Clarke(T.) PLC
08 January 2003
T. Clarke plc
TRADING UPDATE
The Board of T. Clarke plc ('T. Clarke'), the electrical engineering and
contracting company today announces a trading update following the end of the
financial year to 31 December 2002.
Since the Interim announcement at the end of August, trading results have
continued to be very satisfactory in the final months of 2002. The Board is
confident that pre-tax profits due to be announced in early March, will be ahead
of market expectations.
At the interim stage, the Board highlighted the strength of the Company's
balance sheet, and the cash position has continued to improve during the final
quarter. This leaves the Company particularly well placed to fund any future
acquisition opportunities which meet the Board's strict criteria.
Regarding the outlook for 2003, it is evident that within the commercial
construction market and, especially in London and the South East, that a
well-flagged slowing down of new orders is now occurring. In some cases projects
are being delayed until later in the year or shelved, whilst on future work
there is likely to be margin pressure. Against this, there are also large and
exciting projects which are progressing and, T.Clarke expects to win its fair
share of such orders during the year. Some of these projects will provide work
well into 2004 and 2005.
On balance, the Board feels that although Group turnover and profits in 2003
will be satisfactory given the present climate, they are likely to be lower than
the levels achieved in 2002. However, the Board also anticipates that the
Company's balance sheet will remain robust throughout the year. The Board is
confident that the regional businesses acquired recently will continue their
encouraging performance. T. Clarke now benefits from a diverse workload with a
broad spread throughout the UK. The growth plans for the regional businesses
remain on track.
The preliminary announcement of the Group's results for the financial year ended
31 December 2002 will be on 7 March 2003.
-ends-
Date: 8 January 2003
For further information contact:
T. Clarke plc City Profile Group
Pat Stanborough, Chief Executive Simon Courtenay
John Daly, Finance Director Ed Senior
Tel: 020-7358-5000 Tel: 020-7448-3244
Web: www.tclarke.co.uk e-mail: simon.courtenay@city-profile.com
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.