TClarke PLC Trading Update (1128V)
November 30 2023 - 2:00AM
UK Regulatory
TIDMCTO
RNS Number : 1128V
TClarke PLC
30 November 2023
30 November 2023
TClarke plc
TRADING UPDATE
High Quality Order Book Now Exceeds GBP1.1bn
TClarke plc ("the Group"), the Building Services Group, today
provides an update on current trading and on the outlook for the
remainder of the financial year ending 31 December 2023.
The Group remains firmly on track to achieve its three-year
growth plan target of GBP500 million revenues in 2023 and expects
its year end net cash position to surpass GBP15 million at 31
December 2023, an increase of GBP6 million over current market
expectations. The Board's revenue and profit expectations for 2024
and 2025 remain unchanged.
In addition, the Group is pleased to confirm that its forward
order book stood at more than GBP1.1bn at 31 October 2023; double
that of the previous year. This increase in size of order book is
reflected across our key market sectors as illustrated below.
Market Sectors Forward Order Forward Order %
Book Book Increase
(as at Oct 2023) (as at Dec 2022)
GBPm GBPm
Engineering 489 225 117%
------------------ ------------------ ----------
Technologies (inc data
centres) 355 111 220%
------------------ ------------------ ----------
Infrastructure 167 121 38%
------------------ ------------------ ----------
Residential 66 73 -10%
------------------ ------------------ ----------
FM 29 25 18%
------------------------ ------------------ ------------------ ----------
Grand Total 1,106 555 99%
------------------------ ------------------ ------------------ ----------
Beyond that already secured in the order book, TClarke continues
to see significant additional opportunity across all of its core
market sectors and the Group is currently selectively tendering for
in excess of GBP1.0bn of additional potential opportunities -
providing exceptional further forward visibility and instilling
confidence in the Board that the business will continue to expand
rapidly into 2024 and 2025 and beyond.
Notwithstanding the strength of the Company's forward order
book, the Group is cognizant that the turbulent prevailing
construction sector environment is impacting a number of market
participants. As a result, TClarke has made a number of strategic
decisions to preserve the business's strong market and financial
position. These decisions have included, inter alia:
-- early contract agreements;
-- the changing of some supply chain partners mid contract to protect project completion dates;
It is anticipated that projects will continue to be delivered to
their project programmes and, as a result of the actions taken in
the second half, the Group's 2023 operating profit (EBIT) is now
expected to be in the range of GBP9 million - GBP10 million.
Mark Lawrence, Chief Executive, said:
"We have now achieved a significant milestone with our secured
order book surpassing GBP1 billion for the first time. This
substantial growth positions us well for future success and
provides the Board with continued confidence in our ability to
deliver a strong performance into 2024 and 2025".
-ends-
For further information contact:
TClarke plc
For further information contact:
TClarke plc
Mark Lawrence
Group Chief Executive
Trevor Mitchell
Finance Director
Tel: 020 7997 7400
www.tclarke.co.uk
Cavendish Capital Markets Limited (Corporate Broker)
Ben Jeynes (Corporate Finance)
Dale Bellis / Jasper Berry / Andrew Burdis (Sales and ECM)
Tel: 020 7220 0500
www.cavendish.com
RMS Partners
Simon Courtenay
Tel: 020 3735 6551
www.rmspartners.co.uk
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