Waterman performing in line with forecast as dividend doubles
Interim Results to 31 December 2013
Waterman Group Plc, the international engineering and environmental consultancy, today announces its interim results for the six months to 31 December 2013.
Please click here to view a pdf of the full interim report for the six months to 31 December 2013.
- Net funds increased since 30 June 2013 by 43% to £1.6m (30 June 2013: £1.1m).
Improving conditions in the UK property sector which remains the Group’s largest market.
- Performance has benefited from the decisive action taken to restructure overseas activities leading to the Group’s withdrawal from United Arab Emirates and Russia.
- Interim dividend increased by 100% as the Group moves towards its target to reduce dividend cover towards two times over the economic cycle.
- The Group remains on course to achieve its target of tripling adjusted profit before tax over the next three years.
*Adjusted for amortisation of acquired intangible assets and exceptional items.
Commenting on the results, Nick Taylor, Chief Executive said:
“The period has seen trading conditions and confidence improve in our core UK markets. Our UK businesses grew revenue by 18% and now represent 84% of the Group.”
“Waterman has continued to generate an improving trend in its financial performance. The recent strategic restructuring of the Group will enable Waterman to capitalise on improving conditions in its established markets where it enjoys longstanding client relationships. We are confident that our strategy over the next three years will deliver significant improvements in its results and generate increasing returns for our shareholders.”
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