Trading at M&E specialist T Clarke is in line with expectations and it has seen an emerging recovery in the sector, directors will tell shareholders at today’s Annual General Meeting.
Despite the early signs of a recovery directors at the firm are still cautious and said: “Market conditions continue to be challenging, despite early indicators that suggest some restoration of confidence in the construction of significant new build commercial properties.
Even if the recovery takes hold, it will be some time before this feeds into actually starting work on projects. The directors’ statement added: “The majority of these schemes, if secured, would form part of the Group’s revenue from mid 2011 through 2012.”
The firm said trading to date is in line with expectations and “while there are some early signs of recovery emerging the main issue facing the Group is the timing and strength of the improvement in our markets.”
There was good news on the company’s order book, which has grown to £200m at the end of April. At the same time in 2009, the order book was £175.
The group also has a solid cash position with net cash of around £11m. At this time in 2009 it had £21m but recently spent £8.1m buying rival firm D&S Engineering Facilities.