M&E contractor confident about March’s results despite profit warnings last year
Mechanical and electrical contractor T. Clarke said it would beat earnings expectations in its final year results to be announced in March.
The firm said that although the market remained competitive, it would be able to announce results “slightly ahead of market expectations.” It did not give a reason for the improvement.
Last year T Clarke had to release a profits warning, following a “tough” six months of trading and had to wind down or sell a number of its regional businesses. UK managing director Barry De Falco left the company and this year the chief executive Pat Stanborough announced his retirement.
The trading update said: “The board remains confident in the resilience of the business going forward, despite these challenging times. The group enters 2010 a leaner business as a result of significant cost base reductions.”
The group said it had in excess of £20m in cash.