning work in.
Questions can be submitted at any time during the live
presentation. Shareholders and potential investors can register to
join the webinar for free via this link:
Zoom Webinar Registration - TClarke Investor Presentation
For those that cannot attend, a recording of the presentation
will be available to view on the company's corporate website
www.tclarke.co.uk
No material new financial or other information will be provided
during the presentation.
Chairman's Statement
In 2022 TClarke has again continued to grow and deliver
excellent results. Our record revenue of GBP426m is a significant
step towards achieving our near-term target of GBP500m annual
revenue. Our operating profit is GBP11.5m at a margin of 2.7%,
which is an outstanding result in the current economic and
political environments in which we operate.
Our growth and margin performance is a result of the successful
implementation and delivery of our strategy. It is also the result
of effective and continuous strategic and operational management
oversight and direction, supported by strong financial, management
and delivery disciplines which are constantly and consistently
applied across the Group.
We continue to grow and successfully deliver in our core
Engineering Services markets; we are experiencing significant
growth across our chosen market sectors. This is particularly the
case in the Technologies sector, where revenue has trebled to
GBP145m. The Technologies sector is benefitting from the
investments we have made in capabilities, leadership and client
relationships over the last few years.
The forward order book stands at GBP555m (2021: GBP534m) of
which GBP430m (2021: GBP379m) represents committed revenue for
2023.
Building on our existing balance sheet strength is another key
part of our strategy as we grow the business. Net assets of the
Group have grown by 46% during 2022 and now amount to GBP38.7m
(2021: GBP26.5m). Within this net cash has increased to GBP7.5m
(2021: GBP5.3m).
We are fully committed to a progressive dividend policy while at
the same time balancing the interests and needs of all
stakeholders. We are proposing a 2022 final dividend of 4.1p per
share (2021: 4.1p), which together with the interim dividend of
1.25p paid in October 2022 brings the full 2022 dividend to 5.35p
per share (2021: 4.85p), an increase of 10.3%.
Throughout 2022 TClarke has continued to build and deliver on
our commitment to being a sustainable business, delivering ever
improving environmental and sustainability performance and targets.
We have become a Business Champion with Build UK demonstrating our
commitment to the Construction Leadership Council's zero carbon
change programme. During the year, we have also embedded stronger
sustainability targets and requirements into our procurement
strategy and supplier requirements and into our fleet management
systems.
At TClarke we recognise that our growth and success could not be
delivered without the skills, experience, focus and commitment of
our people, subcontractors, and suppliers in all areas of the
business. We continue to invest heavily in our resources to ensure
we have the capacity and skills to deliver our growth ambitions in
both our core Engineering Services market and our identified
strategic growth markets. For example, we currently have 210
apprentices, representing 16% of our people, which is significantly
above the industry norm of 5%. This is a substantial and positive
investment made with our confidence in TClarke and the future.
The Board was strengthened by Aysegul Sabanci's appointment as a
non-executive director on 1st May 2022. Aysegul's experience in
operating in Europe in particular, will be invaluable as we expand
our operations.
As we move through 2023 and beyond, we face significant external
economic and national and geopolitical challenges and uncertainties
which will affect all businesses and sectors. As I look forward,
however, I am confident that TClarke is well placed to address and
work through these challenges and continue to perform and deliver.
Our strategy is well developed and being successfully implemented.
This together with our strong commercial and management focus and
controls gives TClarke the strength and stability to continue to
grow, prosper and perform. We have the capacity, the order book and
the opportunities.
The TClarke brand is very strong, built upon our reputation for
high quality engineering, reliability and on time delivery. This is
made possible through the collective efforts of all of our people.
It is their outstanding effort and output that enables us to grow
and perform and to face the future with confidence.
Chief Executive's Report
A Resilient and Successful Business
Few other years in the history of TClarke have seen world events
reshape our outlook like the last two. Yet despite all the
challenges, TClarke has stayed true to its values and remained a
unique and successful business, a great employer, and the partner
of choice for our customers and supply chain. My thanks go to our
people, customers, partners, shareholders, and the community for
your continued support.
Delivering Our GBP500m Strategy
All in our sector have witnessed inflationary pressures and
supply issues during the course of the year; generally our teams
have been able to mitigate any impact on a project-by-project
basis, without disruption to our operations.
We have previously declared our ambitious plan to achieve
profitable revenues of GBP500m by the end of 2023 and I am pleased
to report that the continued strength of our forward order book -
of GBP555m and over GBP1bn of active opportunities - means we
remain on track to achieve it.
Our order book has been replenished whilst maintaining our
disciplined and selective bidding approach to opportunities, which
is even more crucial in times of economic uncertainty; this
business is not driven by winning projects that do not have the
opportunity to return an acceptable margin.
Our business model is very straightforward and designed to
provide consistent, balanced and complementary work stream
opportunities for our five market sectors, across our UK locations.
Its effectiveness is evidenced by our 2022 revenues which we have
grown by almost GBP100m in 2022 delivering revenue of GBP426m;
exceeding GBP400m for the first time (2021: 327m). This is a
remarkable achievement and is a testament to the dedication of our
people and the commitment and teamwork of our supply chain. A
breakdown of our revenues is shown below:
GBP145m Technologies, including Data Centres & Smart Buildings
GBP125m Engineering Services
GBP80m Infrastructure
GBP45m Residential and Hotels
GBP31m Facilities Management
The Group has invested, proactively and heavily in resources and
capacity, to ensure our growth ambitions are fully supported, and
our clients' projects are delivered on time.
Our organic growth strategy is based on the established
engineering strengths of the business and targets additional
revenue streams - which are now contributing significantly towards
our GBP500m revenue goals. We are focused on maintaining our
premier position in our five core market sectors whilst growing
revenue from larger projects outside of London, expanding our
healthcare offering, becoming a major player in the data centre
market and investing in our capability to deliver smart building
solutions. 2022 revenues from these growth areas total GBP220m
(2021: GBP90m) and are shown below:
GBP129m UK Data Centres
GBP47m Healthcare projects
GBP37m Larger projects outside London
GBP7m Developing innovative smart building solutions
2021 revenues were GBP39m, GBP31m, GBP16m and GBP4m
respectively.
