TClarke has revealed it is targeting £600m in turnover by 2024.
The London-listed mechanical and electrical (M&E) specialist, ranked 52nd in the CN100 list of the UK’s biggest contractors by 2022, also said revenue would still grow to £500m this year, although turnover will remain flat in the first half. of 2023.
Half-year results for the six months to June 30, published on Thursday (July 13), show it turned over £207m in the period, barely up on the £206.2m total posted in the first semester of 2022.
Pre-tax profit fell slightly to £4.8m, down from £5.5m in the same period last year.
The firm, which announced a plan to increase its revenue to £500m by 2021at a time when the figure was just £232m, it said this week that it expects its second-half results to drive growth and to grow further in the coming years.
“Trading has continued in line with expectations for the first six months of 2023 with revenue at a similar level compared to the corresponding period last year,” the company said in a statement alongside the results.
“Significant revenue growth is expected for the second half of 2023; as a result, the board expects the group to achieve its annual revenue target of £500m. Income growth is particularly strong in London; This growth is expected to continue through 2024 and 2025. Revenue is expected to grow to £600m in 2024 and £650m in 2025,” he added.
TClarke had a turnover of £426m in its last full year (the 12 months to 31 December 2022) and made a pre-tax profit of £10.3m.
The listed company recently raised £10.7m to fuel its growth ambitions by placing new shares.
TClarke, which is based in the ‘Gherkin’ in the City of London, currently offers six data centres, its largest single operating sector. It is also working on eight hospital improvements.
In Scotland, it has recently diversified its predominantly residential M&E work offering to take on more commercial work, in an effort to mitigate the slowdown in domestic work.
