Income slumped to just 拢10m last month
Electrical contractor T Clark said turnover last month fell to just 拢10m after dozens of its sites were shut because of the covid-19 pandemic.
The firm said it has so far spent 拢3m restructuring the business in the wake of the crisis which it said would produce annual savings of 拢4m 鈥� of which a 拢2.4m saving will be made this year.
Despite April鈥檚 collapse in income, the 拢335m turnover firm said it expected to break even in the second quarter with underlying operating profit for the half year set to be around 拢2m 鈥� although this will down by more than half from the 拢5m reported in the six months to June 2019.
In a trading update this morning, the firm said it turned in an underlying operating margin of 3% on a turnover of 拢70m for the first three months of this year.
It added that it would pay its final dividend of 3.65p for 2019 in July.
The firm, which has a forward order book of 拢408m, said it had extended its banking facilities but warned it was not possible to give full year market guidance until it publishes its half year results on 21 July.
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