The standout growth revenue stream is from UK Data Centres where
TClarke is delivering five data centres as principal contractor.
There remain many opportunities for growth in this sector and we
expect Data Centres to continue to contribute significant revenues
in the medium term.
We now have 19 projects outside of London which have a contract
value of GBP5m or more where we are either on site or the project
is in the order book due to commence in 2023 or 2024.
What makes TClarke Unique
Brand and Heritage
Since 1889, when we pioneered the most advanced technology of
the age, we have constantly changed and evolved our skill base to
stay at the edge of technology and technical skills. But the
emphasis on quality jobs for quality clients has never changed.
In the 21st century we must embrace new challenges, none greater
than to mitigate the impacts of climate change. TClarke is
committed to achieving net zero emissions and has a detailed road
map in place to achieve this by 2026. To ensure we and our sector
achieve sustainable results in reaching this goal, we are working
collaboratively and tirelessly aligning with our customers and
working with our partners and suppliers to provide the innovative
engineered solutions that are needed, in many cases pioneering or
learning new skills.
In 2022 TClarke successfully achieved Build UK Business Champion
status within the Construction Leadership Councils Co2nstruct Zero
programme; the industry's zero carbon change programme.
Client Retention
Our client retention rate is an integral part of the success of
TClarke and 90% of our projects are with repeat clients and or
principal contractors. We are rightly proud of the projects that we
have secured and continue to deliver. Our focus remains on being
selective when tendering projects and managing the risks, with
established and well-defined processes throughout the life of a
project.
Our retention rate and the depth and length of relationships we
build with our clients and supply chain is a testament to the
strong culture at all levels within our business.
It is no coincidence that we maintain a record order book having
closely aligned ourselves with clients particularly major
developers in London who have shown a long term commitment to the
markets we operate in.
Onsite Resource
We have always believed that by giving our people lifelong
career paths, we can build a stronger business and play a leading
role in our communities.
No one matches our ability to dedicate our high quality,
established teams complemented by our two prefabrication facilities
in Stansted, Essex and Coatbridge, Central Scotland to our clients'
projects. Those facilities help us maximise the use of MMC (Modern
Methods of Construction), improve onsite logistics, reduce waste,
and meet our environmental goals.
Growing our business and achieving our ambitions could not
happen without the relentless drive and quality of our in-house
teams. Our competitors, whose models are overly dependent upon the
use of sub-contractors cannot achieve this.
Last year, we invested GBP6m (2021: GBP6m) in our apprentices
across the UK. These ongoing investments lead to an exceptional and
unique wealth of future talent, designed to deliver both skilled
operatives and future leaders in volume and quality to meet our
needs.
Engineering Expertise
Risks and rewards are highest for larger, more complex projects
such as commercial offices, luxury hotels and leisure complexes,
hospitals and major education or research facilities. This drives
clients and principal contractors towards engineering services
providers such as TClarke which have the necessary skills,
governance and financial strength required to mitigate those
risks.
Our team has the depth of experience, knowledge, and talent that
no other company can match. Our staff are driven with passion and
pride to complete projects across the electrical, mechanical, and
technologies sectors. We have completed major and complex landmark
projects that no other team in the market can match. Crucially, our
expertise stays in our business and builds over time. This body of
knowledge allows us to hand pick the right team for our clients'
project needs.
An insight to our activities is provided in the following pages
of this report, but some notable highlights include, at the end of
2022 TClarke was active on five UK data centre projects with
further opportunities of additional phases.
In London, the excellent performance of our engineering services
teams continues, recent project wins include a major infrastructure
project at Canary Wharf and the refurbishment of two landmark five
star hotels in the West End.
In Cambridge we secured Phase 2 of Unity Campus which features
three new wet laboratory buildings of 32,500sq. ft., 31,000sq. ft.
and 24,500sq. ft.
Our Infrastructure teams remain focused on the major areas of
public sector infrastructure where complexity and new technologies
play to our skill and quality advantages. During the year we
enjoyed ongoing success in education, delivering 76 education
projects and adding 42 new education projects in the forward order
book.
We continue to work in hospitals across the country delivering
major upgrades to the healthcare infrastructure. For example,
TClarke has delivered a major CT and MRI facility for Basildon
University Hospital. TClarke continues to win major projects such
as the National Rehabilitation Centre which is one of the first of
40 new hospitals to be built by 2030.
Nationwide Capability
Our ability to deliver is unparalleled, employing engineers and
skilled operatives from local communities nationwide, offering
clients the full range of our services across the country. Our
capabilities and ability to deliver are underpinned by the support
we give our people and the process and procedures we have in place.
Moreover, the strength of our balance sheet gives our customers
confidence in all aspects of the business.
Our delegated approach to project management empowers and
motivates our teams on the front lines to make informed decisions
that result in exceptionally well-engineered projects.
Technology Leadership
No one leads quite like us in smart buildings technology.
TClarke Intelligent Buildings is a division which has been built
steadily in scale and capability through the last 15 years,
designing and delivering the critical mechanical and electrical
infrastructure for data centres as well as schools, housebuilders,
commercial offices, and hospitals across the UK.
Smart Buildings could quite easily become the "Dark Art" of the
industry, so our ambition is to demystify the whole topic and
support our customers with the right product and to deliver this
under the trusted TClarke brand.
This could be as simple as making a building smart ready with a
TClarke Gateway, the provision of Smart Platforms, undertaking the
role of the MSI (Master Systems Integrator) or a full turnkey
solution.
Very few of our competitors can match the depth and range of the
in house capabilities and access to technology partners that we
offer.
Being a Responsible Business
As a responsible business TClarke strives to deliver social
value and environmental protection and improvement of long lasting
benefit to local communities.
Social value is defined as the contribution you make to society
and in particular to the local and community where you operate.
