Electrical contractor hit by delays on two major projects and Inland Revenue investigation
Electrical contractor T Clarke has issued a profits warning due to delays to two major projects and an Inland Revenue investigation into one of its subsidiaries.
T Clarke, which last month revealed it had made up to 40 redundancies, said that the "combination of adverse factorsE meant its results for the year to 31 December would not meet market expectations. It said it had recently experienced further slippage to major projects.
The firm also revealed that it will hit by £400,000 costs in respect of an investigation by HM Revenue and Customs into Smith Contracting Services, a subsidiary acquired by T Clarke in January last year.
The investigation relates to the period before the acquisition, in particular to the termination of employment of then-managing director Mr AJ Smith.