Clarke(T.) PLC
19 November 2007
T.CLARKE - TRADING UPDATE
T.CLARKE REPORTS POSITIVE TRADING
AS IT STRENGTHENS BOARD
T. Clarke plc, ('T. Clarke') the Electrical engineering and contracting Group,
announces a trading update covering trading for the second half of 2007.
Since announcing the interim results in August, trading in the Group's core
London business and its regional subsidiaries has been strong. The current order
book has grown with £50 million of new project wins since August. T. Clarke has
also been awarded preferred bidder status on several new important projects. The
work flow for 2008 is solid and over £150 million of the Group's current order
book is scheduled for completion during 2008.
The Group has also made good progress to improve the management of its regional
subsidiaries. It has streamlined the reporting structure and has plans to
install a new integrated IT system across the Group that is designed
specifically for the construction industry. The Board is confident that the
legacy issues that have affected trading in a small number of the regional
businesses have now been resolved. All the operating businesses are reporting
that trading conditions in their markets are buoyant and that the performance
they are delivering is at an encouraging margin.
The Board is confident about the prospects for the Group. It is on track to meet
current market expectations for its financial performance for the full year,
including the dividend that will be paid to shareholders.
Board Changes - Appointment of Independent Director
The Board is also today announcing the appointment of Bob Campbell as an
independent Non-Executive Director, with effect from 1 January 2008. Bob has a
first class knowledge of the construction sector. He was previously Managing
Director of Waterman Group PLC, one of the UK's leading multidisciplinary
engineering and environmental consultancies. He served as Managing Director from
1988 until stepping down from full time responsibilities in 2007. Under Bob's
stewardship, Waterman developed into an international business, integrated a
number of acquisitions and grew annual turnover from £11 million to over £100
million. T. Clarke is planning to further strengthen the composition of the
Board and is seeking to appoint an additional independent director during the
course of 2008.
Pat Stanborough, Chief Executive commented,
' We are pleased that the Group is making encouraging progress in both our core
London business and our regional subsidiaries. We have created a platform of
quality businesses with the capability to deliver large complex projects to an
extremely high standard. We are working on a range of exciting projects
throughout the UK, including some of the largest projects in the country.
' We are delighted that Bob Campbell is joining the Board. He has an excellent
knowledge of the construction sector having built up and run a very successful
quoted consultancy business. I am sure that we will benefit from his wise
counsel in the future.
' At this stage, we are on target to meet the market expectations for the year.
We are pleased that we have continued to grow the order book and we are looking
forward with confidence.'
The Company can advise that there are no further details which it is obliged to
disclose under paragraph 9.6.13R of the FSA's Listing Rules.
-ends-
Date: 19 November 2007
For further information contact:
T. Clarke plc cityPROFILE
Pat Stanborough, Chief Executive Simon Courtenay
Victoria French, Finance Director William Attwell
Tel: 020-7358-5000 Tel: 020-7448-3244
Web: www.tclarke.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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