Interim Results

Clarke(T.) PLC 18 August 2000 T. Clarke plc Interim Results for the six months ended 30 June 2000 T. CLARKE REPORT CONTINUING IMPROVEMENT WITH 13% INCREASE IN PROFITS T. Clarke plc, the electrical engineering and contracting company, has announced its interim results for the six months ended 30 June 2000. Highlights: * Pre-tax profits up 13% to £2.1 million (1999 : £1.9 million) * Turnover up 21% to £43.2 million (1999 : £35.7 million) * EPS up 14% to 11.67p (1999 : 10.27p) * Market conditions continue to be buoyant * Increasing levels of activity in regional operations * £2.6 million acquisition of H&C Moore completed successfully * Major completions include: - Wessex Water Headquarters, Bath - Great Eastern Hotel, Liverpool Street - Electronic Arts, Chertsey - Robert Fleming, Gresham Street * Major projects won in first half include: - HM Treasury - Vodafone, Newbury - Mid City Place, London - Gulf House, London * Interim dividend increased 15% to 3.8p (1999 : 3.3p) (based on 12,818,980 Shares in issue (1999 : 12,285,000) Russell Race, Chairman commented: ' The Group is well placed, both operationally and financially, to take advantage of the excellent market conditions for electrical contracting, which show no signs of slackening. London and the South-East are particularly strong and we are committed to increasing our already substantial share of this core market. However, it is important to emphasise that the expansion of our regional operations is a vital aspect of our strategy for growth. We will continue to invest for the long term to ensure that we maintain a quality service to all our clients. We anticipate a good second half, and full year, outcome.' Date: 18 August 2000 For further information, please contact:- Pat Stanborough, Managing Director T. Clarke Plc 020 7358 5000 Robin Wyborn, Commercial Director T. Clarke Plc 020 7358 5000 Jonathan Shillington City Profile 020 7726 8588 Stephen Scott City Profile 020 7726 8588 CHAIRMAN'S STATEMENT Interim Results I am pleased to report that the first six months trading of 2000 has produced a good increase in both turnover and profitability. Turnover rose to £43.2 million (1999: £35.7 million) and Profit increased to £2.1 million (1999: £1.9 million). The outcome for the first half and prospects for the full year have led the Board to declare an interim dividend of 3.8p per share (1999: 3.306p) an increase of 15%. The dividend will be paid on 11 September 2000 to shareholders on the register on 4 September 2000. The shares will go ex-dividend on 29 August 2000. In mid July we announced the acquisition of H&C Moor for a consideration of £2.6m, comprising £1.5m of guaranteed loan notes and £1.1m worth of new ordinary shares. Based in Leeds, Moore is engaged in both electrical and mechanical contracting. In the year to 31 March 2000 the company achieved pre-tax profits of £335,694 on net assets of £711,435. Moore will broaden our regional coverage into a very active part of the UK as well as enlarging our mechanical contracting capability. It provides an excellent fit and we are delighted to welcome this long established and successful company into the group. Current Trading Our market continued to be extremely busy during the first half of the year. The anticipated buoyancy in London and the South-East was fully matched by the high levels of activity in our regional operations, and I am pleased to report that the Bristol office is now enjoying a good work load. Inevitably the strong build of work in progress led to a reduction in cash balances during the first half, but this trend should reverse itself during the latter part of this year and into 2001 as contract completions are achieved. Among major completions in the first half were: Great Eastern Hotel, Liverpool Street; Electronic Arts, Chertsey; Robert Fleming, Gresham Street. Current projects in hand include: Merrill Lynch European Headquarters, London; Goldman Sachs, Fleet Street, London; HSBC, Canary Wharf; University of West England, Bristol. We continue to build upon our strongest ever order book. Amongst orders secured in the first half, and due to commence in the latter part of this year or early next year are: HM Treasury; Vodafone, Newbury; Mid City Place, London; Gulf House, London; CSFB, Canary Wharf; Bannatyne, Falkirk; BAT, Southampton. Furthermore, our ability to win repeat business continues to be an important factor in our growth. Repeat business secured during the period includes: Peter Jones, Waitrose, LWT, CSFB and Bannatyne Leisure. With new senior management in place, we are taking a fresh look at our Bournemouth operations and anticipate a return to profitable trading in the near future. Prospects The Group is well placed, both operationally