Building services group T Clarke PLC (LON:CTO) continues to expect revenues and profits in 2018 to be in line with current market expectations.
Ahead of its annual general meeting today, the group also revealed that it expects to match it previous trend of an underlying improvement in net cash.
The forward order book at the end of April stood at £368mln, up from £337mln at the end of 2017.
T Clarke plc #CTO
Share Price 85p +5%
Bid/Offer 84.20/85.80p
Positve read AGM statement with excellent start to first 4 months.
Increase volume of work at higher margins makes the shares interesting even at this late stage.
Worth studying deeper and buying over next few days pic.twitter.com/0hTa0z3cw2
— Dearg Doom (@MyDeargDoom) May 18, 2018
“Encouragingly, we are seeing no lack of opportunities, but we maintain a strict policy only to bid for projects that meet our internal risk analysis and where we are comfortable with the covenant and market reputation of the contractual counterparty,” the company said.
Overall, the planned group revenues for 2018 have now been secured with some capacity in the North West and Newcastle businesses to address. Future secured revenues are £145mln for the financial year 2019 and £40mln for years 2020 and beyond.