HOPE FOR 2012

web: www.tclarke.co.uk
Company was preferred bidder on the London Olympic Stadium

The puzzle continues.

Regent continue to purchase shares sourcing them from Miton who have been selling out.

Regent have now acquired 6.18% in the last month. Miton still have 10.81% so plenty left to sell if they want to.

Another 340k went through yesterday so assume that's another Miton to Regent switch.

This would take Regent to 6.99% (as much as they can buy without triggering another threshold), and Miton to 10.00%, which will trigger another RNS as Diverse Income Trust which gets reported separately will fall below 4%)

Are Miton going to stop selling at 10% as it's a nice round number? I doubt it.
Are Regent coming to come in for more and take it straight to 8%+ in one day like last time on the move from 4% to 6%? Maybe.

It's interesting to watch this play out. So far Miton have managed to sell 7.13% of their shareholding of which 6.99% has gone to Regent. All in the last month. The difference is 58k shares of which I've bought 36k shares in the same time period.

It's like a game of chess. Results on Tuesday 7th July. I sense Miton aren't bothered about selling by results. They will have attended the analysts meetings over the years and know the results are stable enough. Regent may see it differently.

Commentary of likely results coming up on 7th July.

Last half year CTO reported an underlying profit before tax of £2.9m at half time and £6.5m for the full year. This included a £2.2m loss at half time in the South division due to final account settlements and late start on projects.
Analysts forecasts are for a full year profit of £7.0m this year and I'm not aware of a forecast for the half year.

We know this loss in the South has been eliminated this year as the FD stated at the AGM that South was running a profit for the first four months of the year.
Some crude maths would therefore suggest that if the £2.2m isn't going to re-occur and additionally they will have a contribution from the purchase of Eton this time, the company should make the £3.5m at half year with considerable ease, even if some cock-up occurs somewhere else or the trading in London has slowed down a bit.

All imho

Results tomorrow. Project win at Battersea Power Station on Friday which has to be a big one.

MM's having a laugh today.

Current spread 81.6-85.2. Any sell order on the book at 85.0 is being ripped off instantly yet I can sell significant quantity at 83.0. Buyers being made to pay almost the full offer.

Results leaked or someone wants in?

Both Miton and Regent have ceased selling and buying for the last week

TClarke plc ("the Group" or "TClarke"), the Building Services Group, announces its half year results for the six months ended 30th June 2018.

Business Highlights:
· Delivering against our strategic plan to achieve medium term margins of 3%, underlying operating margin increased to 2.6% from 2.0%.
· All regions profitable in the first half of 2018.
· 7% increase in revenues to £153.5 million.
· Year on year net cash improved from £2.4 million to £4.7 million.
· 10% increase in interim dividend to 0.66p per share (30th June 2017: 0.6p per share).
· £370 million forward order book (30th June 2017: £392 million).
· Bank Credit approved terms in place for extension of banking facilities to August 2022.

Plus pension deficit down £4.5m from year end and another £0.5m non-recurrent benefit from fraud recovery.


N+1 Note
"Shares attractively valued - In our view, TClarke is overdue a re-rating. The shares trade at a substantial discount to peers (33%-35% on a P/E basis), despite maintaining earnings forecasts (9% and 7% EPS growth forecast), strong earnings visibility and an attractive yield at 4.4%. We believe a sector rating is justified - a blended average of peer group multiples implies a share price of 104p. We believe the shares could exceed this level as EPS and order book growth is delivered."