9th May 2014 08:18
LONDON (Alliance News) - Building services group T Clarke PLC Friday said it started 2014 positively, with revenue in the first four months of year up, but warned that it will not see meaningful improvement to margins in its most competitive markets until 2015.
The company said revenue in the period to April 30 rose to GBP70 million from GBP65 million in 2013, while its forward order book stood at GBP265 million from GBP230 million in April 2013.
T Clarke said it secured a number of projects during the period including Fulham Reach Apartments, which will consist of luxurious residential housing on the north bank of the River Thames in London.
The company, however, said it has still has not been paid in full for a project within its Mission Critical Division. It said it is making slow progress with the principal contractor on the contract concerned, but it is utilising the provisions of the contract to pursue its entitlement.
In addition, T Clarke is one of a number of parties subject to a damages claim in respect of work carried out in 2007. Damages were awarded against the company, which were settled by the company's insurers during the year. The award is subject to appeal and the apportionment of costs.
"Although there is considerable uncertainty with regard to this claim it is not considered likely that a liability will ultimately fall to the group," T Clarke said of the case.
Pending the appeal which is scheduled to be heard, a High Court stay has been obtained with respect to any further payments being made by any of the parties concerned.
The stock is untraded Friday but closed flat at 82.00 pence Thursday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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