Building services contractor T. Clarke’s pre-tax profits fell by 21 per cent in 2010, despite its turnover increasing to £179 million from £175.5m in 2009.
In its preliminary results for the year ended 31 December 2010, T.Clarke reported that the fall in profits before tax – from £7.3m in 2009 to £5.7m in 2010 – came after accounting for restructuring costs, acquisition expenses and amortisation of intangible assets.
The firm also reported that its underlying operating profit of £7.3m was impacted adversely by a “prevailing margin pressure across the group”.
However, its forward order book is up to £190m from £160m in 2009, and T.Clarke chief executive Mark Lawrence said he was confident of a strong performance from his firm going forwards, despite another tough year for the market being likely.
“The market that we operate in has continued to be challenging,” said Mr Lawrence.
“Looking forward, we are well positioned to benefit from the recovery in our markets. Despite the backdrop of a tough trading environment, we remain confident that the Group will maintain its industry leading position.”
New contracts secured by T.Clarke include the Stratford City Holiday Inn, ITV Yorkshire and Gateshead Leisure Centre, while ongoing schemes include the London 2012 stadium, Westfield Stratford City and Deutsche Bank’s London offices.