Andrada Mining acquisition elevates the miner to emerging mid-tier status. Watch the video here.
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For the record, here's N+1 Singer's take on the AGM statement - for the record, they go for 13.2p EPS this year and 14.1p EPS next year (with 3.7p and 3.9p dividends respectively): "Positive order book momentum provides a share price catalyst N+1 Singer view T Clarke�s AGM statement confirms positive order book momentum and reiterates full year expectations. The order book has risen from �337m at the last year end to �368m at the end of April, which is impressive, given T Clarke�s disciplined approach to tendering. With current year revenue forecasts now fully covered, we expect today�s update to be very well received. In our view the shares are overdue a re-rating, currently trading at very modest multiples of earnings (6.1x P/E with a 4.6% dividend yield). Positive AGM update For the full year, revenue and adjusted PBT are expected to be in line with our forecasts (�300m and �7.0m respectively) and net cash is expected to continue its trend of year on year improvement (we are forecasting �13m at Dec �18). The statement also highlights strong growth in the order book, which at 30th April stood at �368 million,increasing from �337 million at the end of December. Encouragingly, T Clarke is seeing no shortage of opportunities but as ever, management is applying a strict policy of only bidding for projects that meet its own internal risk analysis criteria. In this context, the significant growth in the order book is particularly impressive. Management announced a 3% operating margin target at the time of the prelims in March (current year forecast 2.7%) and we would expect the growth in the order book to be consistent with this ambition. The order book growth is broadly based but Newcastle and the North West both have some capacity to fill. Since the last announcement on 27th March, T Clarke has won several important projects, including electrical infrastructure resilience works for BAE Systems and fit out work for Cancer Research at the International Quarter, Stratford. It has also won electrical infrastructure work at Battersea Power Station. Separately, Tony Giddings has resigned as a non executive director. As a result, Mike Robson will become Senior Independent Non-Executive Director and Peter Maskell will chair the Rem. Comm. Impact on earnings & valuation We make no changes to our forecasts, noting the positive outlook commentary. As well as providing excellent visibility for the current year, which is now fully covered, the order book also includes �145m of revenue secured for FY19 and a further �40m beyond that year. We believe the Group is well on track to achieving its margin targets, particularly since the underperformance of Central and South West (loss making last year) has been addressed."