Number is equivalent to 6% of workforce

T Clarke has become the first quoted contractor to announce it is cutting jobs with the firm confirming 80 jobs are going.

The M&E specialist employs around 1,400 people meaning close to 6% of the workforce will be axed.

22 Bishopsgate

Last week, Wates said around 300 jobs were going at that business – the equivalent of 8% of its workforce.

A T Clarke spokesperson said: “This is about responding to reshaping the business because of covid-19.”

He added that most of the redundancies were voluntary with the losses coming from across its London, South and North regions.

Earlier today, the firm, which carried out a £75m contract at the 22 Bishopsgate tower (pictured) in the City of London, said it has so far spent £3m since the beginning of April on a restructuring which also includes making its sites covid secure.

It said the restructuring would produce annual savings of £4m – of which £2.4m will be made this year.

T Clarke said revenue last month slumped to just £10m after dozens of its sites were shut because of the pandemic.

The £335m turnover firm said it expected to break even in the second quarter with underlying operating profit for the half year set to be around £2m – although this will be down by more than half from the £5m reported in the six months to June 2019.

In a trading update this morning, the firm said it turned in an underlying operating margin of 3% on a turnover of £70m for the first three months of this year.

The firm still plans to pay a dividend for 2019 in July which is expected to cost it £1.6m.