Diversifying away from the commercial property sector pays dividends for electrical contractor

Shares in electrical engineering contractor T Clarke jumped 10% this morning after it posted six-month interim results showing both profits and revenue up sharply.

Shares were trading at 160p mid-morning, up 15p or 10.3%. The figures showed the firm had made profits of £5.4m on revenues of £109m, a 39% leap in earnings. The revenue figures was also 13% up on the 96.5m it made in the same period last year.

In addition the company’s order book now stands at £230m, compared to just £205m this time last year.

The company listed eight major new tenders it had won, including Deutsche Bank’s new offices in London and the Ministry of Defence’s Tidworth Garrison scheme.

T Clarke chief executive Pat Stanborough, said the six months had been a period of “significant progress” for the company. “Despite the current backdrop of uncertainty in the financial markets, all our core operations are performing well. Our plan to diversify the business away from a dependence on the commercial property development sector has gone well and we have a steady flow of work across all the regions we operate in.”