18th Mar 2014 09:44
LONDON (Alliance News) - Building services group T Clarke PLC Tuesday reported an increase in profit and revenue for the full year, driven by growth within its South of England division.
The company posted pretax profit of GBP1.7 million for 2013, up from GBP1.2 million in 2012, as revenue rose to GBP217.1 million from GBP193.8 million a year earlier.
In August, when it published its interim results, the firm said it was choosing carefully which contracts to tender for in the face of a fiercely competitive market.
T Clarke on Tuesday said its full-year results are "all the more creditable given the pressures on margins that have persisted for several years now". On the back of this, the firm increased its final dividend 5% to 2.10 pence per share from 2.00 pence per share. As a result the total dividend for the year rose to 3.10 pence compared with 3.00 pence.
The company said revenue growth was driven by its South division, following a number of profitable contracts in the region. Revenue for the South division rose to GBP172.6 million from GBP137.3 million.
The North of England and Scotland divisions also made "steady progress", T Clarke said, and have benefited from the "collaborative working arrangements that are now embedded within the group". Revenue declined for both divisions, however, which T Clarke blamed on some one-off projects in the corresponding period.
Looking ahead the company said its order book stands at GBP250 million, up from GBP230 million a year before, "leaving us well placed to grow the business as confidence returns to our markets."
The stock was trading at 69.00 pence, down 0.38 pence or 0.5%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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