黑洞社区

黑洞社区 services contractor T Clarke has reported a 42% rise in pre-tax profit in the year to 31 December 2013.

In its full-year results the firm posted a pre-tax profit of 拢1.7m, up from 拢1.2m in 2012, with a 12% rise in revenue to 拢217m in 2013, up from 拢194m in 2012.

Writing in the results, group chief executive Mark Lawrence said the UK鈥檚 鈥渟low recovery鈥� had not led to 鈥渁ny major change in business conditions in the construction industry鈥�.

He said: 鈥淧rice-driven competition retained its grip across our markets and we continued to see some competitors exit our markets and many competitors continued to make non-economic bids in order to keep going.鈥�

He added: 鈥淭 Clarke, throughout these challenging times, has worked incredibly hard to find and win opportunities where our combination of advantages allows us to tender for and win work at realistic rates.

鈥淢argins remain under severe pressure; but nonetheless, with our commitment only to tender for work at commercially viable rates, we still managed to increase the value of our order book during the period from 拢230m to 拢250m.鈥�

He said the firm hoped for some uplift in the market in 2014 but did not anticipate any 鈥渕eaningful recovery鈥� until 2015.

However, the firm warned it was still awaiting payments of 拢6.5m on a major contract where 鈥渢he principal contractor is continuing to frustrate the account settlement process鈥�.

It said further applications for payment had also been made on the job - which has reached practical completion - in 2014 but these had also not yet been paid.

It said: 鈥淭he board, having reviewed an independently produced assessment of our account, consider that it is appropriate to continue to recognise the contract on the basis that full recovery of our costs up to and after the year end is probable. 

鈥淎t this stage we continue to recognise no profit or loss on this contract.鈥�

T Clarke also said it was appealing damages awarded against one of its 鈥渟ubsidiary companies鈥� for work carried out in 2007.

It said: 鈥淒amages were awarded against the company, which were settled by the company鈥檚 insurers during the year.

鈥淭he award is subject to appeal and the apportionment of costs, which are believed to be substantial, has not yet been determined.

 鈥淎lthough there is considerable uncertainty with regard to this claim it is considered unlikely that a liability will ultimately fall to the group and no provision has been made in respect of this claim in the financial statements.鈥