TIDMCTO
RNS Number : 8323F
TClarke PLC
13 July 2023
TClarke plc
Half year results for the six months ended 30 June 2023
Forward order book at record level
TClarke plc ("the Group" or "TClarke"), the Building Services
Group, announces its half year results for the period ended 30 June
2023.
Financial Highlights:
6 months to 30 June H1 2023 H1 2022
Revenue GBP207m GBP206m
Operating profit (EBIT) GBP5.7m GBP6.0m
Operating margin 2.8% 2.9%
Profit before tax GBP4.8m GBP5.5m
Earnings per share (Basic) 8.68p 10.24p
Interim Dividend 1.375p 1.25p
Net Cash GBP4.5m GBP7.2m
Forward order book GBP781m GBP586m
--------- ---------
Earnings per share is calculated by dividing profit after tax by
the weighted average number of shares in issue.
Trading
Trading has continued in line with expectations for the first
six months of 2023 with revenue at a similar level compared with
the corresponding period last year. Significant revenue growth is
forecast for H2 2023; as a result the Board expects the Group to
achieve its GBP500m annual revenue target. Revenue growth is
particularly strong in London; this growth is forecast to continue
throughout 2024 and 2025. Revenue is targeted to grow to GBP600m in
2024 and GBP650m in 2025.
Cash and Facilities
Good financial discipline is at the centre of our operations.
Net cash is GBP4.5m as at 30 June 2023 (2022: GBP7.2m).The
principal cash movements are detailed in the banking facilities
section of this report.
In a separate announcement on 6 July 2023 the Board announced
that it has conditionally raised gross proceeds of GBP10.7 million
by way of an oversubscribed placing of new ordinary shares in the
Company in order to fund significant further expansion beyond
2023.
The net proceeds of the Placing will further strengthen the
Group's balance sheet and will provide additional resources with
which to capture and deliver additional identified short to medium
term attractive contract opportunities in the London business - in
doing so driving further growth and margin expansion.
In addition the Group has banking facilities with Nat West
comprising a GBP25m revolving credit facility (RCF) which extends
to August 2026 and a GBP5m overdraft facility.
Dividend
The Board declares an interim dividend of 1.375p per share
(2022: 1.250p per share) to be paid on 29 September 2023 to
shareholders on the register at 1 September 2023.
Net Assets
Group net assets have increased by GBP3.1m in the six months to
30 June 2023 and now stand at GBP41.8m. This is principally due to
the increase in retained earnings and the post tax reduction in
pension deficit.
Order Book
Our confidence is underpinned with the success of the Group's
forward order book which has been replenished and expanded and now
stands at a new record of GBP781m. This is an GBP195m increase
compared to the position at 30 June 2022. In addition, TClarke has
many target projects and opportunities with the pipeline of current
bids exceeding GBP1bn.The split of the order book is as
follows:
30 June 30 June
Market Sector 2023 2022 Increase
GBPm GBPm %
-------- -------- ----------
Infrastructure 180 141 28%
-------- -------- ----------
Technology 248 184 35%
-------- -------- ----------
Residential &
Hotels 63 96 -34%
-------- -------- ----------
Engineering Services 272 151 80%
-------- -------- ----------
Facilities Management 18 14 29%
-------- -------- ----------
Total 781 586 33%
-------- -------- ----------
Outlook
The Board expects to achieve the 3-year strategic target of
growing from a GBP300m turnover business to a GBP500m turnover
business.
The Board is encouraged by the strength of the Group's position
in the market and is confident that revenue growth will continue
throughout 2024 and 2025.
Date: 13 July 2023
For further information contact:
TClarke plc
Mark Lawrence
Chief Executive Officer
Trevor Mitchell
Finance Director
Tel: 020 7997 7400
www.tclarke.co.uk
Cenkos Securities plc (Corporate
Broker)
Ben Jeynes (Corporate Finance)
Alex Pollen (Sales)
Tel: 020 7397 8900
www.cenkos.com
RMS Partners
Simon Courtenay
Tel: 020 3735 6551
Operational Review
The Group has delivered another set of strong results for the
first half of the year with revenue increasing by GBP0.8m to
GBP207.0m from GBP206.2m in the same period last year. Operating
profit has decreased slightly by GBP0.3m to GBP5.7m (30 June 2022:
GBP6.0m), but operating margins are up to 2.8% when compared with
2.7% for 2022 as a whole.
