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T Clarke has taken a 拢6.6m hit on its pension scheme after a fall in bond yields caused by Brexit.

In half-year results posted this morning - which showed an increase in revenue and profit over the first six months of this year - the firm revealed it made an actuarial loss of 拢6.6m on its pension scheme, caused by a slide in bond yields resulting from 鈥渦ncertainty in the financial markets in the run-up to and beyond the EU referendum鈥�.

The firm said it will 鈥渆xplore our options with our professional advisers鈥� for the scheme.

In its half-year results, the M&E specialist posted a 13% increase in revenue to 拢121.6m, up from 拢107.3m the previous year, while pre-tax profit inched up to 拢1.7m, up from 拢1.6m.

T Clarke said it was experiencing 鈥渆xcellent levels of activity鈥� in the market despite the Brexit vote, with a number of major schemes currently being bid.

Commenting further on the EU referendum result, the firm, like many of its peers, said it was 鈥渢oo early鈥� to judge the impact, but it said it should be shielded from the slump in the value of sterling on current contracts.

The firm said: 鈥淭 Clarke does procure materials from the EU and items such as cable are quoted in dollars; however, currency fluctuations should not affect any current projects due to the method we use to lock in prices with our supply chain.鈥�

The firm鈥檚 order book stood at 拢320m, unchanged from last year.