Future workload jumps to over 拢450m
Listed M&E contractor T Clarke said its order book stands at a record 拢456m but confirmed underlying profit would be down because of the covid crisis last year.
In a trading update, the firm said margins recovered to 3% in the second half of last year after the impact of covid-19 sent it to a pre-tax loss of 拢1.5m in the first half from a 拢4.5m pre-tax profit last time on revenue down 38% to 拢106m.
But it said trading had improved considerably from the second quarter, adding it was expecting revenue for the year to be around 拢232m with underlying profit of approximately 拢6m 鈥� although this is considerably down on the 拢335m turnover it posted in 2019 where underlying profit stood at 拢9.2m.
Last year, the firm said it spent 拢3.6m completing a restructuring because of the covid crisis which has seen 80 jobs go at the business, around 6% of its 1,400-strong workforce.
It said net cash at the year-end was 拢10.2m, adding average daily cash stayed positive on each day of last year.
The firm will release its 2020 results on 24 March.
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