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TClarke's FD departs as 2017 expectations revealed

TClarke has announced the departure of its finance director in a trading update that also revealed an expected rise in underlying profit to £6.5m for 2017 on revenue of £310m.

Forecast underlying profit before tax of £6.5m for the year to 31 December 2017 would represent a 5 per cent increase on 2016’s figure of £6.2m.

This would produce a margin for 2017 of 2.1 per cent, down slightly from the 2.2 per cent reported in 2016, when turnover stood at £278.6m.

The building services group said its results were set to be in line with market expectations.

It also announced that finance director Martin Walton had left the company to be replaced for a one-year interim period by Trevor Mitchell.

Mr Mitchell has been working with the company’s finance team since October 2016 and has previously held positions at Balfour Beatty and Kier.

TClarke chief executive Mark Lawrence said: “We are acutely aware of the risks associated with our industry and the damage which can be caused by bidding at unrealistic levels.

“The group continues to be financially disciplined and remains well positioned and focused on future opportunities.

“We will continue to target projects for margin growth from our core M&E markets as well as our other developing revenue streams, particularly in the areas of technology and digital integration.”

The company also said it did not expect any “adverse financial impact” from its direct exposure to Carillion.

This follows a statement made on 15 January when the company said its “aggregate exposure” was less than £100,000.

TClarke is a subcontractor on Carillion’s Aspire defence contract to deliver new and improved military accommodation.

Mr Lawrence said: “I am also pleased to re-confirm, further to our announcement regarding Carillion on 15 January 2018 and with the benefit of further interaction with the stakeholders concerned, that we do not expect there to be any adverse financial impact on the group arising from any direct exposure to Carillion.”

T Clarke’s shares were down 6.7 per cent by mid-morning.

The company’s full-year results will be announced on Tuesday 27 March.

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