- Order book increased by 5% to £105m driven by improving confidence in the UK property sector which remains the Group’s largest market.
- Net cash increased by 22% to £1.1m whilst tangible net asset value per share has been maintained at 52p.
- Decisive action taken to restructure overseas activities leading to the Group’s withdrawal from China during the year and the United Arab Emirates after the year end.
- Total dividends for the year increased by 67% with a target to reduce dividend cover from the current level of 2.8 times towards 2.0 times over the economic cycle.
- Reflecting the improving market conditions and the ongoing benefits of the strategic restructuring the Board has set the realistic 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:
“ Waterman is in good shape. The results for the period reflect a historic backdrop of challenging trading conditions but, looking forward, our markets are much more positive. We have also re-positioned the business successfully and the result is a solid platform from which we are confident that over the next three years we will deliver strong growth.”
“ We are particularly enthusiastic about the prospects for our core market in the UK, which generates over 75% of Waterman’s revenue. Our clients, many of whom are the major property developers, are much more confident and are starting a wide range of schemes. At the same time, we have reinforced our footprint and I am delighted that we are increasing our market share. As a result, our order book is strong with some first class projects, including the 1,000,000 (gross) sq ft new UK headquarters for Google UK Ltd at King’s Cross.”
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