T Clarke’s trading update strikes a confident tone and reiterates full year expectations. After a period of share price weakness, we expect this to be well received, with the order book for outer years also being replenished. The Group is on track to deliver PBT of £6.5m and revenue in excess of £300m, which would represent another year of good progress after the significant profit growth of the past two years. It has been a busy period for the Group, which has seen the handover of two significant schemes, Bloomberg HQ and Facebook’s new London HQ at Rathbone Square. The integration of ETON Associates (acquired in August) is progressing well and the reception from the market place has been positive. The order book stands at £380m (£320m at this stage last year) and importantly £190m of planned revenue for FY18 (c.60% of our forecast) has already been secured.