TClarke's trading continued in line with expectations last year, with a rise in net cash flows, the building services company said Friday.
Ahead of the preliminary results for the year ended December 31st, the group reported net cash of £5.4m, compared to £0.6m the year before.
The company advanced 5.04% to 62.50p at 11:00 Friday after reporting strong growth during the period despite pressure from clients, contractors and suppliers.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Business was boosted by new contracts with an order book of £230m. The contracts include works on residential units, offices, schools and hotels across the UK.
Notably, the firm partnered with Balfour Beatty in the successful bid on the Welsh Government's Designed for Life: Building for Wales 3 national framework. They secured the first project on the Cardigan Health and Social Care Centre, Cardigan Bay, which is due to being later this year.
"We expect market conditions to remain tough during 2013, but we maintain strict criteria when assessing which projects to bid for and ensure that our tender prices reflect the true cost of completion," the company said.
Cash raised will be used to fund the working capital requirements associated with new projects. However the group expects steady growth in its net cash position.
Preliminary results will be released on March 19th.
RD
-
Going part-time could leave a £58,000 hole in your pension: how to plug the gapThere are many reasons for switching to part-time work, but some savers don’t consider the impact on their pension until it is too late
-
Three bargain investment trusts to add to your portfolioThese three investment trusts are bargains compared to their net asset value (NAV), but one fund analyst thinks the deep discounts are unwarranted.
