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28/03/2017
T Clarke Reports Profits Rise In Financial Results
T Clarke has reported a £2 million profit surge in its results for the year ended 31 December 2016.
The building services group revealed underlying pre-tax profit rose 48% to £6.2m (2015: £2.2m) while turnover also increased 15% to £278.6m (2015: £242.4m).
In addition, the company has a record forward order book of £330m (2015: £300m).
However, despite the Group's success, Chairman Ian McCusker revealed his disappointment at the discovery of "significant fraud" at its mechanical contracting subsidiary DG Robson Mechanical Services.
Last October, it was discovered a former employee had stolen over £2.8 million within the accounting division of the business. The resulting investigation has cost the company £3.3m.
Mr McCusker said: "I am very disappointed we had to report the discovery during the year of a significant fraud at one of our subsidiary companies. The management response on discovery of the fraud was swift, decisive and appropriate.
"An independent and comprehensive review of our internal controls and procedures was commissioned immediately. As a result of the review, a number of recommendations were made which will further strengthen our controls and are in the process of being implemented.
"The Board is satisfied that the fraud was limited to the subsidiary company in question and that the full extent of the fraud has been identified. Legal proceedings are ongoing."
Despite this, Chief Executive Mark Lawrence said the Group is "delighted" with its results.
"Our business is clearly making good progress," he said.
"Our focus on improving performance and margins throughout the Group continues to show through. Equally pleasing is that we have been awarded further contract wins which means that our forward order book as at the end of February 2017 now stands at £350m, a new record for TClarke.
"In addition, to support our prefabrication capabilities we will shortly be opening a brand new 26,000 Sq Ft facility at Stansted, Essex. The move will provide enhanced facilities for our people, while achieving improved quality and efficiency plus considerably extended capabilities in our prefabrication and manufacturing activities. The outlook for the future remains positive."
(LM/MH)
The building services group revealed underlying pre-tax profit rose 48% to £6.2m (2015: £2.2m) while turnover also increased 15% to £278.6m (2015: £242.4m).
In addition, the company has a record forward order book of £330m (2015: £300m).
However, despite the Group's success, Chairman Ian McCusker revealed his disappointment at the discovery of "significant fraud" at its mechanical contracting subsidiary DG Robson Mechanical Services.
Last October, it was discovered a former employee had stolen over £2.8 million within the accounting division of the business. The resulting investigation has cost the company £3.3m.
Mr McCusker said: "I am very disappointed we had to report the discovery during the year of a significant fraud at one of our subsidiary companies. The management response on discovery of the fraud was swift, decisive and appropriate.
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"An independent and comprehensive review of our internal controls and procedures was commissioned immediately. As a result of the review, a number of recommendations were made which will further strengthen our controls and are in the process of being implemented.
"The Board is satisfied that the fraud was limited to the subsidiary company in question and that the full extent of the fraud has been identified. Legal proceedings are ongoing."
Despite this, Chief Executive Mark Lawrence said the Group is "delighted" with its results.
"Our business is clearly making good progress," he said.
"Our focus on improving performance and margins throughout the Group continues to show through. Equally pleasing is that we have been awarded further contract wins which means that our forward order book as at the end of February 2017 now stands at £350m, a new record for TClarke.
"In addition, to support our prefabrication capabilities we will shortly be opening a brand new 26,000 Sq Ft facility at Stansted, Essex. The move will provide enhanced facilities for our people, while achieving improved quality and efficiency plus considerably extended capabilities in our prefabrication and manufacturing activities. The outlook for the future remains positive."
(LM/MH)
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