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Pre tax profits at electrical contractor T Clarke more than halved despite rising turnover in the first half of the year, the firm announced today.

T Clarke reported pre-tax profits of 拢1.4m, down from 拢3.2m for the same period last year, on revenues up 8% to 拢92.6m.

The company said underlying profits, before one-off restructuring and acquisition costs, were 拢2.2m, down from 拢3.8m. The forward order book is also 13% down on the same point last year, at 拢193m, and the firm said margins on current bids remained under 鈥渋mmense pressure.鈥�

The statement said: 鈥淚n many instances the number of bidders for projects remains excessively high, which can lead to the project being awarded at an unsustainable level. We have been reluctant to become involved in such bidding wars.

Nevertheless, the firm said it had won 11 major contracts in the last six months, including for work on the planned cable car over the Thames in east London, and the Herzog de Meuron-designed extension to the Tate Modern.

Chief executive Mark Lawrence said the firm鈥檚 core markets remained challenging, and he was cautious about predictoing the timing of recovery. 鈥淕iven the increased levels of competition across the market, margins remain under pressure. The group is very active in tendering for work, but we will not be drawn into accepting projects where we cannot meet our financial expectations,鈥� he said.