4th Aug 2015 08:20
LONDON (Alliance News) - Building services company T Clarke PLC on Tuesday said its pretax profit, revenue and forward order book all strengthened in the first half and said it is confident it will benefit from improving conditions in the UK property market in the second half.
The company said its pretax profit rose to GBP900,000 in the first half from GBP200,000 a year earlier, as revenue increased to GBP112.0 million from GBP109.8 million in the period. The profit was driven up by a 70 basis point improvement in its profit margin in the half, as higher-margin work in London boosted results.
T Clarke said its forward order book has increased to GBP320 million, up 16% from the GBP275 million it had a year earlier, as it moves forward with major projects in London, including its Rathbone Square, Principal Place and London Wall Place sites.
The group said it will keep its interim dividend at 0.5 pence per share and said it remains confident on the second half amid expectations that the British property market will improve.
"The group looks forward to the improving market conditions particularly with our forward visibility for next year and beyond," said Chief Executive Mark Lawrence.
Shares in T Clarke were down 4.0% to 75.25 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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