TClarke is proud to be based in the communities it serves and wants
to ensure that we offer our teams the best environments to
collaborate, share knowledge and build exciting careers. We create
social value by keeping everyone safe, developing our people,
building long term relationships, and enhancing local communities
by providing training and work opportunities and supporting local
community projects.
Leadership on Women in Apprenticeships and Training
For many years, we have been working, with some success, on the
challenge of expanding our talent pool and bringing more women into
our business across all roles.
But we can see a bigger prize if we can find a way to bring
substantially more women into our apprenticeship and training
programmes - particularly as these programmes provide the
foundations for our professional standards and culture. If we can
do this, then we are certain it will increase the quality of our
engineering services and give us ongoing business advantages - as
well as offering women across the UK excellent long-term career
opportunities.
We therefore decided to announce a five-year target of filling
25% of our apprenticeship and training positions with women
(currently 2%). This is recognised by our partners in the industry
as an extremely ambitious target. It will require more than hard
work on our part, we know we will need to listen carefully and
adapt our business in various ways, to learn and to accept that
there will be challenges.
It will be a very significant long-term project but, as the
industry leader in apprenticeship and training provision, we are
best placed to address it and get results.
The prize of a fully diverse workforce, fit for the future,
accessing the greatest range of talent and capable of delivering
TClarke Engineering Services is one which we want to win.
By collaborating with partners across our industry and taking
the lead on such a major issue, we also recognise that what we
achieve here will create far wider value and our successes will
help reset everyone's standards and expectations.
Outlook
TClarke is in excellent shape, focused on repositioning the
businesses and delivering our growth strategy which will aim to
achieve a bigger overall business with record revenues of GBP500m
in 2023.
Beyond this the board has approved a strategy and framework for
our next stage of organic growth which will focus on maintaining
our market share in our chosen markets whilst taking full advantage
with our existing clients to pursue growth opportunities in areas
such as European Data Centres and the Pharmaceutical technology
sector.
We see the period beyond 2023 as an opportunity to lay the
foundations for an even stronger TClarke with the business ideally
positioned and focused on delivering the most high tech and
engineering rich projects for our clients, whilst building our
existing balance sheet strength, enabling all stake holders to
share in the continuing success of TClarke.
We have some exciting opportunities ahead of us and remain
confident that the group will continue to achieve optimum revenues
and margins.
Group Financial Review
Key Highlights
Progress against strategic objectives:
Strategic Objective: Progress
------------------------------------ ---------------------------------------------
Deliver GBP500m revenue by end 2023
* 2022 Revenue: GBP426m
* Increase of GBP99m
------------------------------------ ---------------------------------------------
Grow organically
* Order book GBP555m
* Technology orders GBP111m
* Major project wins across the UK
------------------------------------ ---------------------------------------------
Sustain a 3% operating margin * 2022: 2.7% margin achieved
------------------------------------ ---------------------------------------------
Maintain premium position in core
markets * Order book replenished and increased
* Technology, one third of the business
* 90% of turnover from repeat clients
------------------------------------ ---------------------------------------------
The Group has performed strongly throughout the year, and we end
2022 with a record level of revenue driving up operating profit to
GBP11.5m (2021: GBP8.8m). The outlook for 2023 looks equally
healthy with the Forward Order Book now standing at GBP555m (2021:
GBP534.2m). The growth in revenue represents a c.GBP100m increase
on 2021 levels (up 30%), with a similar percentage increase in
earnings per share. 2022 has seen a scale change in the size of the
business. The rate of growth has been particularly strong within
the Technologies Sector which now represents over a third of the
Group's turnover, up from c.15% last year.
The proposed overall dividend for the year represents a 10%
increase on 2021, and net assets now stand some 40% higher year on
year, driven by our strong operating performance and a significant
reduction in our defined benefit pension liability. Our growth has
not been driven by acquisitions and this will remain our policy
going forward.
Performance
Operating profit for 2022 was GBP11.5m (2021: GBP8.8m) on
revenue of GBP426.0m (2021: GBP327.1m). Earnings per share were
19.60p for the year (2021: 14.99p) on an operating margin of 2.7%
(2021: 2.7%). TClarke remains financially secure, ending the year
with net cash of GBP7.5m with GBP30m of bank facilities at its
disposal.
Finance costs were GBP1.2m (2021: GBP1.0m), comprising a GBP0.1m
increase in bank interest and facility fees to GBP0.6m (2021:
GBP0.5m); the Group's defined benefit pension scheme interest
charge of GBP0.4m (2021: GBP0.4m); and an interest charge of
GBP0.2m arising from IFRS 16 (2021: GBP0.1m).
The tax charge for the year was GBP1.9m (2021: GBP1.5m). TClarke
maintains an open and collaborative working relationship in all
interactions with HMRC, and there are no uncertain tax positions at
present.
The Group paid its 2021 final dividend in full in May 2022 and
an increased interim dividend in September 2022 of 1.25p (2021:
0.75p). The Board is proposing a final dividend of 4.1p (2021:
4.1p) which if approved at the AGM will be recorded and paid on 2
June 2023. The total proposed dividend therefore rises to 5.35p
(2021: 4.85p), an increase of 10%. The dividend is covered 3.7
times by earnings. TClarke recognises that many of its shareholders
invest for dividends.
Summary of Financial Performance
2022 2021
GBPm GBPm
---------------------------- ------- -------
Revenue 426.0 327.1
---------------------------- ------- -------
Operating profit 11.5 8.8
Finance costs (1.2) (1.0)
Profit before tax 10.3 7.8
Taxation (1.9) (1.5)
Profit after tax 8.4 6.3
---------------------------- ------- -------
Earnings per share - basis 19.60p 14.99p
---------------------------- ------- -------
Dividend per share 5.35p 4.85p
---------------------------- ------- -------
Net assets 38.7 26.5
---------------------------- ------- -------
Dividend per share represents the interim and final dividend
proposed or paid for the year in question.