and financially, to take advantage of the excellent market conditions, which show no signs of slackening. London and the South-East are particularly strong and we are committed to increasing our already substantial share of this core market. However, it is important to emphasise that the expansion of our regional operations is a vital aspect of our strategy for growth. We will continue to invest for the long term to ensure that we maintain a quality service to all our clients. We anticipate a good second half, and full year, outcome. Russell Race GROUP PROFIT & LOSS ACCOUNT Unaudited Unaudited 12 months to 6 months to 6 months to 30 June 2000 30 June 2000 31 December 1999 £'000 £'000 £'000 Turnover 43,163 35,747 77,029 ------------ ------------ ------------ Operating Profit 1,952 1.611 4,049 Interest 155 250 376 ------------ ------------ ------------ Profit on Ordinary Activities Before Taxation 2,107 1,861 4,425 Taxation (673) (599) (1,447) ------------ ------------ ------------ Profit on Ordinary Activities After Taxation 1,434 1,262 2,978 Dividends (487) (406) (1,500) ------------ ------------ ------------ Surplus Transferred to 947 856 1,478 Reserves ------------ ------------ ------------ Earnings per Share 11.67p 10.27p 24.24p ------------ ------------ ------------ Dividend per Share 3.8p 3.306p 12.21p ------------ ------------ ------------ GROUP BALANCE SHEET Unaudited at Unaudited at 12 months to 30 June 2000 30 June 1999 31 December 1999 £'000 £'000 £'000 Fixed Assets Tangible Fixed Assets 2,395 2,551 2,473 Current Assets Work in Progress 15,191 7,311 3,925 Debtors 5,426 3,705 12,069 Cash at Bank and in Hand 2,581 6,029 7,911 ------------ ------------ ------------ 23,198 17,045 23,905 ------------ ------------ ------------ Current Liabilities Bank Overdraft - - - Creditors and Accruals (15,611) (11,182) (17,343) ------------ ------------ ------------ (15,611) (11,182) (17,343) ------------ ------------ ------------ Net Current Assets 7,587 5,863 6,562 ------------ ------------ ------------ Total Assets Less 9,982 8,414 9,035 Current Liabilities Provision for Liabilities - - - and Charges ------------ ------------ ------------ 9,982 8,414 9,035 Capital and Reserves Share Capital 1,229 1,229 1,229 Profit and Loss Account 8,712 7,142 7,765 Revaluation Reserve 41 43 41 ------------ ------------ ------------ Equity Shareholders 9,982 8,414 9,035 Funds ------------ ------------ ------------ CASH FLOW STATEMENT Unaudited Unaudited The Year Six Months Six Months Ended Ended Ended 31 December 30 June 2000 30 June 1999 1999 £'000 £'000 £'000 Net Cash Inflow (Outflow) from (3,894) (1,247) 545 Operating Activities Returns on Investments and Servicing of Finance Interest received (Net) 155 250 368 Taxation (420) - (1,242) Capital Expenditure and Financial Investment Purchase of Tangible Fixed Assets (77) (136) (233) Equity Dividends Paid (1,094) (2,188) (2,594) ------------ ------------ ------------ Cash Inflow (Outflow) Before (5,330) (3,321) (3,156) Financing Financing Cash Placed on Short Term (5,000) (6,500) (7,000) Deposits Cash Received from Short Term 7,000 9,000 9,000 Deposits ------------ ------------ ------------ Net Cash Inflow (Outflow) from 2,000 2,500 2,000 Financing ------------ ------------ ------------ Increase (Decrease) in Cash in (3,330) (821) (1,156) The Period ------------ ------------ ------------ Cash held on Short Term Deposits 5,000 6,500 7,000 at end of period ------------ ------------ ------------ Reconciliation of Operating Profit to Net Cash Inflow (Outflow) from Operating Activities:- Operation Profit 1,952 1,611 4,049 Depreciation Charges 155 168 343 (Increase) Decrease in Work in (4,624) (548) (4,913) Progress and Debtors Increase (Decrease) in Creditors (1,377) (2,478) 1,066 ------------ ------------ ------------ (3,894) (1,247) 545 ------------ ------------ ------------ Notes: 1. The results for the half year are unaudited. 2. The accounts have been prepared using accounting policies consistent with those adopted for the year ended 31 December 1999. 3. Earnings per share are calculated on the basis of 12,285,000 ordinary shares as at 30 June 2000 and profit attributable to shareholders of £1,434,000 (1999: £1,262,000). 4. An interim dividend of 3.8p per share is proposed, payable on 11 September 2000 to shareholders on the register on 4 September 2000. The shares will go ex-dividend on 29 August 2000. 5. This interim report will be circulated to members on 24 August 2000 from which date copies will be available to the public at or on application to the company's registered office: T. Clarke plc, Stanhope House, 116-118 Walworth Road, London SE1 1JY, telephone number 020-7358-5000 (Ext. 211).

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