We have continued to target organic growth based on the
established engineering strengths of the business whilst targeting
additional revenue streams. We have focused on maintaining our
premier position in our five core market sectors whilst growing
revenue from larger projects outside of London, expanding our
healthcare offering, becoming a major player in the data centre
market and investing in our capability to deliver smart building
solutions.
We have seen sustained growth in our London market providing
engineering solutions to some of the capital's most iconic
buildings whilst also successfully pursuing our strategy of
targeting large projects in the regional businesses. We currently
have 13 live projects each in excess of GBP5m outside of
London.
Our technology offering, specifically in UK Data Centres where
TClarke is now delivering six Data Centres, has seen solid growth
of GBP2.6m to GBP64.8m cementing this as our largest operational
sector, with the expectation for further rapid growth in the second
half of the year. There remain many opportunities for growth in
this sector and we expect Data Centres to continue to contribute
significant revenues in the medium term.
Whilst we strive to be a socially responsible business,
specifically implementing initiatives to improve TClarke's own
environmental impact, the move towards sustainable practices more
generally has offered TClarke with unique opportunities to lead the
industry in helping clients with large existing infrastructure
improve their sustainability. In addition to our capability to
deliver smart building solutions, we have seen an excellent
response in the first half of 2023 to our new ground source heat
pump engineering and technological solutions.
We remain focused on the major areas of public sector
infrastructure. We continue to work in hospitals across the country
delivering major upgrades to the healthcare infrastructure with an
'on site' portfolio of eight major hospital projects. This marks a
milestone in TClarke Healthcare's steady rise from dispersed
pockets of expertise and specialisation to a one-stop nationwide
service that leads in critical new technologies and capabilities
for the next generation of smart hospitals.
Our recent diversification of the Scotland business from a
predominantly residential M&E provider to an increased
commercial M&E offering has enabled TClarke to mitigate the
challenging trading environment in the residential market which has
been driven by the rise in interest rates and the reaction of
housebuilders to slow production. The hotels market remains buoyant
and we look forward to the second half of 2023 as we begin work on
several prestigious hotel projects.
Pension Obligations
In accordance with IAS 19 'Employee Benefits', an actuarial gain
of GBP0.6m, net of tax, has been recognised in reserves during the
first six months of 2023, with the pension scheme deficit
decreasing to GBP11.4m (30 June 2022: GBP15.9m). The decrease in
the deficit is largely the result of the discount rate increasing
to 5.14% (30 June 2022: 3.82%), partially offset by the hedging
strategy employed by the scheme. In accordance with the Group's
agreed deficit reduction plan, described in detail in the most
recent annual report, the annual deficit reduction contribution is
set at GBP1.2m per annum.
The scheme is closed to new members and the Group continues to
meet its ongoing obligations to the scheme.
Banking Facilities and Cash Flow
The Group has recently renewed its banking facilities, which
comprise a GBP5.0m overdraft facility, repayable on demand, and a
GBP25.0m revolving credit facility ("RCF") expiring 31 August 2026.
At 30 June 2023 the Group had drawn down GBP15.0m (2022: GBP15.0m)
of the RCF and the overdraft facility was unutilised. The gross
cash balance was GBP19.5m, resulting in net cash of GBP4.5m. The
Group therefore has up to GBP34.5m available to support the Group's
working capital flows and funding demands during the course of the
year. The Group has GBP65.1m bonding facilities in place of which
GBP30.1m were utilised at 30 June 2023.
See Note 9 (Post Balance Sheet Events) for details on the share
placing discussed above.
