TClarke PLC on Wednesday said it was on track to achieving its 2023 £500 million revenue target, after reporting a double-digit percentage rise in revenue in 2022.

The London-based engineering services firm reported pretax profit of £10.3 million for 2022, up 32% from £7.8 million in 2021, while operating profit rose 31% to £8.8 million from £11.5 million.

Annual revenue increased 30% year-on-year to £426.0 million from £327.1 million. TClarke noted this was a record figure for the company and said it put it on course to achieve its target of £500 million in annual revenue in 2023.

Chief Executive Mark Lawrence said: ‘The group is in fantastic shape. We have an excellent order book of high quality projects across a wide range of sectors. The business is supported by our strong balance sheet, which continues to grow, with net assets increasing by 46% compared with 2021.’

The company’s closing forward order book stands at £555 million, up from £534 million at the same time at year prior. Of this, £430 million represents committed revenue for 2023.

TClarke proposed a final dividend of 4.1 pence per share, unchanged from a year prior. However, this would bring the total payout for 2022 to 5.35p, up 10% from 4.85p in 2021.

Shares in TClarke were up 3.1% at 149.50p on Wednesday afternoon in London.

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