M&E specialist reports strong year despite 鈥榲ery disappointing鈥� fraud

M&E specialist contractor TClarke has posted a small rise in pre-tax profit despite being hit by a multimillion-pound fraud by one of its employees.

The firm posted a 6% increase in pre-tax profit to 拢3.7m for 2016, up from 拢3.5m the previous year, while revenue increased 15% to 拢278.6m, up from 拢242.4m.

The results come .

TClarke chairman Iain McCusker said he was 鈥渧ery disappointed鈥� to have to report the 鈥渟ignificant fraud鈥�. He added that the fraud had resulted in a major independent review of the group鈥檚 internal controls and procedures. Recommendations arising from the audit were in the process of being implemented, while legal proceedings are 鈥渙ngoing鈥�.

The firm said had it not been for the exceptional costs incurred from the fraud it would have posted pre-tax profit up 48% to 拢6.2m.

TClarke said it had enjoyed growth in all geographic regions last year, notably in London, and a 鈥渟ignificant number of large project wins鈥�.

Mark Lawrence, TClarke鈥檚 chief executive said the firm was making 鈥済ood progress鈥�, adding: 鈥淥ur focus on improving performance and margins throughout the group continues to show through.鈥�

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