Electrical contractor posts improved set of interims

T Clarke

Electrical contractor T Clarke said it expects to meet its year end targets after posting an improved set of interim results.

The firm, which is carrying out work on the City of London’s tallest tower, 22 Bishopsgate being built by Multiplex, said revenue in the six months to June was up 7% to £153.5m with pre-tax profit more than doubling to £4.1m.

Its underlying operating margin was up 30% to 2.6%.

It said full year results would see 2018 income hit £300m and pre-tax profit come in at £7m – around the same as last year.

The firm said all its regions were profitable in the first half with its core London market, which accounts for around two thirds of its business, seeing revenue jump 14% to £92.5m helped by wins at ITV’s studios on Grays Inn Road and a scheme to upgrade lighting at the Bank of England.

Revenue in its Central and South West region was up as well but business in the North, where it operates from Chorley, Leeds and Newcastle, and Scotland was down.

Chief executive Mark Lawrence said it had already secured half of its planned revenue for 2019, adding he was “cautiously optimistic” about the firm’s future.