Firm expecting to hit £500m turnover target this year

M&E contractor T Clarke has said income for last year will be higher than it previously predicted.

In November, it said revenue would be around £410m after £40m-worth of work was delayed into this year.

t clarke

Turnover will jump nearly 20% this year and top £500m, the firm said

But in a trading update this morning, the firm said it expected turnover would be around £425m for 2022, a third up on the previous year, with pre-tax profit of £10.3m – up from £7.8m last time. It added that its order book was up 3% to a record £550m.

It said that it was “expecting to achieve its target turnover of £500m in 2023 [because of] the size of the existing order book and the number of opportunities ahead”.

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Net cash at the year-end was £7.5m and its average month-end net cash last year was £2.6m.

The firm will release its 2022 results on 8 March.