Interim Results

Clarke(T.) PLC 23 August 2002 T. Clarke plc Interim Results for the six months ended 30 June 2002 CONFIDENT T CLARKE LIFTS INTERIM DIVIDEND 40% T. Clarke plc, the electrical engineering and contracting company, has announced its interim results for the six months ended 30 June 2002. Highlights: â€¢ Profit Before Tax * up 31% to Â£4.6M (2001: Â£3.5M) (* Before Goodwill) â€¢ Profit Before Tax up 27% to Â£4.4M (2001: Â£3.4M) â€¢ Turnover up 5% to Â£67.1M (2001: Â£63.8M) â€¢ EPS up 24% to 22.58p (2001: 18.26p) â€¢ Interim Ordinary Dividend up 40% to 7p (2001: 5p) â€¢ GDI Electrical Ltd. Acquired for Â£1.53M â€¢ W. E. Manin Ltd. Acquired for Â£1.55M â€¢ Kestrel Electrical Systems Ltd. Acquired for Â£0.7M Major completions include: - H.M. Treasury Building - Peter Jones, Phase I - HSBC Tower, Canary Wharf - Deutsche Bank, Hayes Computer Centre Major projects won include: - Bank of America, Canary Wharf - More London, London Bridge - Eversheds, Cardiff - South Middlesborough City Academy Pat Stanborough, Managing Director commented: ' The Group is continuing to make excellent progress. The Group's order book is strong and we are winning a lot of repeat business from existing customers. We have made a number of important bolt-on acquisitions during the first half that strengthens our profile of regional work. Our balance sheet remains very healthy and in line with the Group's success, we have lifted the dividend significantly. ' Current trading remains very positive and we are confident that the Group's performance for the full year is well on track.' -ends- Date: 23 August 2002 For further information, please contact: T. Clarke plc City Profile Group Pat Stanborough, Managing Director Ed Senior John Daly, Finance Director Simon Courtenay Tel: 020-7358-5000 Tel: 020-7448-3244 web: www.tclarke.co.uk e-mail: edward.senior@city-profile.com CHAIRMAN'S STATEMENT Interim Results The first half of 2002 saw pleasing progress in growing both the Group's turnover and profitability. Turnover rose by 5% to Â£67.1m ( 2001: Â£63.8m ), whilst pre-tax profits - aided by certain significant contract completions - increased by 27% to Â£4.4m ( 2001: Â£3.4m ). Before goodwill write-offs, the Group's profit increased by 31%, to Â£4.6m ( 2001: Â£3.5m ). Against this very solid background, the Board is declaring an interim dividend of 7p per share (2001: 5p ), representing an increase of 40%. The dividend will be paid on 16th September 2002 to shareholders on the register on 6th September 2002. The shares will be marked ex-dividend on 4th September 2002. Strategic Development Our strategy to grow the scale of the business is performing well. We are winning work in different sectors, ensuring that the Group is not over reliant on one particular sector. As well as making good progress in the existing operations, we continued during the first half of the year to extend our regional coverage. In January we acquired GDI Electrical, based in Altrincham, for Â£ 1.53m. and, as reported at the Annual General Meeting, two further additions were made subsequently. W.E.Manin, located at Sittingbourne, Kent, was acquired for Â£ 1.55m in April, and in May we purchased Kestrel Electrical Systems based in Rowley Regis, West Midlands for Â£ 0.7m. Whilst GDI and Kestrel enhance our existing presence in the North -West and the Midlands respectively, W.E.Manin brings us a new area of operation, and an excellent customer base, in Kent and beyond. We welcome these new additions to the T. Clarke Group and we are confident that that they will each make worthwhile contributions to the Group's future profitability and success. Current Trading Current trading is positive. Activity generally across the Group remains at a high level and we continue to win a good proportion of new work that we are tendering for. We had some major contract completions during the first half and this, together with continuing rigorous and prudent attention to the financial management of the Group, has enabled us to maintain a strong net cash position at the half year, despite the acquisitions of the new subsidiaries. We anticipate that the balance sheet will retain its strength during the second half. Prospects Whilst we remain sensitive to the general economic environment, and the possibility of UK weakness, the specific markets in which we specialise show no current signs of a slowdown. Much of our work, especially in London and the South- East, is of a long-term nature, whilst the expansion of our regional base - with