London
Revenue from our London operations rose to GBP270.0m (2021:
GBP189.4m), generating an operating profit of GBP10.6m (2021:
GBP6.2m). Operating margin was 3.9% (2021: 3.3%). The growth in
revenue has been primarily driven by the success of our data centre
offering where in addition to our current five live projects the
tendering pipeline identifies many further opportunities. Our
success in this area has been the key driver to our growth within
the Technologies market sector. Our core Engineering Services have
also continued to deliver strongly, with work on a number of
high-profile commercial and hotel developments, with many of which
offering future fit-out opportunities. Our medical division,
operating out of our Stansted facility, continues to go from
strength to strength.
UK South
Revenue from UK South rose to GBP78.0m (2021: GBP67.1m), with
the region delivering an operating profit of GBP2.1m (2021:
GBP2.6m) and giving rise to an operating margin of 2.7% (2021:
3.9%). The region has developed a high-quality customer base
providing a significant quantity of repeat business and is
particularly strong in infrastructure with many projects being
undertaken in defence, education, and healthcare. The region saw
significant revenue growth compared to 2021, with strong
performances in both Security and Climate divisions. Our new Oxford
office is now fully operational having started to trade in the
first half of the year and delivered a profit in its first full
year. Operating margins are expected to recover in 2023 back to the
UK South's normal operating margin of circa 3.5%.
UK North
Revenue rose to GBP78.0m (2021: GBP70.6m) with the region
delivering an operating profit of GBP2.4m (2021: GBP3.0m) and
giving rise to an operating margin of 3.1% (2021: 4.2%). Highlights
for the year include the successful delivery of a major engineering
services project in Manchester, our continued success in winning
and delivering a number of educational projects through our Leeds
office, and Scotland's increased pipeline of Engineering Services
work, alongside its core residential business. Further
diversification of Scotland's revenue streams is expected in 2023,
with examples in the Forward Order Book including a regeneration
contract in Charlotte Square, Edinburgh for the provision of office
accommodation, and an education-related project with the Neilston
Learning Campus.
Forward Order Book
The closing Forward Order Book of GBP555m represents a 4%
increase compared to last year's, with a strong pipeline in all key
markets. Importantly, we are securing large jobs across all
regions, with every office reporting a profit in 2022. 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.
Cash Flow and Funding
Cash balances totalled GBP22.5m at 31 December 2022 (2021:
GBP20.3m). GBP15m was drawn down under the Group's Revolving Credit
Facility ("RCF") at both 31 December 2022 and 2021, resulting in
net cash of GBP7.5m at the 2022 balance sheet date, an improvement
of GBP2.2m on the prior year (GBP5.3m).
2022 2021 Change
GBPm GBPm GBPm
------------------------- ------- ------- -------
Cash 22.5 20.3 2.2
Amounts drawn under RCF (15.0) (15.0) -
Net Cash 7.5 5.3 2.2
The increase in net cash has been largely driven by the Group's
operating profit for the year once allowances have been made for
other cash outflows such as dividend payments and the Group's
commitment to the pension deficit reduction plan. Furthermore, the
Group's continued focus on strong credit control processes has
ensured that the growth in revenue has been achieved without any
significant increase in working capital balances.
The Group renewed its banking facilities during the year and the
total amount available under the RCF now stands at GBP25.0m
(previously GBP15.0m). The RCF is committed until 31(st) August
2026. A GBP5.0m overdraft facility (2021: GBP10.0m) is also
available which is repayable on demand. Interest on overdrawn
balances is charged at 2.0% above base rate, and interest on
balances drawn down under the RCF is charged at 1.9% above SONIA.
The Group was compliant with the terms of the facilities throughout
the year ended 31st December 2022 and the Board's detailed
projections demonstrate that the Group will continue to meet its
obligations in the future.
The Board's projections show that TClarke is expected to
maintain a healthy cash position throughout the next three-year
period, and we do not anticipate seeking any additional facilities
during this time.
The Group also has in place GBP65.1m of bonding facilities
(2021: GBP50.1m), of which GBP34.3m were unutilised at 31st
December 2022 (2021: GBP24.3m).
Defined Benefit Pension Scheme Obligations
The deficit on the Group's defined benefit pension scheme, as
measured on an IAS 19 valuation basis for inclusion in these
financial statements, has now reduced to GBP12.9m (2021: GBP23.9m).
The reduction of GBP11.0m over the year has been largely driven by
changes in financial assumptions, in particular around the discount
rate applied to the liabilities, as well as benefiting from a
significant transfer out of the scheme. The overall reduction has
primarily been recognised through the Statement of Comprehensive
Income.
A formal actuarial valuation of the pension scheme was conducted
at 31st December 2021 showing a deficit of GBP19.8m, representing a
funding level of 71%. The pension scheme's actuary has also looked
at the position at 31 December 2022 in view of the very different
macroeconomic conditions that currently exist. At that date the
funding level remains at 71% but the deficit is estimated to have
fallen to approximately GBP11m. Following the valuation, the Group
has committed to a deficit reduction plan to eliminate the deficit
over an 8 year period, through additional contributions of GBP1.2m
per annum. During the year the Group made additional contributions
at the rate of GBP1.5m per annum, as agreed in the previous deficit
reduction plan.
Net Assets and Capital Structure
The Group is funded by equity capital, retained reserves and
bank facilities, and there are no plans to change this structure or
to raise new capital. We have built on our existing strong balance
sheet and net assets are now GBP38.7m (2021: GBP26.5m), an increase
of c.46%. The increase largely reflects the combined impact of the
Group's profit after tax for the year, dividends paid, and the
reduction in the defined benefit pension deficit.
Goodwill stood at GBP25.3m at the year-end (2021: GBP25.3m). The
Board has undertaken an impairment review in respect of goodwill
and has concluded that no impairment is necessary.
Financial Risk Management
The Group's main financial assets are contract and other trade
receivables, and bank balances. These assets represent the Group's
main exposure to credit risk, which is the risk that a counterparty
will fail to discharge its obligations, resulting in financial loss
to the Group. The Group may also be exposed to financial and
reputational risk through the failure of a subcontractor or
supplier.