The net cash figure of GBP4.5m is GBP3.0m lower than at the year
end reflecting profit for the period, operational and other non
operating cashflows, as set out below:
Net Assets and Capital Structure
The Group is funded by equity capital, retained reserves and
bank facilities. Shareholders' equity at 30 June 2023 is GBP41.8m;
an increase of GBP6.7m compared to 30 June 2022.
Condensed consolidated income statement
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
to to to
30 06 2023 30 06 2022 31 12 2022
GBPm GBPm GBPm
Revenue 207.0 206.2 426.0
Cost of sales (181.4) (181.5) (378.6)
----------- ----------- -----------
Gross profit 25.6 24.7 47.4
Administrative expenses (19.9) (18.7) (35.9)
----------- ----------- -----------
Operating profit 5.7 6.0 11.5
Finance costs (0.9) (0.5) (1.2)
----------- ----------- -----------
Profit before taxation 4.8 5.5 10.3
Taxation (1.1) (1.1) (1.9)
----------- ----------- -----------
Profit for the period 3.7 4.4 8.4
Earnings per share
Attributable to owners of TClarke
plc
Basic 8.68p 10.24p 19.60p
Diluted 8.65p 10.17p 19.51p
Condensed consolidated statement of comprehensive income
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
to to to
30 06 2023 30 06 2022 31 12 2022
GBPm GBPm GBPm
Profit for the period 3.7 4.4 8.4
Other comprehensive income
Items that will not be reclassified
to profit or loss
Actuarial gain on defined benefit
pension scheme, net of tax 0.6 5.5 6.8
Revaluation of Freehold Property - - (0.2)
Other comprehensive income for the
period, net of tax 0.6 5.5 6.6
Total comprehensive income for
the period 4.3 9.9 15.0
----------- ----------- -----------
Condensed consolidated statement of financial position
Unaudited Unaudited Audited
30 06 2023 30 06 2022 31 12 2022
GBPm GBPm GBPm
Non-current assets
Intangible assets 25.3 25.3 25.3
Property, plant and equipment 12.6 12.5 13.5
Deferred taxation 3.3 4.4 3.6
Trade and other receivables 6.3 4.9 6.3
Total non-current assets 47.5 47.1 48.7
----------- ----------- -----------
Current assets
Inventories 0.5 0.4 0.5
Amounts due from customers under construction
contracts 62.1 69.8 54.3
Trade and other receivables 48.8 39.9 55.3
Current tax receivables - 0.2 -
Cash and cash equivalents 19.5 12.2 22.5
----------- ----------- -----------
Total current assets 130.9 122.5 132.6
----------- ----------- -----------
Total assets 178.4 169.6 181.3
----------- ----------- -----------
Current liabilities
Borrowings (15.0) (5.0) (15.0)
Amounts due to customers under construction
contracts (9.2) (2.5) (7.7)
Trade and other payables (90.3) (101.9) (96.1)
Current tax liabilities (1.0) - -
Obligations under leases (2.7) (1.8) (2.7)
----------- ----------- -----------
Total current liabilities (118.2) (111.2) (121.5)
----------- ----------- -----------
Net current assets 12.7 11.3 11.1
----------- ----------- -----------
Non-current liabilities
Obligations under leases (4.5) (5.7) (5.7)
Trade and other payables (2.5) (1.7) (2.5)
Retirement benefit obligation (11.4) (15.9) (12.9)
Total non-current liabilities (18.4) (23.3) (21.1)
----------- ----------- -----------
Total liabilities (136.6) (134.5) (142.6)
Net assets 41.8 35.1 38.7
----------- ----------- -----------
Equity attributable to owners of the
parent
Share capital 4.4 4.4 4.4
Share premium 4.4 4.4 4.4
Revaluation reserve 0.4 0.7 0.4
Retained earnings 32.6 25.6 29.5
----------- ----------- -----------
Total equity 41.8 35.1 38.7
----------- ----------- -----------
Condensed consolidated statement of cash flows
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
to to to
30 06 2023 30 06 2022 31 12 2022
GBPm GBPm GBPm
Net cash generated by operating activities
(see note 6A) 1.0 5.3 9.3
----------- ------------- -----------
Investing activities
Purchase of property, plant and equipment (0.5) (0.6) (1.8)
Net cash generated by / (used in) investing
activities 0.5 (0.6) (1.8)
----------- ------------- -----------
Financing activities
New shares issued - 0.2 0.2
Facility fee - - (0.3)
