TClarke has surpassed £1 billion in forward orders for the first time.
In its latest trading update, the building services group confirmed its forward order book was valued at more than £1.1billion on 31 October 2023 – double that of the previous financial year.
This was due to strong performances across certain of its key market sectors, most notably engineering, which was valued at £489 million, a 117 per cent increase when compared to 31 December 2022.
Technologies and infrastructure markets also performed well for TClarke, with value increases of 220 per cent (£355 million) and 38 per cent (£167 million) respectively.
It added it is currently selectively tendering for more than £1 billion of additional potential opportunities across all its core market sectors (including residential and FM), “instilling confidence in the board that the business will continue to expand rapidly into 2024 and 2025 and beyond”.
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To weather the “turbulent prevailing construction sector environment”, TClarke has taken steps to protect its market position by pushing for early contract agreements and changing supply chain partners mid-contract to protect project completion dates, it said.
The group said it is also on track to achieve its three-year target of £500 million in revenues for the year ending 31 December 2023.
It expects its year-end net cash position to exceed £15 million, an increase of £6 million on market expectations.
Operating profit is expected to be in the range of £9 million to £10 million.
“We have now achieved a significant milestone with our secured order book surpassing £1 billion for the first time,” said Mark Lawrence, chief executive. “This substantial growth positions us well for future success and provides the board with continued confidence in our ability to deliver a strong performance into 2024 and 2025.”
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