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Year End 31 Dec 2019

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Year End 31 Dec 2019 In Touch With Tomorrow Preliminary results for the year ending 31st December 2019 M&E Contracting Infrastructure Residential and Hotels Technologies Facilities Management Introduction to your presenters Mark Lawrence Group Chief Executive Officer Appointed to Board, 2nd May 2003 Mark has had 31 years with the company and started his career here by completing an electrical apprenticeship in 1987. He progressed through the company, becoming Technical Director in 1997, Executive Director in 2003 and Managing Director, London Operations in 2007. As Group Chief Executive Officer since January 2010, Mark has led strategic changes across the group and remains a hands-on leader, taking personal accountability and pride in Clarke's performance and, ultimately our shareholders’ and clients’ satisfaction. He regularly walks project sites and gets involved personally with many of our clients, contractors and our supply chain. Trevor Mitchell Group Finance Director Appointed to the Board on 1st February 2018 Trevor is a Chartered Accountant and accomplished finance professional with extensive experience across many sectors, including financial services, construction and maintenance, education and retail, working with organisations such as Balfour Beatty plc, Kier Group plc, Rok plc, Clerical Medical Group and Halifax plc. Prior to his appointment, Trevor had been working with TClarke since October 2016, assisting with simplifying the structure and improving the Group’s financial controls and procedures. 2 Financial Highlights Underlying operating margin target of 3.0% achieved GROUP REVENUE UNDERLYING OPERATING MARGIN UNDERLYING OPERATINGPROFIT PROFIT BEFORETAX BEFORE TAX AND INTEREST £334.6m % £ m £ m 326.8 3.0 3.0 10.2 9.0 334.6 311.2 2.7 9.0 2.5 10.2 278.6 2.3 7.8 8.8 242.4 7.1 1.9 6.9 7.3 4.6 3.5 3.7 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 UNDERLYING EARNINGS PER FORWARD ORDER BOOK SHARE DIVIDEND NETCASH 18.81 £403m £12.4m 18.81p 4.4p 4.4 15.38 411 12.4 12.4 4.0 403 11.7 3.5 12.37 3.2 330 337 11.60 3.1 300 9.3 6.7 7.11 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 3 TClarke In Touch With Tomorrow 2020 Cash Flow Cash Performance £m 25 (4.5) 10.0 (1.5) 1.7 20 (1.5) (0.3) (0.3) (1.7) 15 (1.3) 12.4 (0.6) 12.4 10 5 0 Dec 18 Operating Non-cash Pension deficit Net working Corporate Interest Purchase of Dividends Repayment Purchase of Dec 19 Net cash Profit adjustments reduction capital tax Fixed assets of lease Own shares into Net cash movement ESOT 4 Financial Highlights - Segmental 2019 2018 £m £m Revenue 334.6 326.8 Operating profit - Underlying1 10.2 8.8 - Reported 10.0 8.6 Profit before tax - Underlying1 9.2 8.0 - Reported 9.0 7.8 Profit after tax - Underlying1 8.0 6.4 - Reported 7.8 6.2 Profit for the year 7.8 6.2 Earnings per share - Underlying1 18.81p 15.38p - Reported 18.37p 14.99p Dividend per share 4.4p 4.0p 1. Underlying operating profit, profit before tax and operating margin are stated before amortisation of intangible assets. 2. Underlying earning per share is calculated by dividing underlying profit after tax by the weighted average number of shares in issue. Forward Order Book 2019 2018 % Market sector £m £m change Infrastructure 89.0 65.1 37% Residential & Hotels 110.0 96.2 14% Technologies 50.4 53.7 -6% M&E Contracting 141.9 188.1 -25% Facilities Management 11.7 7.9 48% Forward Order Book comprises of jobs which are secured through contracts of letter of intent. 5 TClarke In Touch With Tomorrow 2020 Balance Sheet 2019 2018 £m £m Non-current assets Intangible assets 25.5 25.7 Property, plant and equipment 9.0 4.9 Deferred tax assets 4.8 3.9 Total non-current assets 39.3 34.5 Current assets Inventories 0.2 0.3 Amounts due from customers under construction contracts 44.6 26.4 Trade and other receivables 41.9 68.7 Cash and cash equivalents 12.4 12.4 Total current assets 99.1 107.8 Total assets 138.4 142.3 Current liabilities Amounts due to customers under construction contracts (0.1) (8.4) Trade and other payables (84.6) (87.8) Current tax liabilities (0.2) (1.0) Obligations under finance leases (1.4) – Total current liabilities (96.3) (97.2) Net current assets 12.8 10.6 Non-current liabilities Obligations under leases (2.8) – Retirement benefit obligations (26.4) (23.0) Total non-current liabilities (29.2) (23.0) Total liabilities (115.5) (120.2) Total net assets 22.9 22.1 6 TClarke In Touch With Tomorrow 2020 Our Strategy 1 2 3 4 5 3% sustained Expanding revenue Remain contractor of Maintain a balanced Build long-term lasting Operating margin streams choice for landmark business relationships projects Our business will focus on We intend to grow our market There is a substantial We balance our business We will continue to grow, our five core target Markets share in integrated services premium market of major by strategic management supporting