The financial strength of counterparties is considered prior to
signing contracts and reviewed as contracts progress where there
are indications that a counterparty may be experiencing financial
difficulty. Procedures include the use of credit agencies to check
the creditworthiness of existing and new clients and the use of
approved suppliers' lists and Group-wide framework agreements with
key suppliers.
Accounting Policies
The Group's consolidated financial statements are prepared in
accordance with the requirements of the Companies Act 2006 and in
accordance with UK-adopted international standards. There have been
no new accounting policies adopted in the year.
Consolidated Income Statement
For the year ended 31(st) December 2022
2022 2021
Note GBPm GBPm
---------------------------------------- ----- --------- ---------
Revenue 3 426.0 327.1
Cost of sales (378.6) (286.6)
---------------------------------------- ----- --------- ---------
Gross profit 47.4 40.5
---------------------------------------- ----- --------- ---------
Administrative expenses (35.9) (31.7)
---------------------------------------- ----- --------- ---------
Operating profit 11.5 8.8
Finance costs (1.2) (1.0)
---------------------------------------- ----- --------- ---------
Profit before taxation 10.3 7.8
Taxation 4 (1.9) (1.5)
---------------------------------------- ----- --------- ---------
Profit for the financial year 8.4 6.3
---------------------------------------- ----- --------- ---------
Earnings per share
Attributable to owners of TClarke plc
Basic 5 19.60p 14.99p
Diluted 5 19.51p 13.91p
---------------------------------------- ----- --------- ---------
Consolidated Statement of Comprehensive Income
For the year ended 31(st) December 2022
2022 2021
Note GBPm GBPm
-------------------------------------------- ------ -------- ------
Profit for the year 8.4 6.3
---------------------------------------------------- -------- ------
Other comprehensive income
Items that will not be reclassified to
the income statement
Actuarial gain on defined benefit pension 9.2 5.6
scheme
Revaluation of freehold property (0.2) -
Deferred tax relating to items that will (2.4) 0.4
not be reclassified
-------------------------------------------- ------ -------- ------
Total other comprehensive income for the
year (net of tax) 6.6 6.0
---------------------------------------------------- -------- ------
Total comprehensive income for the year 15.0 12.3
---------------------------------------------------- -------- ------
Consolidated Statement of Financial Position
As at 31(st) December 2022
2022 2021
Note GBPm GBPm
---------------------------------------------- ----- --------- ---------
Non-current assets
Intangible assets 25.3 25.3
Property, plant, and equipment 13.5 7.5
Deferred tax assets 3.6 6.4
Trade and other receivables 6.3 4.9
---------------------------------------------- ----- --------- ---------
Total non-current assets 48.7 44.1
---------------------------------------------- ----- --------- ---------
Current assets
Inventories 0.5 0.4
Contract assets 54.3 51.7
Trade and other receivables 55.3 52.5
Current tax receivables - 0.2
Cash and cash equivalents 8 22.5 20.3
---------------------------------------------- ----- --------- ---------
Total current assets 132.6 125.1
---------------------------------------------- ----- --------- ---------
Total assets 181.3 169.2
---------------------------------------------- ----- --------- ---------
Current liabilities
Bank loans (15.0) (15.0)
Contract liabilities (7.7) (2.9)
Trade and other payables (96.1) (96.3)
Obligations under leases (2.7) (1.6)
---------------------------------------------- ----- --------- ---------
Total current liabilities (121.5) (115.8)
---------------------------------------------- ----- --------- ---------
Net current assets 11.1 9.3
---------------------------------------------- ----- --------- ---------
Non-current liabilities
Obligations under leases (5.7) (1.3)
Trade and other payables (2.5) (1.7)
Retirement benefit obligations 7 (12.9) (23.9)
---------------------------------------------- ----- --------- ---------
Total non-current liabilities (21.1) (26.9)
---------------------------------------------- ----- --------- ---------
Total liabilities (142.6) (142.7)
---------------------------------------------- ----- --------- ---------
Net assets 38.7 26.5
---------------------------------------------- ----- --------- ---------
Equity attributable to owners of the parent
Share capital 4.4 4.4
Share premium 4.4 4.2
Revaluation reserve 0.4 0.7
Retained earnings 29.5 17.2
---------------------------------------------- ----- --------- ---------
Total equity 38.7 26.5
---------------------------------------------- ----- --------- ---------
Consolidated Statement of Cash Flows
For the year ended 31(st) December 2022
2022 2021
Note GBPm GBPm
--------------------------------------------- ----- -------- --------
Net cash generated from/(used in) operating
activities 8 9.3 (0.6)
--------------------------------------------- ----- -------- --------
Investing activities
Purchase of property, plant and equipment (1.8) (0.4)
--------------------------------------------- ----- -------- --------
Net cash used in investing activities (1.8) (0.4)
--------------------------------------------- ----- -------- --------
Financing activities
Shares allotted in respect of share option 0.2 0.5
schemes
Facility fee paid (0.3) (0.1)
Equity dividends paid (2.3) (1.9)
Acquisition of shares by ESOT (0.8) (0.9)
Repayment of lease obligations (2.1) (1.5)
--------------------------------------------- ----- -------- --------
Net cash used in financing activities (5.3) (3.9)
--------------------------------------------- ----- -------- --------
Net increase/(decrease) in cash and cash 2.2 (4.9)
equivalents
Cash and cash equivalents at the beginning 8 20.3 25.2
of the year
--------------------------------------------- ----- -------- --------
Cash and cash equivalents at the end of
the year 8 22.5 20.3
--------------------------------------------- ----- -------- --------
Consolidated Statement of Changes in Equity
For the year ended 31(st) December 2022
Share Share Revaluation Retained Total
capital premium reserve earnings Equity
GBPm GBPm GBPm GBPm GBPm
--------------------------------------------------------------------- ------- ------- ----------- -------- ------
At 1st January 2021 4.3 3.8 0.8 6.8 15.7
--------------------------------------------------------------------- ------- ------- ----------- -------- ------
Comprehensive income
Profit for the year - - - 6.3 6.3
--------------------------------------------------------------------- ------- ------- ----------- -------- ------
Other comprehensive expense
Actuarial loss on retirement benefit obligation - - - 5.6 5.6
Deferred income tax on actuarial gain on retirement benefit
obligation - - - 0.4 0.4
Total other comprehensive income - - - 6.0 6.0
--------------------------------------------------------------------- ------- ------- ----------- -------- ------
Total comprehensive income 12.3 12.3