Repayment of bank borrowing - (10.0) -
Equity dividends paid (1.8) (1.8) (2.3)
Acquisition of shares by ESOT - (0.5) (0.8)
Repayment of lease obligations (1.7) (0.7) (2.1)
Net cash used in financing activities (3.5) (12.8) (5.3)
----------- ------------- -----------
Net (decrease) / increase in cash and
cash equivalents (3.0) (8.1) 2.2
Cash and cash equivalents at beginning
of period 22.5 20.3 20.3
----------- ------------- -----------
Cash and cash equivalents at end of period
(see note 5) 19.5 12.2 22.5
----------- ------------- -----------
Condensed consolidated statement of changes
in equity
For the six months ended 30 June 2023
Share Share Revaluation Retained
capital premium reserve earnings Total
GBPm GBPm GBPm GBPm GBPm
At 1 January 2023 4.4 4.4 0.4 29.5 38.7
---------- ---------- ---- ------------ ----------- ---------
Comprehensive income
Profit for the period - - - 3.7 3.7
Other comprehensive income
Actuarial gain on retirement
benefit obligation - - - 1.0 1.0
Deferred income tax on
actuarial gain on retirement
benefit obligation - - - (0.4) (0.4)
Total other comprehensive
income - - - 0.6 0.6
---------- ---------- ---- ------------ ----------- ---------
Total comprehensive income - - - 4.3 4.3
---------- ---------- ---- ------------ ----------- ---------
Transactions with owners
Share based payment charge - - - 0.5 0.5
SAYE option cost - - - 0.1 0.1
Dividends paid - - - (1.8) (1.8)
---- ------------
Total transactions with owners - - - (1.2) (1.2)
---------- ---------- ---- ------------ ----------- ---------
At 30 June 2023 4.4 4.4 0.4 32.6 41.8
---------- ---------- ---- ------------ ----------- ---------
Condensed consolidated statement of changes in
equity
For the six months ended 30 June 2022
Share Share Revaluation Retained
capital premium reserve earnings Total
GBPm GBPm GBPm GBPm GBPm
At 1 January 2022 4.4 4.2 0.7 17.2 26.5
--------- --------- ------------ ---------- -------
Comprehensive income
Profit for the period - - - 4.4 4.4
Other comprehensive income
Actuarial gain on
retirement
benefit obligation - - - 7.5 7.5
Deferred income tax on
actuarial
gain on retirement
benefit obligation - - - (2.0) (2.0)
Total other comprehensive
income - - - 5.5 5.5
--------- --------- ------------ ---------- -------
Total comprehensive income - - - 9.9 9.9
--------- --------- ------------ ---------- -------
Transactions with owners
Share based payment charge - - - 0.8 0.8
Shares acquired by ESOT - - - (0.5) (0.5)
Allotted in respect of
share option
schemes - 0.2 - - 0.2
Dividends paid - - - (1.8) (1.8)
------------
Total transactions with
owners - - - (1.5) (1.3)
--------- --------- ------------ ---------- -------
At 30 June 2022 4.4 4.4 0.7 25.6 35.1
--------- --------- ------------ ---------- -------
Condensed consolidated statement of changes in equity
For the year ended 31 December 2022
Share Share Revaluation Retained
capital premium reserve earnings Total
GBPm GBPm GBPm GBPm GBPm
At 1 January 2022 4.4 4.2 0.7 17.2 26.5
--------- --------- ------------ ----------- -------
Comprehensive income
Profit for the year - - - 8.4 8.4
Other comprehensive income
Actuarial gain/(loss) on
retirement
benefit obligation - - - 9.2 9.2
Deferred income tax on actuarial
gain on retirement benefit
obligation - - - (2.4) (2.4)
Revaluation on freehold property - - (0.2) - (0.2)
Total other comprehensive income - - (0.2) 6.8 6.6
--------- --------- ------------ ----------- -------
Total comprehensive income - - (0.2) 15.2 15.0
--------- --------- ------------ ----------- -------
Transactions with owners
Transfer on depreciation of freehold
properties - - (0.1) 0.1 -
Share based payment charge - - - 0.8 0.8
Shares acquired by ESOT - - - (1.6) (1.6)
Allotted in respect of share option
schemes - 0.2 - 0.2
SAYE option cost - - - 0.1 0.1
Dividends paid - - - (2.3) (2.3)
Total transactions with owners - 0.2 (0.1) (2.9) (2.8)
--------- --------- ------------ ----------- -------
At 31 December 2022 4.4 4.4 0.4 29.5 38.7
