Firm says move buoyed by record order book
Listed M&E contractor T Clarke stayed in the black last year after seeing revenue fall 30% because of the impact of the covid-19 pandemic.
But the firm, which is working on several high-profile schemes in London including one of the Facebook buildings at King鈥檚 Cross and the Bankside Yards scheme at Southwark, said it was setting itself a revenue target of 拢500m within three years.
The firm said its forward order book in 2020 was a record 拢456m, up from 2019鈥檚 拢403m, and it had already secured 拢288m for 2021 and 拢168m for 2022 and beyond.
Revenue at its biggest division, London, fell from 拢201m to 拢134.6m last year which the firm blamed on sites closing while safe working protocols were set up.
It added that its engineering business won its first major deal in the North-West during the year 鈥� a 拢3.5m scheme for the Royal College of Physicians in Liverpool.
The firm said it spent 拢3.7m on a restructuring because of the covid crisis which saw 80 jobs go at the business, around 6% of its 1,400-strong workforce. It said the move had cut 拢4m from its overhead cost.
T Clarke, which said it plans to pay shareholders a dividend of 4.4p per share, said pre-tax profit slipped from 拢9m to 拢1.2m. Revenue was down to 拢232m. Net cash at the year-end was down from 拢12.4m to 拢10.2m.
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