TClarke is set to boost its profit to around £10m, it has announced.
The listed M&E specialist said in a trading update today that it expected to record pre-tax profit of £10.3m for the 12 months to 31 December 2022, up from £7.8m in 2021.
It announced in November that it expected revenue to rise by nearly £100m to around £425m. It is targeting a £500m turnover in 2023 and said that further expansion of its data-centre business will help achieve this.
Chief executive Mark Lawrence said: “TClarke has had a tremendous year delivering a record level of turnover for the period and ending the year with an order book at a level that supports our £500m turnover target.”
The firm’s average month-end net cash during 2022 was £2.6m, the statement added.
In 2021, turnover rose to £327.1m and pre-tax profit grew by £6.6m, bouncing back from the slump it experienced in 2020 when it fell to £231.9m and the company cut 80 jobs. This put it back into third place in the CN Specialist Index 2022 list of the UK’s top M&E contractors, up from fourth in 2021.
TClarke will announce its full financial results for 2022 in March.
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Ian Weinfass