Profit and income jump at M&E specialist
A rise in tech work helped send revenue and profit at T Clarke north last year after its figures for 2020 were wrecked by the pandemic.
The firm’s order book stood at a record £534m at the end of last year, up from £456m the year before, with tech work accounting for around 25% of that figure, a rise from 10%.
In January, the M&E specialist said income this year would top £400m and will go through the £500m barrier in 2023.
New work includes data centres, more regional jobs, particularly in Manchester, and increased health work.
It said it is currently working on five data centres worth a combined £150m to the business with a potential £75m-worth of further work being negotiated. It said it was tracking around £900m of bidding opportunities in the sector.
Income last year was £327m – close to its pre-pandemic number of £335m – and a 41% rise on 2020’s covid-hit £232m. Pre-tax profit was £7.8m, up from £1.2m the year before, although still below the £9m posted in 2019.
It added that net cash at the year-end had nearly halved to £5.3m which T Clarke said was down to the firm bankrolling the expansion of its business itself and changes to the VAT regime.
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