Waterman Group Plc Interim Management Statement
Waterman Group Plc (“Waterman” or “the Group”), the engineering and environmental consultant, today releases its Interim Management Statement for the period from 1st July 2013 to date.
The Group’s trading performance since the commencement of the financial year has been in line with the Board’s expectations.
The Group now generates over 80% of its revenue from the UK and our workload in London and the regions has continued to grow over the first three months of the year. To meet this demand we have reinforced our recruitment activity which has resulted in a 5% increase in our engineers and environmental consultants since 1st July 2013.
The four year West Midlands Highways Alliance Framework, which was won in June 2013, has contributed to a 28% growth since the beginning of the year in civil engineers on secondment to Borough and City councils through our Waterman Aspen subsidiary to 272 in number at the end of October 2013.
The London property market continues to remain buoyant and we are now also experiencing increasing activity from residential and retail developers with schemes being considered in regions throughout the UK.
Overseas, our withdrawal from the Group’s offices in Dubai is proceeding as planned. Our Russian operation in Moscow is approaching the conclusion of several projects and new development work is currently being sought from our clients. In Ireland, we have experienced a positive start to the financial year in the residential and commercial sectors and in Australia demand is continuing in the residential, healthcare and judicial sectors.
The Board welcomes those new shareholders who have recently invested in Waterman as a result of the successful placing earlier this month of the 28.85% shareholding previously held by Peter Gyllenhammar and associates. The Annual General Meeting will be held at 10.30 am on Friday 6th December 2013 at Glaziers Hall, 9 Montague Close, London Bridge, SE1 9DD.
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