Number is equivalent to 6% of workforce

T Clarke has become the first quoted contractor to announce it is cutting jobs with the firm confirming 80 jobs are going.

The M&E specialist employs around 1,400 people meaning close to 6% of the workforce will be axed.

22 Bishopsgate

Last week, Wates said around 300 jobs were going at that business 鈥� the equivalent of 8% of its workforce.

A T Clarke spokesperson said: 鈥淭his is about responding to reshaping the business because of covid-19.鈥�

He added that most of the redundancies were voluntary with the losses coming from across its London, South and North regions.

Earlier today, the firm, which carried out a 拢75m contract at the 22 Bishopsgate tower (pictured) in the City of London, said it has so far spent 拢3m since the beginning of April on a restructuring which also includes making its sites covid secure.

It said the restructuring would produce annual savings of 拢4m 鈥� of which 拢2.4m will be made this year.

T Clarke said revenue last month slumped to just 拢10m after dozens of its sites were shut because of the pandemic.

The 拢335m turnover firm said it expected to break even in the second quarter with underlying operating profit for the half year set to be around 拢2m 鈥� although this will be down by more than half from the 拢5m reported in the six months to June 2019.

In a trading update this morning, the firm said it turned in an underlying operating margin of 3% on a turnover of 拢70m for the first three months of this year.

The firm still plans to pay a dividend for 2019 in July which is expected to cost it 拢1.6m.

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