Half year revenue falls 12% in 'tough' six months for electrical contractor
Half-year profits at electrical contractor T Clarke fell by 44% to £2.1m as the firm continued to feel the effects of the recession.
Revenues fell 12% from £109m in the six months to June in 2008 to £95.8m following a “tough” last six months, the firm said in a statement to the stock exchange.
The news follows a profit warning issued in July which also saw the departure of former UK MD Barry DeFalco and the closure or sale of two of its regional subsidiaries.
T Clarke said today that its Altrincham subsidiary had been wound down, and that it was “likely” to sell its Birmingham-based business. The statement put the cost of restructuring at £1.4m. It also said it was making a £1.9m provision against bad debt, and had reduced its intake of apprentices.
The group’s London operation has been particularly hard hit by the downturn in commercial office building.
However, chief executive Pat Stanborough said enquiry levels were starting to improve and the group was ready for an upturn in the economy, with a forward order book of £170m.
He said: "This has been a tough six months for T. Clarke and we have not been immune from the recession. Our order book remains strong, however, and enquiry levels are picking up especially in the regions"