--------------------------------------------------------------------- ------- ------- ----------- -------- ------
Transactions with owners
Transfer on depreciation of freehold property - - (0.1) 0.1 -
Share-based payment expenses - - - 0.8 0.8
Shares acquired by ESOT - - - (0.9) (0.9)
Shares allotted in respect of share option schemes 0.1 0.4 - - 0.5
Dividends paid - - - (1.9) (1.9)
--------------------------------------------------------------------- ------- ------- ----------- -------- ------
Total transactions with owners 0.1 0.4 (0.1) (1.9) (1.5)
--------------------------------------------------------------------- ------- ------- ----------- -------- ------
At 31(st) December 2021 4.4 4.2 0.7 17.2 26.5
--------------------------------------------------------------------- ------- ------- ----------- -------- ------
Comprehensive income
Profit for the year - - - 8.4 8.4
--------------------------------------------------------------------- ------- ------- ----------- -------- ------
Other comprehensive income
Actuarial gain on retirement benefit obligation - - - 9.2 9.2
Deferred income tax on actuarial gain on retirement benefit
obligation - - - (2.4) (2.4)
Revaluation of freehold property - - (0.2) - (0.2)
Total other comprehensive income - - (0.2) 6.8 6.6
--------------------------------------------------------------------- ------- ------- ----------- -------- ------
Total comprehensive income - - (0.2) 15.2 15.0
--------------------------------------------------------------------- ------- ------- ----------- -------- ------
Transactions with owners
Transfer on depreciation of freehold property - - (0.1) 0.1 -
Share-based payment expenses - - - 0.8 0.8
Acquisition of shares by ESOT - - - (1.6) (1.6)
Shares allotted in respect of share option schemes - 0.2 - - 0.2
SAYE option cost - - - 0.1 0.1
Dividends paid - - - (2.3) (2.3)
--------------------------------------------------------------------- ------- ------- ----------- -------- ------
Total transactions with owners - 0.2 (0.1) (2.9) (2.8)
--------------------------------------------------------------------- ------- ------- ----------- -------- ------
At 31(st) December 2022 4.4 4.4 0.4 29.5 38.7
--------------------------------------------------------------------- ------- ------- ----------- -------- ------
Notes to the preliminary financial information
Note 1 - Basis of preparation
TClarke plc is a public limited company listed on the London
Stock Exchange, incorporated and domiciled in the United Kingdom.
The nature of the Group's operations and its principal activities
is providing electrical and mechanical contracting and related
services to the construction industry and end users. The Company is
limited by shares.
The financial statements included in this preliminary
announcement have been prepared in accordance with the Disclosure
and Transparency Rules of the UK Financial Conduct Authority, and
the principles of UK-adopted international accounting standards,
but do not comply with the full disclosure requirements of these
standards. The financial information for the year ended 31 December
2021 is derived from the statutory financial statements for that
year which have been delivered to the Registrar of Companies. The
auditor reported on those financial statements: their report was
unqualified, did not draw attention to any matters by way of
emphasis and did not contain a statement under s498(2) or (3) of
the Companies Act 2006. The financial information has been prepared
on a going concern basis under the historic cost convention as
modified by the revaluation of land and buildings.
The unaudited financial information contained in this
announcement does not constitute the statutory financial statements
of the Group as at and for the year ended 31 December 2022, but is
derived from those financial statements, which have been prepared
in accordance with UK-adopted international accounting standards.
The financial statements themselves will be approved by the Board
of Directors and reported on by the auditor and then subsequently
delivered to the Registrar of Companies following the Company's
Annual General Meeting. Accordingly, the financial information for
2022 is presented as unaudited in this announcement.
Note 2 - Significant accounting estimates
In the application of the Group's accounting policies, the
Directors are required to make estimates and assumptions about the
carrying amounts of assets and liabilities at the reporting date
and the amounts of revenue and expenses
incurred during the period that may not be readily apparent from
other sources. The estimates and associated assumptions are based
on historical experience and other factors that are considered to
be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects
only that period, or in the period of the revision and future
periods if the revision affects both current and future
periods.
The estimates and assumptions that have the most signi cant
impact are set out below.
Revenue and profit recognition for construction contracts
In order to determine the revenue and profit recognition in
respect of the Group's construction contracts, the Group has to
estimate the total costs to deliver the contract as well as the
final contract value. The Group has to allocate total expected
costs between the amount incurred on the contract to the end of the
reporting period and the proportion to complete in a future period.
The assessment of the total costs to be incurred and final contract
value requires a degree of judgement and estimation.
The final contract value may include assessments of the recovery
of contractual variations which have yet to be agreed with client,
as well as additional compensation claim amounts. The amount of
variations and claims are often not fully agreed with the customer
due to timing and requirements of the normal contractual process.
Therefore, assessments are based on an estimate of the potential
cost impact of the compensation claims and revenue is constrained
to amounts that the Group believes are highly probable of being
received. The estimation of costs to complete is based on all
available relevant information and may include estimates of any
potential defect liabilities or liquidated damages for unagreed
scope or timing variations. Costs incurred in advance of the
contract that are directly attributable to the contract may also be
included as part of the total costs to complete the contract.
Retirement Bene t Obligations
The cost of the defined benefit pension scheme and the present
value of the pension obligation are determined using actuarial
valuations. An actuarial valuation involves making various
assumptions that may differ from actual developments in the future.
These include the determination of the discount rate, future salary
increases, mortality rates and future pension increases. Due to the
complexities involved in the valuation and its long-term nature, a
defined benefit obligation is highly sensitive to changes in these
assumptions. All assumptions are reviewed at each reporting date,
taking advice from independent actuaries. Details of the key
assumptions are set out in note 7.
