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T Clarke makes positive start to 2009

Electrical engineering contractor T Clarke said it has made a positive start to 2009 with early indicators showing some restoration of confidence in the construction of new build commercial properties.

T Clarke’s order book stands at £175 million compared to £200 million in the first quarter of 2008. The firms net cash balance stood at around £21 million for 30 April 2009.

Despite current market conditions remaining uncertain the firm said that ‘it is possible that formal construction activity on a number of commercial development schemes could begin as early as mid 2010’.

Work on the Olympic’s and Crossrail has bolstered its London operations, with good progress on the Olympic Stadium, due to be completed in early 2011.

Despite a confident outlook the firm said it is not considering any acquisitions, ‘but remain alert to be able to move quickly if suitable opportunities present themselves’.

The firm’s nominations committee has recommended Mark Lawrence to replace outgoing chief executive Pat Stanborough. Mr Stanborough will retire from the board on 31 December 2009.

Mr Lawrence was promoted to managing director of the London operations in 2007.

The firm remains confident about the year ahead, a statement from the firm said: “Although the construction industry is still suffering from turbulent times, the board believes that T.Clarke is well positioned with a strong balance sheet and an experienced management team.

“We remain focused on the current year’s performance and on building a strong pipeline of work going into 2010 and 2011.”