Investors spooked by slowdown in London market
Shares in electrical contractor T Clarke closed 6% down last night after the firm spooked investors by confirming some schemes in London were on hold.
It blamed “ongoing political uncertainty” and in a note accompanying its interim results yesterday said: “We are seeing some new schemes being held back as a result.”
Shares closed at 110p, down from Wednesday night’s close of 117p, with investors ignoring more positive noises from the firm.
T Clarke added: “We remain busy and there are many active discussions with our clients indicating that schemes could be accelerated once the political situation becomes clearer.”
The firm is working on a string of high-profile London schemes including 22 Bishopsgate (pictured), which is set to welcome its first tenants in the third quarter of next year, and the Google headquarters building in King’s Cross being built by Lendlease.
In the six months to 30 June the firm saw revenue jump 12% to £171m, while pre-tax profit was up 10% to £4.5m. It said it was on course for a full-year underlying pre-tax profit of £9.3m.