TClarke posts profit surge despite fraud hit

Grant Prior 8 years ago
Share

Profits have powered ahead at TClarke despite an internal fraud case which has cost the M&E giant £3.3m.

Latest results for the year to December 31 2016 show underlying pre-tax profits rose by 48% to £6.2m on turnover up 15% to £278.6m.

The one blot on the results was the fraud case which came to light last October when TClarke discovered it had been swindled by a former employee.

The fraud involved accounting  over several years at its mechanical contracting subsidiary DG Robson Mechanical Services.

The accounts revealed the total cost of the fraud at £3.3m including £400,000 spent in investigations.

Chairman Ian McCusker said: “I am very disappointed we had to report the discovery during the year of a significant fraud at one of our subsidiary companies.

“The management response on discovery of the fraud was swift, decisive and appropriate.

“An independent and comprehensive review of our internal controls and procedures was commissioned immediately.

“As a result of the review, a number of recommendations were made which will further strengthen our controls and are in the process of being implemented.

“The Board is satisfied that the fraud was limited to the subsidiary company in question and that the full extent of the fraud has been identified. Legal proceedings are ongoing.”

T Clarke reported strong workloads in its core London and South East region and all divisions across the UK posted increased profits.

The firm also reported a record current order book.

Chief Executive Mark Lawrence said: “Our focus on improving performance and margins throughout the Group continues to show through.

“Equally pleasing is that we have been awarded further contract wins which means that our forward order book as at the end of February 2017 now stands at £350m, a new record for TClarke.”

Latest news

HS2 awards £3bn of track contracts

Ferrovial BAM and Colas Rail among 'rail systems' winners
8 hours ago

Severfield finds weld problems on nine HS2 bridges

Steelwork specialist slumps to a loss after £20m hit to fix installed structures
16 hours ago

Wates wins Middlesbrough Gresham regen scheme

Firm will build 230 rental flats, hotel and student 450 student beds
12 hours ago

Scottish Water launches £9bn bid race

Delivery Vehicle 4 is company's largest ever procurement programme
16 hours ago

Multiplex signs off £400m Westminster barracks resi job

Super prime 179 flats to be built at former home of Royal Horse Artillery
1 day ago

Road worker dies after crash on A30

Collision involving two highways maintenance vehicles and a lorry in Cornwall
1 day ago

Vp launches dedicated rail division

Launch comes as equipment rental specialist posts latest results
17 hours ago

Kori Construction lands £21m Leicester care home

Work to start next month with local supply chain
17 hours ago

Kier in line for £70m Bishop’s Stortford town centre job

Developer Cityheart recommits to regeneration of Old River Lane site
16 hours ago

Kier and Bam star in two Welsh frameworks worth £1.4bn

Welsh hospitals and South West Wales building frameworks awarded
2 days ago

Developer GPE targets 40% of reused building materials

Subcontractors will be asked for suggestions on how to cut use of virgin materials
2 days ago

95 secure spots on major consultants framework

Host of firms win places on Procure Partnerships deal
2 days ago

Arup restructures board to create new CEO role

Group chair Jerome Frost takes new role at consultant
2 days ago

Winners revealed for £5.4bn electricity grid upgrade

SP Energy Networks unveils 19 winners - full list
4 days ago

Balfour and Flannery hit training milestone

1,000th student trained at Operator Skills Hub
2 days ago

Fast-track skills hubs to train 5,000 extra apprentices

Plan for network of 32 skills hubs to train construction apprentices in half the time
4 days ago

Malaysian property giant to buy 50% stake in JRL

IJM Land to buy into diversified £800m turnover south east contractor
5 days ago

Luxury house builder files administration notice

£31m turnover Octagon Developments Ltd lodges court notice
5 days ago

Morgan Sindall takes on £22m stalled ISG Cardiff school job

Workplan is being drawn up ahead of restart on Penarth school
5 days ago

Walker Modular wins bathroom pod deal on student tower

Sealant-free construction method helps supplier dominate student market
5 days ago

Over £600m awarded for decarbonisation projects – full lists

Over 240 public building energy upgrade projects secure cash
5 days ago

Enabling works to start on £130m Huyton town centre regen

Phase one includes a new council HQ, hotel and 72 flats
6 days ago

Ridge buys rival consultant Jubb

Acquisition will see 100 new staff join Ridge
6 days ago

Grainger build to rent pipeline rises to £1.4bn

Rental specialist buys sites in Sheffield and Cardiff to build 600 rental homes
6 days ago

Kier wins Cambridgeshire County council estate upkeep

Firm will provide building and M&E services to 106 buildings across the county
6 days ago

Louvres and solar shading specialist files for administration

Hampshire based ALPS lodges court notice after 25 years in business
6 days ago

Speedy Hire posts a loss in latest results

Hire giant confident of better performance in next six months
6 days ago

Esh to lead next phase of Riverside Sunderland regeneration

Infrastructure work will allow further development of Sheepfolds area
6 days ago

Green light for £1.3bn Edinburgh coastal town revamp

First phase of Granton Waterfront scheme will see Cruden Homes create a new community
6 days ago

Vistry chief operating officer steps down

Earl Sibley exits as his COO role axed for more direct reporting to CEO
7 days ago

Contractor services