INVESTOR PACK Preliminary Results for the Year Ended 31st December 2012

Transcription

1 Collaborative Contracting INVESTOR PACK Preliminary Results for the Year Ended 31st December 2012 Westfield Stratford City, London 2012 Olympic Stadium

2 Mark Lawrence Chief Executive Martin Walton Finance Director Central St Giles, London Contents Page 3 Group Highlights Page 4 Financial Highlights Page 5 Income Statement Page 6 Cash Flow Page 7 Balance Sheet Page 8 Operational Review Page 9 Eight Business Sectors Page 20 Business Focus Page 21 Summary Page 22 TClarke City Page 23 plc. Board Page 24 Three Year Record Page 25 Charts Page 26 M&E Contracting Page 28 TClarke Founded 1889 Presentation 2

3 Leading UK provider of M&E services Profitable, cash generative, improved positive net cash position Group Highlights Operating costs reduced, margins remain under pressure Dividend maintained Strong reputation for quality with long standing client relationships Highly experienced team with strength in depth Sustained market position with major new contracts secured Improved order book with healthy pipeline of opportunity Delivering on strategy to broaden Group offering London Cable Car 3

4 Financial Highlights 31 st December 2012 m Margin % 31 st December 2011 m Revenue Margin % Underlying operating profit¹ % % Underlying profit before tax¹ Profit before tax % % Earnings per share basic 2.05p 9.69p Earnings per share underlying² 4.40p 7.34p Interim dividend 3.0p 3.0p Order book ¹ Before amortisation, non-recurring costs and profit on property disposals ² Before amortisation, non-recurring costs and profit on property disposals, and tax on these items 4

5 Income Statement Segmental Analysis 31 st December st December 2011 Revenue Underlying Profit Margin Revenue Underlying Profit Margin South % % North % % Scotland % 17.0 (0.6) -3.3% Other Total revenue Underlying operating profit % % Net interest (0.5) (0.5) Underlying PBT Non-recurring items (0.9) (1.0) Amortisation (0.3) (0.5) Profit on property sale Profit before tax restated Kimbolton and Kings Lynn now part of South Region Scotland returned to underlying profit in 2012 Net interest includes 0.4m non-cash items Non-recurring items includes restructuring, post acquisition bonuses and adjustment to purchase consideration re DGR 5

6 Cash Flow 31 st December 2012 m 31st December 2011 m Operating cash flow before working capital movements Working capital movement 4.6 (8.7) Operating cash flow 7.0 (4.9) Corporation tax (0.5) (1.8) Fixed asset disposals / (additions) (0.2) 2.8 Acquisitions - (0.3) Cash outflow before financing 6.3 (4.2) Dividends paid (1.2) (2.2) Finance leases (0.1) (0.2) Net cash inflow / (outflow) 5.0 (6.6) Opening net cash Closing net cash Positive cash flow No debt 8m overdraft facility in place 6

7 Balance Sheet Balance Sheet 31 st December 2012 m 31 st December 2011 m Intangible assets Property plant and equipment Inventories and construction contracts Debtors Creditors (47.1) (37.1) Working capital excluding cash (0.9) 3.6 Net cash Pension scheme (11.9) (10.0) Tax - current and deferred Finance lease obligations (0.2) (0.2) Net assets Net assets excluding intangibles Net current assets Net assets excluding intangibles remain positive Net current assets increased No significant debt Pension deficit - cash contributions c 0.9m pa 7

8 Operational Review DGR, Pre-Fabricated Services Modules 8

9 Complete Nationwide Coverage Eight Business Sectors Aberdeen Accrington Bristol Cardiff Derby Falkirk Harlow Huntingdon Kings Lynn Leeds London Newcastle Peterborough Plymouth Sittingbourne Mechanical & electrical contracting Residential & hotels Facilities management Green technologies Transport infrastructure Mission critical Manufacturing Intelligent buildings St Austell 9

