Diversification pays off with 39% rise in interim pre-tax profit at m&e contractor
T Clarke’s interim figures for the six months to 30 June 2008 show the firm has made profits of £5.4m on revenues of £109m, a 39% leap in earnings.
The company’s profit in the first half of 2007 was £3.9m.
Revenue figures are up 13% on the £96.5m the firm made in the same period last year.
T Clarke listed eight major new tenders it had won, including Deutsche Bank’s new offices in London, the Ministry of Defence’s Tidworth Garrison scheme and Cambridge Regional College.
Pat Stanborough, T Clarke’s chief executive, said: “Our plan to diversify the business away from a dependence on the commercial property development sector has gone well and we have a steady flow of work across all the regions we operate in.”
The firm’s order book now stands at £230m, compared to £205m this time last year. Stanborough said: “Our forward order book is in excellent shape with a strong mix of work due for completion in the current year and beyond.”
He described the past six months as a period of significant progress and stated that, despite uncertainty in the financial markets, all core operations were performing well.
Clarke has two operating divisions. UK regions contributed £64m to turnover, achieving £2.8m pre-tax profit, while operations in its London division provided £45m turnover with £2.3m profit.
Electrical and Mechanical Contractor