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T Clarke profits fall 42pc in first half

Electrical contractor T Clarke saw pre-tax profits fall 42.7 per cent in the six months ended 30 June 2009, the firm has revealed.

Pre-tax profits dropped to £3.1 million from the £5.4 million for the same period in 2008. Turnover fell 12.4 per cent to £95.8 million in the first half down from £109.3 million last year.

The firm said the decrease was a result of restructuring costs of £1.4 million.

T Clarke is winding down its operations at its Altrincham subsidiary and is considering the sale of its Birmingham business as a result of the recession.

T Clarke chief executive Pat Stanborough said: “This has been a tough six months for T Clarke and we have not been immune from the recession.

“The board has acted prudently in reducing overheads to align resource with current workload.”

UK regional operations managing director Barry DeFalco is leaving the business at the end of September following the firms restructuring programme.

The firm said that the bulk of its reduction in headcount was in its London operations due to a number of contract completions in this area.

Chairman Russell Race added: “Whilst it would be unrealistic to expect a rapid return to buoyant market conditions in our sector, I have every confidence that the underlying strengths of our business, not at least the quality of our staff at all levels, will stand us in good stead during the remainder of this year and into 2010.”