HOPE FOR 2012

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

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."