The valuation is most sensitive to changes in the discount rate
assumption. In determining the appropriate discount rate, the Group
considers the interest rates of corporate bonds, extrapolated as
needed along the yield curve to correspond with the expected term
of the defined benefit obligation. The mortality rate is based on
publicly available mortality tables. These mortality tables tend to
change only at intervals in response to demographic changes. Future
salary increases and pension increases are based on expected future
inflation rates.
Note 3 - Segment information
(i) Reportable segments
The Group provides electrical and mechanical contracting and
related services to the construction industry and end users.
For management and internal reporting purposes, the Group is
organised geographically into three regional divisions: London, UK
South and UK North, reporting to the Board who represent the "Chief
Operating Decision-Maker" as per IFRS 8. The measurement basis used
to assess the performance of the divisions is underlying operating
profit, stated before amortisation of intangible assets and other
non-underlying items.
All transactions between segments are undertaken on normal
commercial terms. All the Group's operations are carried out within
the United Kingdom, and there is no significant difference between
revenue based on the location of assets and revenue based on
location of customers. The accounting policies for the reportable
segments are the same as the Group's accounting policies disclosed
in note 1. Segmental information is based on internal management
reporting.
(ii) Segment information and revenue analysis - Current Year
Group costs and
London UK South UK North Unallocated Total
GBPm GBPm GBPm GBPm GBPm
-------------------------------------- ------ -------- -------- --------------- -----
Revenue from contracts with customers 270.0 78.0 78.0 - 426.0
-------------------------------------- ------ -------- -------- --------------- -----
Depreciation (1.0) (0.7) (0.7) (0.6) (3.0)
-------------------------------------- ------ -------- -------- --------------- -----
Operating profit 10.6 2.1 2.4 (3.6) 11.5
Finance costs - - - (1.2) (1.2)
-------------------------------------- ------ -------- -------- --------------- -----
Profit before tax 10.6 2.1 2.4 (4.8) 10.3
Taxation expenses - - - (1.9) (1.9)
-------------------------------------- ------ -------- -------- --------------- -----
Profit for the year 10.6 2.1 2.4 (6.7) 8.4
-------------------------------------- ------ -------- -------- --------------- -----
London UK South UK North Total
GBPm GBPm GBPm GBPm
---------------------- ------ -------- -------- -----
Business sector
---------------------- ------ -------- -------- -----
Facilities Management 2.7 16.4 12.2 31.3
Infrastructure 20.6 38.9 20.0 79.5
Engineering Services 91.9 15.6 17.2 124.7
Residential & Hotels 18.5 0.8 26.0 45.3
Technologies 136.3 6.3 2.6 145.2
---------------------- ------ -------- -------- -----
Total revenue 270.0 78.0 78.0 426.0
---------------------- ------ -------- -------- -----
(iii) Segment information and revenue analysis - Prior Year
Group costs and
London UK South UK North Unallocated Total
GBPm GBPm GBPm GBPm GBPm
-------------------------------------- ------ -------- -------- --------------- -----
Revenue from contracts with customers 189.4 67.1 70.6 - 327.1
-------------------------------------- ------ -------- -------- --------------- -----
Depreciation (0.5) (0.5) (0.3) (0.7) (2.0)
-------------------------------------- ------ -------- -------- --------------- -----
Operating profit 6.2 2.6 3.0 (3.0) 8.8
Finance costs - - - (1.0) (1.0)
-------------------------------------- ------ -------- -------- --------------- -----
Profit before tax 6.2 2.6 3.0 (4.0) 7.8
Taxation expenses - - - (1.5) (1.5)
-------------------------------------- ------ -------- -------- --------------- -----
Profit for the year 6.2 2.6 3.0 (5.5) 6.3
-------------------------------------- ------ -------- -------- --------------- -----
London UK South UK North Total
GBPm GBPm GBPm GBPm
---------------------- ------ -------- -------- -----
Business sector
---------------------- ------ -------- -------- -----
Facilities Management 2.7 13.6 9.7 26.0
Infrastructure 15.1 34.4 29.3 78.8
Engineering Services 91.7 14.3 10.9 116.9
Residential & Hotels 31.5 4.8 19.6 55.9
Technologies 48.4 - 1.1 49.5
---------------------- ------ -------- -------- -----
Total revenue 189.4 67.1 70.6 327.1
---------------------- ------ -------- -------- -----
Note 4 - Taxation
2022 2021
GBPm GBPm
--------------------------------------------------- ----- -----
Current tax expense
UK corporation tax payable on profits for the year 1.7 1.5
Adjustment in relation to prior years (0.4) (0.2)
--------------------------------------------------- ----- -----
Deferred tax expense
Arising on:
Origination and reversal of timing differences 0.6 0.2
--------------------------------------------------- ----- -----
Total income tax expense 1.9 1.5
--------------------------------------------------- ----- -----
Reconciliation of tax charge
Profit before tax for the year 10.3 7.8
--------------------------------------------------- ----- -----
Tax at standard UK tax rate of 19% (2021: 19%) 1.9 1.5
Tax effect of:
Adjustment in relation to prior years (0.4) (0.2)
Permanently disallowed items 0.4 0.2
--------------------------------------------------- ----- -----
Total income tax expense 1.9 1.5
--------------------------------------------------- ----- -----
2022 2021
GBPm GBPm
---------------------------------------------------- ----- -----
Deferred tax credited to other comprehensive income (2.3) (0.4)
---------------------------------------------------- ----- -----
Note 5 - Earnings per share
(i) Basic earnings per share
Basic earnings per share is calculated by dividing the profit
attributable to owners of the Company by the weighted average
number of Ordinary shares in issue during the year.