--------- --------- ------------ ----------- -------
Notes to the condensed consolidated financial statements for the
six months to 30 June 2023
Note 1 - Basis of preparation
TClarke plc (the 'Company') is a company incorporated and
domiciled in the United Kingdom. The nature of the Group's
operations and its principal activities are set out in Note 2 below
and in the interim management report. The consolidated interim
financial statements comprise the condensed financial statements of
the Company and its subsidiaries (together the 'Group').
These condensed interim financial statements do not comprise
statutory accounts within the meaning of section 434 of the
Companies Act 2006. The statutory accounts for the year ended 31
December 2022 were approved by the Board of Directors on 20(th)
March 2023 and have been delivered to the Registrar of Companies
and a copy has been made available on the Company's website at
www.tclarke.co.uk . The auditors' report on those accounts was
unqualified and did not contain any statement under section 498 of
the Companies Act 2006.
These condensed interim financial statements for the half year
ended 30 June 2023 have been prepared in accordance with the
UK-adopted International Accounting Standard 34, 'Interim Financial
Reporting' and the Disclosure Guidance and Transparency Rules
sourcebook of the United Kingdom's Financial Conduct Authority.
They do not include all the information required for the full
annual financial statements and should be read in conjunction with
the financial statements of the Group as at and for the year ended
31 December 2022.
The interim financial statements have not been audited or
reviewed by the Company's auditors.
Accounting policies
Except as described below, the financial statements have been
prepared using the accounting policies and presentation that were
applied in the audited financial statements for the year ended 31
December 2022.
Taxes on income in the interim periods are accrued using the
estimated effective tax rate that would be applicable to expected
total annual earnings.
Estimates and financial risk management
The preparation of interim financial statements requires the
Directors to make judgements, estimates and assumptions about the
carrying amounts of assets and liabilities at the reporting date
and the amounts of revenue and expense incurred during the period
that may not be readily apparent from other sources. The estimates
and associated assumptions are based on historical experience and
other factors that are considered to be relevant. Actual results
may differ from these estimates.
In preparing these interim financial statements, the significant
judgements made by the Directors in applying the Group's accounting
policies and the key sources of uncertainty together with the
Group's financial risk management objectives and policies were the
same as those that applied to the financial statements as at and
for the year ended 31 December 2022. The principal risks and
uncertainties continue to be those which are set out on pages 29-32
of the Group's annual report and accounts for the year ended 31
December 2022.
Going concern
As at 30 June 2023 the Group held cash of GBP19.5m (2022:
GBP22.5m) and had drawn down short term borrowings of GBP15m under
a revolving credit facility. This resulted in a net cash of GBP4.5m
(2022: GBP7.5m). The Group also has access to a further GBP10.0m of
the revolving credit facility and a GBP5.0m overdraft facility. The
level of usage of the revolving credit facility is dependent on
covenant compliance. No balances were drawn down under the
overdraft facility at 30 June 2023.
After making appropriate enquiries, the Directors are satisfied
that the Company and Group have adequate resources to continue
their operations for the foreseeable future. Accordingly, the
Directors continue to adopt the going concern basis in preparing
the financial statements.
See Note 9 (Post Balance Sheet Events) for details on the share
placing discussed above.
