Tclarke (CTO)

Sector:

Construction and Building Materials

Index:

FTSE Fledgling

 100.50p
   
  • Change Today:
      0.000p
  • 52 Week High: 140.00p
  • 52 Week Low: 79.20p
  • Currency: UK Pounds
  • Shares Issued: 43.05m
  • Volume: 0
  • Market Cap: £43.27m
  • RiskGrade: 186

TClarke upbeat as it deals with internal fraud

By Josh White

Date: Friday 27 Jan 2017

LONDON (ShareCast) - (ShareCast News) - Building services group TClarke announced its year-end trading update on Friday for the year ended 31 December, ahead of its preliminary results which will be announced on 28 March.
The London-listed firm reported that underlying profits were substantially ahead of last year, saying it entered 2017 in a "strong, confident position", supported by an improved net cash balance and improved forward order book.

"Further to our announcement on 31 October 2016, the 2016 results will include exceptional charges and provisions in relation to the internal fraud at our DGR subsidiary," the board said in a statement.

"These are estimated at £2.2m, including a provision for professional costs of £0.4m directly associated with our efforts to recover the misappropriated funds.

"Profits for the year are expected to be in line with market expectations after reflecting the full impact of the accounting adjustment for the fraud in the period, other than the provision for related professional costs referred to above."

TClarke said legal proceedings to recover the misappropriated funds were ongoing.

The group said its year-end net cash position improved 39% for the fourth successive year to £9.2m.

"Supporting our growth, our banking facilities with NatWest were renewed successfully as planned.

"The Group now has access to an increased three year £10m - previously £5m - revolving credit facility and a £5m - previously £8m - overdraft facility."

The firm's forward order book as at 31 December strengthened to £330m from £300m.

Notable new project wins included two significant London office fit out projects for a social media client and a major asset manager client, along with projects at The University of Gloucester Business School & Growth Hub and The Plymouth History Centre.

"The exceptionally strong underlying trading performance for the 2016 financial year and the year end cash position are, to an extent, a reflection of the timing of major project completions and stage payments received in the second half," the board explained.

"Nonetheless, the cautious improvements in the group's core markets, supported by a strong forward order book that has seen no project cancellations, together mean that we enter the 2017 financial year in optimistic mood.

"It is the board's expectation that the group's actual performance will exceed current market expectations for the year."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Tclarke Market Data

Currency UK Pounds
Share Price 100.50p
Change Today 0.000p
% Change 0.00 %
52 Week High 140.00p
52 Week Low 79.20p
Volume 0
Shares Issued 43.05m
Market Cap £43.27m
RiskGrade 186

Tclarke Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
39.28% above the market average39.28% above the market average39.28% above the market average39.28% above the market average39.28% above the market average
28.21% above the sector average28.21% above the sector average28.21% above the sector average28.21% above the sector average28.21% above the sector average
Income Not Available
Growth
51.60% above the market average51.60% above the market average51.60% above the market average51.60% above the market average51.60% above the market average
28.21% above the sector average28.21% above the sector average28.21% above the sector average28.21% above the sector average28.21% above the sector average

Tclarke Dividends

  Latest Previous
  Interim Final
Ex-Div 05-Sep-19 25-Apr-19
Paid 04-Oct-19 24-May-19
Amount 0.75p 3.34p

Trades for --2019

Time Volume / Share Price
0 @ 0.000p

Tclarke Key Personnel

CEO Mark Lawrence
Finance Director Trevor Mitchell

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