principal through successful targeted and technologies focussed London projects and their of our order book with a contractors and our clients tendering and principally on data centres complexity and scale means blend of existing markets working on major projects Operational efficiency. and smart technology. We few can deliver the same of M&E, Infrastructure and across the UK, leveraging will use out in-house quality of work, depth of Residential, reviewing FM the quality of our regional capabilities to offer clients resource and integrated contracts and new markets resources and national differentiated, higher value services offering as TClarke. such as Technologies. brand reputation. solutions. We will appropriately resource our We will continue to target regional businesses to target and deliver this work and larger scale contracts and increase our market and develop a selective presence engineering leadership. in Europe. 2019 Achievement Highlights 2019 Achievement Highlights 2019 Achievement Highlights 2019 Achievement Highlights 2019 Achievement Highlights • Operating margin of • Strategic partnership • 8, 22, 100 & 150 • No dependence on one • 90% of turnover in 2019 3.0%, up from 1.9% in established with smart Bishopsgate, London market sector in respect of was with repeat clients 2015 technology provider, Gooee • One Nine Elms, London revenue: • TClarke Europe established • KGX1, Kings Cross, London • A number of European data • Beaufort Park, London M&E Contracting 43% centre bids made • The Peninsula Hotel, London Infrastructure 17% • Increase in Technologies • Battersea Power Station, Residential & Hotels 17% revenue London Technologies 14% Facilities Management 9% 7 TClarke In Touch With Tomorrow 2020 Investor Case 1 2 3 DISCIPLINED AND ROBUST BALANCED BUSINESS MODEL RISK MANAGEMENT FORWARD REVENUE VISIBILITY Sustainable revenues across our five We operate a highly effective and Our secured forward order book at focused market segments. An selective approach to tendering and 31st December 2019 stood at £403 integrated offering and expertise in potential customer risk assessment. million, including £141 million booked technology solutions differentiates us We adopt a conservative policy with for 2021 and beyond. Pipeline bid from competitors and we strive to be regard to profit recognition and opportunities typically exceed £1 the contractor of choice for all claims provisioning. billion. projects. Our repeat client revenues are 90%. 4 5 6 EPS GROWTH AND PROGRESSIVE STRONG CASH FLOW AND IMPROVING PROFITABILITY DIVIDEND POLICY BALANCE SHEET We are focused upon margin We strive to increase earnings over Our cash generation is strong and sustainability at 3% but always the cycle and are committed to a planned capital investment for seeking ways to improve upon this. progressive dividend policy, whilst efficiency and growth is funded from We seek to sustain this alongside a balancing the rewards to shareholders internal resources. At end December growing order book and growth in with the interests of our wider 2019 cash stood at £12.4 million with our revenue line will be driven off an stakeholders. no bank debt. increasing share of technologies work, larger-scale contracts in our regional businesses and controlled expansion into Europe. We have a medium-term revenue target of over £400 million. 9 TClarke In Touch With Tomorrow 2020 Our Five Target Markets 2019 REVENUE £334.6m £29.2m £55.8m 2018: £326.8m PROJECTS BY VALUE 3 projects £147.9m £10 - £25m £45.4m 12 projects 1 project 21 projects £5m - £10m above £25m £2m - £5m £56.3m 29 projects £1m - £2m INFRASTRUCTTURE 39 projects TECHNOLOGIES £500k - £1m M&E CONTRACTING RESIDENTIAL & HOTELS FACILITIES MANAGEMENT 377 projects below £500k FORWARD ORDER BOOK £11.7m £403.0m £50.4m 2018: £411.0m £110.0m £89.0m £141.9m 8 TClarke In Touch With Tomorrow 2020 Facilities Management We offer a unique and industry- Majorframeworks TClarke targets key framework leading range of specialist M&E agreements in both the public and services targeting the FM private sectors with strategic value for our business. Our current list of industry. We also operate a frameworks includes the NHS Procure range of valuable framework 2020 framework for England and NHS agreements, nationwide Building for Wales, the ESFA Schools framework and the Manchester Airports partnerships and long-termblue Group framework. chip FM relationships. Nationwide partnershipsand blue chip relationships CAPABILITIESFOCUS TClarke’s FM expertise brings us a series Specialist M&Eservices of major nationwide and regional We provide market-leading in-house FM expertise partnerships and we also have a number in a complete range of mechanical and electrical of long-term FM relationships with specialisms from chilled water systems and BMS world-class industrial companies like “TClarke is an organisation that controls to fire safety systemsand air handling plants.
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