Note 2 - Segmental information
The Group provides electrical and mechanical contracting and
related services to the construction industry and end users.
At the beginning of the year the Group changed its internal
management reporting, moving away from the previous geographic
split of segments, and effectively adopting one operating segment.
In delivering the Board's growth strategy, including focusing on
winning large projects outside of London, the previous split ceased
to be fully representative of the way the Group operates, with
contracts often being won through entity-wide relationships or
delivered outside of a segment's geographic footprint. As such, the
Board, in its role as 'chief operating decision-maker', now only
receives financial information for the Group as a whole,
representing the Group's one operating segment. This approach has
also been reflected in the preparation of these interim financial
statements which as a result no longer require segmental
analysis.
The Group's revenue from contracts with customers, analysed by
business sector, was as follows:
Unaudited
30 06 Unaudited Audited
2023 30 06 2022 31 12 2022
Business sector GBPm GBPm GBPm
-----------------------
Facilities Management 16.9 17.0 31.3
Infrastructure 38.8 39.4 79.5
Engineering Services 62.6 58.0 124.7
Residential &
Hotels 23.9 29.6 45.3
Technologies 64.8 62.2 145.2
-----------------------
Total revenue 207.0 206.2 426.0
----------------------- ---------- ------------ -------------
Note 3 - Taxation expense
The effective corporation tax rate applied for the period is
23.5% (30 June 2022: 19.0%) being the pro-rated tax rate for the
2023 financial year.
Note 4 - Earnings per share
A. Basic earnings per share
The earnings per share represent the profit for the period
divided by the weighted average number of ordinary shares in
issue.
Unaudited Unaudited Audited
30 06 2023 30 06 2022 31 12 2022
GBPm GBPm GBPm
Earnings
Profit attributable to owners of the
Company 3.7 4.4 8.4
Weighted average number of ordinary
shares (000s) 42,991 42,988 43,056
------------ ------------ -------------
Basic earnings per share 8.68p 10.24p 19.60p
------------ ------------ -------------
B. Diluted earnings per share
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. The Company
has one category of dilutive potential ordinary shares: share
options granted under the Company's SAYE schemes. Further details
of the scheme are given in note 18 of the 2022 annual report and
financial statements .
Unaudited Unaudited Audited
30 06 2023 30 06 2022 31 12 2022
GBPm GBPm GBPm
Earnings
Profit attributable to owners of the
Company 3.7 4.4 8.4
3.7 4.4 8.4
------------ ------------ -------------
Weighted average number of ordinary
shares in issue (000s) 42,991 42.988 43,056
Adjustments
SAYE Share Options (000s) 139 278 187
Weighted average number of ordinary
shares for diluted earnings per share
(000s) 43,130 43,266 43,243
------------ ------------ -------------
Diluted earnings per share 8.65p 10.17p 19.51p
------------ ------------ -------------
Note 5 - Dividends
A final dividend of 4.1p (2022: 4.1p) per Ordinary share was
paid during the year relating the previous year's results. The
Directors are proposing an interim dividend of 1.375p (2022:
1.250p) per Ordinary share (post placing) totalling GBP0.7m (2022:
GBP0.5m).
Note 6 - Notes to the consolidated statement of cash flows
Unaudited Unaudited Audited
A. - Reconciliation of operating profit 30 06 2023 30 06 2022 31 12 2022
to net cash from operating activities GBPm GBPm GBPm
Operating profit 5.7 6.0 11.5
Depreciation charges 1.7 1.1 3.0
Equity settled share based payments 0.6 0.8 0.1
Additional pension contributions (0.7) (0.8) (1.5)
Defined benefit pension scheme movement - 0.2 (0.7)
------------ ------------ ------------
Operating cash flows before movements
in working capital 7.3 7.3 12.4
Movement in inventories - - (0.1)
(Increase) / Decrease in contract balances (6.3) (18.1) 2.2
Decrease / (Increase) in operating trade
and other receivables 6.5 11.3 (3.8)
(Decrease) / Increase in operating trade
and other payables (5.4) 5.0 0.7
------------ ------------ ------------
Cash generated by operations 2.1 5.5 11.4
Corporation tax paid (0.5) - (1.6)
Interest paid (0.6) (0.2) (0.5)
------------ ------------ ------------
Net cash generated by operating activities 1.0 5.3 9.3
------------ ------------ ------------
B. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank less bank
overdrafts.