a generally different customer base and contract time-scale - gives us comfort. With strength in our key subsidiaries, and successful integration of our recently acquired subsidiaries, I remain confident of our full year prospects. Russell Race Chairman 23 August 2002 GROUP PROFIT & LOSS ACCOUNT Unaudited Unaudited 12 Months to 6 Months to 6 Months to 31 December 2001 30 June 2002 30 June 2001 Â£,000 Â£,000 Â£,000 Turnover 67,122 63,845 131,795 ________ ________ ________ Operating Profit 4,330 3,244 8,101 Goodwill Amortisation (250) (95) (240) Interest 278 287 564 ________ ________ ________ Profit on Ordinary Activities 4,358 3,436 8,425 Before Taxation Taxation (1,463) (1,095) (2,807) ________ ________ ________ Profit on Ordinary Activities 2,895 2,341 5,618 After Taxation Dividends (897) (1,923)* (3,846)* ________ ________ ________ Surplus Transferred to Reserves 1,997 418 1,772 Earnings per Share 22.58p 18.26p 43.82p ________ ________ ________ Dividend per Share 7p 15p* 30p* ________ ________ ________ * Includes Special Dividend 10 pence per share (Â£1,282,000) GROUP BALANCE SHEET Unaudited at Unaudited at 31 December 30 June 2002 30 June 2001 2001 Â£,000 Â£,000 Â£,000 Fixed Assets Goodwill 4,406 2,710 2,555 Tangible Fixed Assets 3,384 2,461 2,404 ________ ________ ________ 7,790 5,171 4,959 ________ ________ ________ Deferred Taxation 43 43 49 ________ ________ ________ Current Assets Work in Progress 8,795 14,408 5,320 Debtors 9,643 7,234 15,548 Cash at Bank and in Hand 22,170 15,849 16,440 ________ ________ ________ 40,608 37,491 37,308 ________ ________ ________ Current Liabilities Bank Overdraft 4,120 3,051 3,453 Creditors and Accruals 28,201 26,517 25,850 ________ ________ ________ 32,321 29,568 29,303 ________ ________ ________ Net Current Assets 8,287 7,923 8,005 ________ ________ ________ Total Assets Less Current Liabilities 16,120 13,137 13,013 Provision for Liabilities and Charges 1,110 1,478 - ________ ________ ________ 15,010 11,659 13,013 ________ ________ ________ Capital and Reserves Share Capital 1,282 1,282 1,282 Share Premium 1,047 1,047 1,047 Profit and Loss Account 12,642 9,290 10,645 Revaluation Reserve 39 40 39 ________ ________ ________ Equity Shareholders Funds 15,010 11,659 13,013 ________ ________ ________ CASH FLOW STATEMENT Unaudited Unaudited The Year Ended Six Months Six Months 31 December Ended Ended 2001 30 June 2002 30 June 2001 Â£,000 Â£,000 Â£,000 Â£,000 Â£,000 Â£,000 Net Cash Inflow (Outflow) from Operating 10,167 5,939 9,713 Activities Returns on Investments and Servicing of Finance Interest received (Net) 278 288 564 Taxation (1,285) (610) (2,067) Capital Expenditure and Financial Investment Purchase of Tangible Fixed Assets (683) (114) (194) Acquisitions and Disposals Purchase of Subsidiary Undertakings (2,669) (1,850) (2,150) Net Cash Acquired with Subsidiaries 1,179 1,649 1,607 ______ ______ ______ (1,490) (201) (543) ______ ______ ______ Equity Dividends Paid (1,923) (1,500) (3,423) Cash Inflow (Outflow) Before Financing 5,064 3,802 4,050 Financing Cash Placed on Short Term Deposits (18,500) (14,000) (15,000) Cash Received from Short Term Deposits 15,000 9,800 9,800 ______ ______ ______ Net Cash Inflow (Outflow) from Financing (3,500) (4,200) (5,200) ______ ______ ______ Increase (Decrease) in Cash in The Period 1,564 (398) (1,150) ______ ______ ______ Reconciliation of Operating Profit to Net Cash Inflow (Outflow) from Operating Activities:- Operating Profit 4,330 3,244 7,860 Goodwill Amortisation 250 95 240 Depreciation Charges 163 143 280 (Increase) Decrease in Work in Progress and 2,431 (709) 584 Debtors Increase (Decrease) in Creditors 2,993 3,166 749 ______ ______ ______ 10,167 5,939 9,713 ______ ______ ______ 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 31st December 2001. 3. Earnings per share are calculated on the basis of the weighted average of 12,818,980 ordinary shares in issue (2001 : 12,818,980) and profit attributable to shareholders of Â£2,895,000 (2001 : Â£2,341,000). 4. An interim ordinary dividend of 7.0p per share is proposed payable on 16th September 2002 to shareholders on the register on 6th September 2002. The shares will go ex-dividend on 4th September 2002. 5. This interim report will be circulated to members on 29th August 2002 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 SE17 1JY, telephone number 020-7358-5000 (Ext. 211). This information is provided by RNS The company news service from the London Stock Exchange

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