30th Jan 2020 11:27
(Alliance News) - TClarke PLC on Thursday said its 2019 performance was in line with expectations as revenue grew and profit margin widened.
The stock was trading 4.3% higher at 133.00 pence each on Thursday morning in London.
The building services firm said it expects to report underlying operating profit before tax of GBP10.2 million on revenue of GBP335 million. In comparison, in 2018 underlying operating profit was GBP8.8 million on revenue of GBP327 million.
TClarke said it achieved its operating margin target of 3.0%, up from 2.7% the year before.
The company said its order book at the end of 2019 stood at GBP403 million, compared to GBP411 million at the end of 2018, adding that 76% of its turnover for 2020 has already been secured including four new schemes in London.
"Our order book has been boosted and stands at over GBP400 million and we have a solid pipeline of opportunities that we are evaluating carefully. The outlook for 2020 remains positive and the board is confident of delivering further growth," said Chief Executive Mark Lawrence
TClarke also that added its cash position at the end of the year was "robust" at GBP12.4 million, unchanged year on year. It said it remained debt-free but has a GBP10 million overdraft facility and a GBP15 million revolving credit facility that expires at the end of August 2022, both of which remain untouched.
In a separate statement, the company said it has secured a five-year deal to sell Gooee's smart building products in the UK.
Gooee is an operating platform that provides lighting manufacturers with a service-driven framework to deliver Internet-Of-Things applications to customers. Its smart building solutions allows users to unify all building controls, using remote engineering and data analytics to provide real-time control of a building and its systems.
"We are excited about the very significant potential of the Gooee technology. Gooee allows building owners to significantly reduce their carbon footprint, it is ready to scale in the UK and other markets. We look forward to working together with the Gooee team to transform building performance," Lawrence said.
TClarke said the partnership with Gooee will provide it with both initial revenue from the sale and installation of the products and a share of ongoing recurring revenue streams from subscription services, as well as supporting and adding value to existing markets.
By Ife Taiwo; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
CTO.L