2022 2021
GBPm GBPm
----------------------------------------------------------- ------ ------
Earnings:
Profit attributable to owners of the Company 8.4 6.3
----------------------------------------------------------- ------ ------
Weighted average number of Ordinary shares in issue (000s) 43,056 42,284
----------------------------------------------------------- ------ ------
Basic earnings per share 19.60p 14.99p
----------------------------------------------------------- ------ ------
(ii) Diluted earnings per share
Diluted earnings per share is calculated by adjusting the
weighted average number of Ordinary shares outstanding to assume
conversion of all dilutive potential Ordinary share options granted
under the Save As You Earn schemes.
For the share options, a calculation is made to determine the
number of shares that could have been acquired at fair value
(determined as the average annual market share price of the
Company's shares) based on the monetary value of the subscription
rights attached to outstanding share options. The number of shares
calculated as above is compared with the number of shares that
would have been issued assuming the exercise of the share
options.
2022 2021
GBPm GBPm
--------------------------------------------------------------------------------- ------ ------
Earnings:
Profit attributable to owners of the Company 8.4 6.3
--------------------------------------------------------------------------------- ------ ------
Weighted average number of Ordinary shares in issue (000s) 43,056 42,284
Adjustments:
Savings Related Share Option Schemes 192 471
Equity Incentive Plan:
Conditional share awards - 2,790
--------------------------------------------------------------------------------- ------ ------
Weighted average number of Ordinary shares for diluted earnings per share (000s) 43,243 45,545
--------------------------------------------------------------------------------- ------ ------
Diluted earnings per share 19.51p 13.91p
--------------------------------------------------------------------------------- ------ ------
Note 6 - Dividends
2022 2021
GBPm GBPm
--------------------------------------------------------- ------ ------
Final dividend of 4.1p (2021: 3.65p) per ordinary share
paid during the year relating to the previous year's
results 1.8 1.6
Interim dividend of 1.25p (2021: 0.75p) per ordinary
share paid during the year 0.5 0.3
--------------------------------------------------------- ------ ------
Total 2.3 1.9
--------------------------------------------------------- ------ ------
The Directors are proposing a final dividend of 4.1p (2021:
4.1p) per ordinary share totalling GBP1.8 million (2021: GBP1.8m).
The dividend has not been accrued at the reporting date.
Subject to approval at the Annual General Meeting, the final
dividend will be paid on 2nd June 2023 to shareholders on the
register as at 5th May 2023. The shares will go ex-dividend on
4(th) May 2023. A dividend reinvestment plan is available to
shareholders. Those shareholders who have not elected to
participate in the plan, and who would like to do so in respect of
the 2022 final payment, may do so by contacting Link Group on 0371
664 0381. The last day for election for the final dividend
reinvestment is 12(th) May 2023.
Note 7 - Pension commitments
The present value of the defined benefit obligation, the related
current service cost and the past service cost were measured using
the projected unit credit method. The amounts recognised in the
consolidated statement of financial position are as follows:
2022 2021
GBPm GBPm
------------------------------------ ------ ------
Present value of funded obligations 40.6 73.4
Fair value of plan assets (27.7) (49.5)
------------------------------------ ------ ------
Deficit of funded plans 12.9 23.9
------------------------------------ ------ ------
The key assumptions used:
2022 2021
% %
----------------------------------------------------------------- ----- -----
Average Rate of increase in salaries 3.26 2.55
Rate of increase of pensions in payment 3.05 3.15
Discount rate 4.77 1.89
Inflation assumption (RPI) 3.12 3.25
Inflation assumption (CPI) 2.76 2.05
The mortality assumptions used in the IAS 19 valuation were:
2022 2021
Years Years
----- -----
Life expectancy at age 65 for current pensioners
- Men 21.2 21.5
- Women 23.2 23.4
Life expectancy at age 65 for future pensioners (current age 45)
- Men 22.1 22.5
- Women 24.3 24.6
Note 8 - Notes to the statement of cash flows
(i) Reconciliation of operating profit to net cash generated
from/(used in) operating activities
2022 2021
GBPm GBPm
------------------------------------------------------------- ----- ------
Operating profit 11.5 8.8
Depreciation charges 3.0 2.0
Equity-settled share-based payment expense 0.1 0.8
Pension deficit reduction contributions (1.5) (1.5)
Defined benefit pension scheme (credit)/charge (0.7) 0.4
------------------------------------------------------------- ----- ------
Operating cash flows before movement in working capital 12.4 10.5
Movement in inventories (0.1) -
Decrease/(increase) in contract balances 2.2 (8.2)
(Increase)/decrease in operating trade and other receivables (3.8) (18.8)
Increase/(decrease) in operating trade and other payables 0.7 16.4
------------------------------------------------------------- ----- ------
Cash generated from/(used in) operations 11.4 (0.1)
Corporation tax paid (1.6) -
Interest paid (0.5) (0.5)
------------------------------------------------------------- ----- ------
Net cash generated from/(used in) operating activities 9.3 (0.6)
------------------------------------------------------------- ----- ------
(ii) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and other
short-term highly liquid investments that are readily convertible
into cash, less bank overdrafts, and are analysed as follows:
2022 2021
GBPm GBPm
--------------------------- ----- -----
Cash and cash equivalents 22.5 20.3
--------------------------- ----- -----
Net cash after deducting total borrowings was as follows:
2022 2021
GBPm GBPm
Cash and cash equivalents 22.5 20.3
Less borrowings (15.0) (15.0)
--------------------------- ------- -------
Net cash 7.5 5.3
--------------------------- ------- -------
Note 9 - Related party transactions
(i) Key management personnel
The key management personnel of the Group comprise members of
the TClarke plc Board of Directors and the Group Management Board.
The key management personnel compensation is as follows:
2022 2021
GBPm GBPm
---------------------------------- ---- ----
Short-term benefits 4.4 3.3
Share-based payment 1.5 0.6
Post-employment employee benefits - 0.1
---------------------------------- ---- ----
Total 5.9 4.0
---------------------------------- ---- ----
Further disclosures, including details of the highest-paid
Director, are included in the Directors' remuneration report in the
latest annual report.
Transactions between the Company and its subsidiary
undertakings, which are related parties, have been eliminated on
consolidation and are not disclosed in this note. There were no
other related party transactions requiring disclosure.
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