10 M&E Contracting Key Facts Revenue m Forward Order Book 131m Remains central to the Group M&E Contracting supports our other business sectors Excellent Client and Contractor relationships Reputation for delivery Highly skilled workforce and technically experienced engineers who set high standards and continually innovate Trusted on the most complex and large scale projects In Progress 20 Fenchurch Street 10

11 M&E Contracting Examples of Current Projects Mark Lane, London 20 Fenchurch Street 240 Blackfriars Arcadia, Bluewater Shopping Centre Croydon Interchange, Surrey. Cardigan Health and Social Care Centre. Falmouth Primary School. Imperial Tobacco, Bristol ITV Studios London, External Lighting. IMG, Stockley Park. JP Morgan, London. Mark Lane, London. RAF Lakenheath Munitions Lighting Sheffield Mail Centre, Chiller Replacement. South Dock Stage Complex, Pinewood Studios. Tate Modern, London Waitrose Stores (various) Witham Leisure Centre, Essex 11

12 London Opportunities M&E Contracting Bloomberg BSKYB icity, Olympic Park BBC, White City US Embassy 12

13 Intelligent Buildings Key Facts Revenue June m Forward Order Book 2.5m Able to provide Information and Communication Technologies Services, (ICT) Integrating data and communications, building management, lighting control, fire, security, access and AV systems Represents an investment in engineering and resources nationwide Benefit from opportunities within our main M&E packages and stand alone ICT contracts Key Projects: Detica part of BAE Systems Fife Renewable and Innovation Centre Forth Road Crossing Traffic Control Centre Emirates Air Line, London Cable Car Olympic Stadium Tate Modern Gallery London 2012, Olympic Stadium 13

14 Facilities Management Key Facts Revenue m Forward Order Book 18m Facilities Management (FM) business All types of businesses including; offices, commercial or institutional buildings, hospitals, office complexes, arenas and schools or across complex industrial sites for major clients Current projects become an opportunity for our FM Business New 5 year project secured for Springfield Nuclear Fuels Projects We have long-term established relationships with organisations such as BAE Systems and Springfield Nuclear Fuels in the North West. In the Midlands and the East of the UK we have on-going contracts for Defence Estates, Luminus Group, Peterborough City Council and Romec, whilst in the South we have contracts with Cornwall Care, Cornwall College, Credit Suisse, Dungeness Power Station, Imerys Minerals, Imperial College, ITV plc, and Manston Airport. In Scotland contracts include First Group and the Scottish Prison Service. TClarke North West. FM Contract, Samlesbury 14

15 Green Technologies Key Facts Revenue m Forward Order Book 1.0m We have the ability to deliver fully integrated green solutions Sustainable development is at the core of today s buildings Green solutions quickly adopted as part of initial requirement of new designs Key Projects Green Technologies Projects Brent Civic Centre, London Fife Renewables and Innovation Centre LED Super Charge Lighting Westfield Stratford City Solar Farms Kent and Isle Wight We have the ability to deliver fully integrated Green solutions 5MW Durrants Farm, Isle of Wight 15

16 Transport Infrastructure Key Facts Revenue m Forward Order Book 21m M&E services from design to construction Throughout the UK Growth reflected in order book Projects Emirates Airline, London Gilmour Street, Paisley London Underground, Victoria Thameslink Enabling Works Waverley Station, Edinburgh White City Central Line Depot London Underground, White City Depot 16

17 Mission Critical Key Facts Revenue m Forward Order Book 27m Considerable future potential focus on; Data Centres Utility industry Technology sector - large scale data centres Waste to Energy Schemes Hydro Power Schemes A hand-picked team of senior engineers to work on the most exacting data and power projects Working with The biggest names in data centres The biggest global financial organisations The leading names in media Working on highly sensitive projects within the market Current Clients include; British Energy / EDF Springfield Nuclear Fuels Credit Suisse Current Data Centre Projects; Berkshire Buckinghamshire Newcastle upon Tyne Northamptonshire Surrey UK Wide & European Capability The most sought after engineers in the industry to work on your projects UK Banking. Data Centre, Midlands 17