Note 7 - Related party transactions
Transactions between the Company and its subsidiary
undertakings, which are related parties, have been eliminated on
consolidation and are not disclosed in this note. Full disclosure
of the Group's other related party transactions is given in Note 21
to the Group's financial statements for the year ended 31 December
2022. There have been no material changes in these relationships in
the six months ended 30 June 2023 that have materially affected the
financial position or performance of the Group during that
period.
Note 8 - Pension commitments
The present value of the defined benefit retirement benefit
scheme and the related past and current service costs were measured
using the projected unit credit method. The amount included in the
statement of financial position arising from the Group's
obligations in respect of its defined benefit retirement benefit
scheme is as follows:
Unaudited Unaudited Audited
30 06 2023 30 06 2022 31 12 2022
GBPm GBPm GBPm
Present value of defined benefit
obligations 39.4 51.2 40.6
Fair value of scheme assets (28.0) (35.3) (27.7)
------------- ------------- -------------
Deficit in scheme recognised
in the statement of financial
position 11.4 15.9 12.9
Key assumptions used
Rate of increase in salaries 3.28% 2.49% 3.26%
Rate of increase of pensions
in payment 3.06% 3.11% 3.05%
Discount rate 5.14% 3.82% 4.77%
Inflation assumption (RPI) 3.14% 3.19% 3.12%
Inflation assumption (CPI) 2.78% 1.99% 2.76%
Unaudited Unaudited Audited
Mortality assumptions (years) 30 06 2023 30 06 2022 31 12 2022
Life expectancy at age 65 for
current pensioners:
Men 21.2 21.2 21.2
Women 23.2 23.2 23.2
Life expectancy at age 65 for
future pensioners
(current age 45)
Men 22.2 22.1 22.1
Women 24.3 24.3 24.3
Note 9 - Post Balance Sheet Events
On 6 July 2023 the Group announced that it had conditionally
raised gross proceeds of GBP10.7 million by way of an
oversubscribed placing of new Ordinary Shares in the Company to
certain institutional and other investors in order to fund
significant further expansion beyond 2023. The placing is subject
to TClarke shareholder approval at a general meeting to be held on
24 July 2023 at 9.00 a.m.
The Placing Shares will, when issued, be credited as fully paid
and rank pari passu in all respects with each other and with the
Existing Ordinary Shares, including, without limitation, the right
to receive all dividends and other distributions declared, made or
paid after the date of issue.
Applications have been made to the Financial Conduct Authority
(the "FCA") for admission of the Placing Shares to the premium
listing segment of the Official List maintained by the FCA and to
London Stock Exchange plc ("LSE") for admission of the Placing
Shares to trading on LSE's main market for listed securities
("Admission"). Admission and settlement of the Placing Shares is
expected to take place on or around 8.00 a.m. on 25 July 2023.
Following Admission, the Company will have a total of 52,850,780
Ordinary Shares in issue. There are no Ordinary Shares held in
treasury and therefore the total number of voting rights in the
Company is expected to be 52,850,780.
Statement of Directors' responsibilities
The Directors confirm that the condensed interim financial
statements have been prepared in accordance with International
Accounting Standard 34 'Interim Financial Reporting' and that the
interim management report includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8, namely:
-- an indication of important events that have occurred during
the first six months and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the year; and
-- material related party transactions in the first six months
and any material changes in the related party transactions
described in the last annual report.
On behalf of the Board
Iain McCusker - Chairman
Mark Lawrence - Chief Executive
Trevor Mitchell - Finance Director
13 July 2023
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END
IR GZGMNFZKGFZM
(END) Dow Jones Newswires
July 13, 2023 02:00 ET (06:00 GMT)
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