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.

t clarke

The firm will release its full-year results in March

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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