Full-year results strong at Olympic stadium electrical contractor but order book for 2009 down 34%

Electrical engineering and contracting firm T Clarke has reported a 64% profit rise in its full-year results but warned that 2009 figures would be “more modest”.

The Uk-based group posted pre-tax profit of £13.4m for the year to 31 December 2008, up from £8.2m in 2007. Turnover rose 15.4% to £223.7m, up from £193.8m the previous year.

Chief executive Pat Stanborough said it had been an “excellent year” for the firm, which is providing electrical contracting services on the Olympic stadium.

2012 London Olympic Stadium November 2008
T Clarke is providing electrical contracting services on the Olympic stadium

But he said visibility on future workload was “more limited than it had been for some time”. The group's year-end order book was £160m, down 34% on £215m in 2007.

Stanborough said: “While market conditions remain challenging and visibility on future workload is more limited now than it has been for some time, we continue to further diversify our business both in terms of sector and geography, so that we are not overly dependent on any one sector.

“We anticipate 2009 revenues to be at more modest levels; however, our reputation for quality service and our strong balance sheet should position us well to take advantage of opportunities as they arise.”

The firm said it had removed bonuses from pensionable salary from 1 January following a staff consultation and was in “continuous dialogue” with trade unions over staff levels.