Collaborative Contracting - TClarke...INVESTOR PACK Preliminary Results for the Year Ended 31st...
Transcript of Collaborative Contracting - TClarke...INVESTOR PACK Preliminary Results for the Year Ended 31st...
INVESTOR PACK Preliminary Results for the Year Ended 31st December 2012
Collaborative Contracting
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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
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Leading UK provider of M&E services
Profitable, cash generative, improved positive net cash position
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
Group Highlights
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Financial Highlights
31st December 2012
£m
Margin %
31st December 2011
£m
Margin %
Revenue 193.8 183.8
Underlying operating profit¹ 2.9 1.5% 4.7 2.6%
Underlying profit before tax¹ 2.4 4.2
Profit before tax 1.2 0.6% 4.9 2.7%
Earnings per share – basic 2.05p 9.69p
Earnings per share – underlying² 4.40p 7.34p
Interim dividend 3.0p 3.0p
Order book 230 190
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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
Income Statement
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• 2011 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
Segmental Analysis 31st December 2012
31st December 2011
Revenue Underlying Profit Margin Revenue Underlying Profit Margin
South 129.7 0.5 0.4% 132.3 2.7 2.0%
North 48.7 2.1 4.4% 34.5 2.3 6.6%
Scotland 15.4 0.1 0.6% 17.0 (0.6) -3.3%
Other 0.2 0.3
Total revenue 193.8 183.8
Underlying operating profit 2.9 1.5% 4.7 2.6%
Net interest (0.5) (0.5)
Underlying PBT 2.4 4.2
Non-recurring items (0.9) (1.0)
Amortisation (0.3) (0.5)
Profit on property sale - 2.2
Profit before tax 1.2 4.9
Cash Flow
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31st December 2012 £m
31st December 2011 £m
Operating cash flow before working capital movements 2.4 3.8
Working capital movement 4.6 (8.7)
Operating cash flow 7.0 (4.9)
Corporation tax (0.5) (1.8)
Fixed asset disposals / (additions) Acquisitions
(0.2) -
2.8 (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 0.6 7.2
Closing net cash 5.6 0.6
• Positive cash flow • No debt • £8m overdraft facility in place
Balance Sheet
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Balance Sheet 31st December 2012 £m
31st December 2011 £m
Intangible assets 23.7 24.0
Property plant and equipment 5.9 6.4
29.6 30.4
Inventories and construction contracts 10.2 14.3
Debtors 36.0 26.4
Creditors (47.1) (37.1)
Working capital excluding cash (0.9) 3.6
Net cash 5.6 0.6
4.7 4.2
Pension scheme (11.9) (10.0)
Tax - current and deferred 1.9 1.5
Finance lease obligations (0.2) (0.2)
Net assets 24.1 25.9
Net assets excluding intangibles 0.4 1.9
Net current assets 4.2 3.8
• Net assets excluding intangibles remain positive • Net current assets increased
• No significant debt • Pension deficit - cash contributions c£0.9m pa
Operational Review
8 DGR, Pre-Fabricated Services Modules
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Mechanical & electrical contracting
Residential & hotels
Facilities management
Green technologies
Transport infrastructure
Mission critical
Manufacturing
Intelligent buildings
London
Accrington
Derby
Bristol
Cardiff
Falkirk
Harlow
Kings Lynn
Peterborough
St Austell
Leeds
Plymouth
Sittingbourne
Huntingdon
Aberdeen
Newcastle
Complete Nationwide Coverage Eight Business Sectors
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Key Facts – Revenue 2012 - £117m – 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
M&E Contracting
In Progress 20 Fenchurch Street
Examples of Current Projects
• 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
Mark Lane, London
M&E Contracting
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London – Opportunities
BBC, White City US Embassy iCITY, Olympic Park
Bloomberg BSKYB
M&E Contracting
London 2012, Olympic Stadium
Intelligent Buildings
Key Facts – Revenue June 2012 - £4m – 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
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TClarke North West. FM Contract, Samlesbury
Facilities Management
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Key Facts – Revenue 2012 - £25m – 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.
Green Technologies
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Key Facts – Revenue 2012 - £3m – 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
Transport Infrastructure
16 London Underground, White City Depot
Key Facts – Revenue 2012 - £13m – 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
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Mission Critical
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 The most sought after engineers in the industry to work on your projects
UK Banking. Data Centre, Midlands
Key Facts – Revenue 2012 - £12m – 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
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
Manufacturing
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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
Key Projects Prefabricated multi-service modules provided at The Shard, Europe’s tallest building Imperial Tobacco, Bristol Nazareth House, Plymouth Horizon Data Centre
Key Facts – Revenue 2012 - £4m – Forward Order Book £1.5m
The Shard and The Place, London Bridge Quarter
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
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Residential & Hotels
Current Residential Schemes 1300 Residential units across Scotland for 2013 240 Blackfriars De Vere Gardens, Kensington MOD Canadian Estate Project Temple Quay, Bristol Three Quays, Tower Bridge
De Vere Gardens, Kensington
Key Facts – Revenue 2012 - £16m – 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
Business Focus
Revenue 2012 Forward Order Book December 31st 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
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Summary Group remains profitable, cash generative and no debt
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
Any Pipe, any wire, any project , any where
A world of building services
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
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plc. Board
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RUSSELL RACE
Chairman
MARK LAWRENCE
Group Chief Executive
IAIN McCUSKER
Senior Independent Director
MIKE CROWDER
Group Managing Director
MARTIN WALTON
Finance Director
BEVERLEY STEWART
Independent Director
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Three Year Record
Three Year financial highlights
Margins and Net Worth
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Further London Opportunities
JP Morgan, Victoria Embankment
M&E Contracting
Principal Place The Scalpel 5 Broadgate & Fit out for UBS
Victoria Circle, SW1 Battersea Power Station
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M&E Contracting
Redcar Leisure and Community Heart Dixons Allerton Academy, Bradford
Current UK Projects
Witham Leisure Centre
Shepperton Studios Imperial Tobacco, Bristol Brindley Place, Birmingham
TClarke Founded 1889 TClarke and Co. Founded 1889
Became a Limited Company 1911
Listed on London Stock Exchange 1948
53% 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
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