StockMarketWire.com - Building Services Group TClarke said its annual results exceeded expectations as reported profits grew by a tenth, led by growth in its London and South East projects.

For 2018, pre-tax profit rose 10% to £7.8m and revenue rose 5% to £326.8m.

TClarke's results for 2018 exceeded market expectations, said Mark Lawrence, Chief Executive.

Revenue from its London and South East operations increased by 11% to £196.5m for the year, though underlying profit fell to £7.2m from £8.5m as underlying operating margin fell to 3.7% from 4.8%.

'For 2019 the region is engaged on a number of high-profile shell and core commercial developments, all of which offer future fit out opportunities,' the company said.

Revenue from the North of the country fell 25% to £36.1m from £48m, and underlying operating profit slipped to £2.0m from £2.4m. Underlying operating margin improved to 5.5% from 5.0% as a result of an 'excellent performance from the Leeds office due to the successful delivery of a number of educational projects and a growing small works offering,' the company said.

The company proposed a final dividend of 3.34p, up from 2.90p, with the total dividend for the year increasing by 14% to 4p.

'Our teams across the UK have delivered an exceptional performance and, looking ahead to 2019, with a record forward order book as at the end of February of £430 million, the foundations are in place for another strong performance across the Group. TClarke remains firmly on target to achieve our medium-term goal of a sustainable underlying operating margin of 3%,' TClarke said.


At 8:41am: [LON:CTO] Clarke T PLC share price was +5.25p at 113p



Story provided by StockMarketWire.com