Annual General Meeting Statement and Trading Update
Waterman Group plc (“Waterman” or “the Group”), the engineering and environmental consultancy, will be holding its Annual General Meeting at 10.30am today. Its Chairman, Michael Baker, will make the following statement:
“During the first four months of the current financial year to 31st October 2016, the Group’s overall performance was in line with the Board’s expectations, with revenue slightly above the prior year period, in part due to beneficial exchange rates. Cash collection has remained strong, supporting the Board’s aspiration to maintain a progressive dividend policy increasing the level of dividends payable to shareholders over time.
Over recent months, excellent progress has been made on several projects where Waterman is providing engineering and environmental support to clients during the early phase of development design.
Additionally, It is with great pleasure that I can update you on the following commissions and prospects:
- In November 2016, we announced that Waterman has been appointed to the Ministry of Defence’s Army Basing Programme delivered by Aspire Defence to complete, by 2020, 130 new buildings and over 2,600 additional bed spaces for single soldiers at new and enhanced garrison facilities at Bulford, Tidworth, Perham Down and Larkhill across Salisbury Plain and at Aldershot. The value of the construction programme is anticipated to be approximately £680 million and Waterman is involved in over 50% of the works.
- We have been instructed to progress scheme and tender information for the planned 90,000m2 extension to the Brent Cross shopping centre in London for Hammerson and Standard Life. This exciting new development continues our involvement in large retail projects throughout the UK where we have recently been the designers for the 40,000m2 Victoria Gate Centre, Leeds for Hammerson which opened in October 2016 and the 80,000m2 Westgate Centre, Oxford for Land Securities and The Crown Estate which will open in Autumn next year.
- We are pleased to announce that as part of the Priority Schools Building Programme, PSBP2, Waterman has been appointed by Turner & Townsend to provide technical advice for the feasibility studies of each school. Under PSBP2 the Government is aiming to improve and refurbish 278 schools by 2021. Waterman’s involvement will be nationwide and cover approximately one quarter of the schools.
- Waterman Aspen, our specialist Highways and Transportation outsourcing business, has welcomed the recent Autumn statement by the UK Government confirming its commitment to invest over £1.3bn to ease congestion on the country’s roads. Of particular note is that included within this investment is £1.1bn for the upgrade of local roads. Waterman currently provides engineers on secondment to over fifty County, City and Borough Councils throughout the UK as well as Highways England and Transport for Scotland.”
“I would like to take this opportunity to thank all our staff and shareholders for their continued support and valued contribution during the last financial year.”
“The Board looks forward to announcing its half year results in February 2017.”