M&E contractor makes management changes following profit loss in 2006
M&E contractor T Clarke has overhauled its senior management team and tightened financial controls after suffering a 23% drop in profit during 2006.
T Clarke’s profit fell to £6.75m for the year to 31 December 2006, compared with £8.55m the previous year. Turnover fell 4% to £186m across the same period.
In a statement released today, T Clarke said that current chief executive Pat Stanborough would retire from the board in October 2008. Divisional director Mike Crowder has been appointed as an executive director in advance of Stanborough’s departure.
The changes follow a previous announcement in December, in which the group announced the appointment of Barry DeFalco as managing director of UK regions and Mark Lawrence as managing director of London operations.
T Clarke was hit by problems in Scotland, Derby and East Anglia over the year, suffering from copper price escalation and contract losses.
In its statement, the company said: “2006 proved to be a challenging year for the group. We experienced mixed fortunes across the business.”
However, the company said that it had “confidence in the future” after securing an order book of over £200m. Dividends were raised to 7.35p from 7.0p in 2005.