18 Key Facts Revenue m Forward Order Book 1.5m Our own in-house manufacturing capability to prefabricate elements of an installation on every scale. Workshops in Essex, Yorkshire and Scotland. Advantages Helps meeting demanding project timescales Helps clients to meet sustainability targets in manageable and readily measureable ways Helps us to innovate and improve the speed and value of what we do Helps to improve the quality of our works and the health and safety of the environment for our operatives Manufacturing The Shard, London Bridge 310M The tallest building in Western Europe Prefabricated Services Modules consisting: 26,655 metres of steel pipework 9,648 steel flanges 10,213 metres of drainage pipework 14,400 drainage fittings and couplings 21,260 metres copper tube Key Projects Prefabricated multi-service modules provided at The Shard, Europe s tallest building Imperial Tobacco, Bristol Nazareth House, Plymouth Horizon Data Centre The Shard and The Place, London Bridge Quarter 18

19 Residential & Hotels Key Facts Revenue m Forward Order Book 28m Complete service of design, installation, commissioning and maintenance for the residential market Full range of electrical, ICT and mechanical services Projects range from bespoke high-spec private homes to new-build housing estates, student accommodation, housing association developments and major hotel groups and brands Current Residential Schemes 1300 Residential units across Scotland for Blackfriars De Vere Gardens, Kensington MOD Canadian Estate Project Temple Quay, Bristol Three Quays, Tower Bridge De Vere Gardens, Kensington 19

20 Business Focus Revenue 2012 Forward Order Book December 31 st 2012 Mechanical & electrical contracting 117m 131m Intelligent buildings 4m 2.5m Facilities management 25m 18m Green technologies 3m 1m Transport infrastructure 13m 21m Mission Critical 12m 27m Manufacturing 4m 1.5m Residential & hotels 16m 28m Totals 194m 230m 20

21 Group remains profitable, cash generative and no debt Summary Strong team with enhanced market position Good order book and pipeline of opportunities provides future visibility Clear strategy to deliver shareholder value Not underestimating the challenges of 2013, with continued margin pressure Looking to the future, well positioned for the upturn Any pipe, Any wire, Any project, Anywhere 21

22 Any Pipe, any wire, any project, any where M&E contracting transport M&E contracting towers Manufacturing prefabricated M&E riser M&E contracting education Intelligent buildings energy efficiency in lighting Residential and hotels apartment blocks Intelligent buildings communications satellite dishes Intelligent buildings fire alarms Health & safety on site Green technologies recycling plant Facilities management quick response, equipped vans, PDA M&E contracting retail shopping mall Intelligent buildings ICT cabling Green technologies wind energy Utilities & technologies power stations M&E contracting stadiums Utilities & technologies data centres Residential & hotels housing estates M&E contracting government/local authority Rail overground, underground, DLR M&E contracting transport Manufacturing pipework Intelligent buildings CCTV Facilities management 24-hour call centre Green technologies photovoltaics M&E contracting healthcare A world of building services 22

23 plc. Board RUSSELL RACE Chairman IAIN McCUSKER Senior Independent Director BEVERLEY STEWART Independent Director MARK LAWRENCE Group Chief Executive MIKE CROWDER Group Managing Director MARTIN WALTON Finance Director 23

24 Three Year Record Three Year financial highlights 24

25 Margins and Net Worth 25

26 Further London Opportunities M&E Contracting Principal Place The Scalpel 5 Broadgate & Fit out for UBS Battersea Power Station Victoria Circle, SW1 JP Morgan, Victoria Embankment 26

27 Current UK Projects M&E Contracting Redcar Leisure and Community Heart Dixons Allerton Academy, Bradford Witham Leisure Centre Shepperton Studios Imperial Tobacco, Bristol Brindley Place, Birmingham 27

28 TClarke and Co. Founded 1889 TClarke Founded 1889 Became a Limited Company 1911 Listed on London Stock Exchange % of shares acquired by Electrowatt Engineering Services, Zürich Electrowatt acquired by Siemens in 1998 and 53% holding placed with institutions UK presence expanded by acquisition 28