• 6 October 2014

Waterman announces Preliminary Results 2014

Waterman Dividend Doubles after 19% UK Growth

Waterman Group plc, the international engineering and environmental consultancy, today announces its preliminary results for the year ended 30 June 2014.

View our Preliminary Results 2014 as a pdf, please click here.

Highlights2014 Preliminary results from continuing operations 2013* Previously reported resultsChange
Revenue (Group)£68m£66.8m**+3%
Revenue (UK)£59.8m£50.2m+19%
Profit before tax£0.8m0.4m***+100%
Adjusted profit before tax£1.4m£1.1m***+27%
Proposed total dividend per share1.0p0.5p+100%
Net cash£1.6m£1.1m+45%
Working capital days5082
Return on capital employees (ROCE)11.4%7.6%
  • Order book increased by 14% to £120m driven by improving demand in the UK property sector.
  • Reduced exposure to overseas markets which do not provide an adequate return in the short term.  Withdrawal from UAE in July 2013 and Russia in January 2014.  Total dividend for the year doubled with a cover of 2.0 times.
  • A net increase of 196 employees recruited during the year to service the UK market.
  • ROCE increased to 11.4% as the Group drives towards its target of 20%.

*Previously reported results exclude the effects of discontinued operations which the Board considers to be the  most appropriate basis for comparison.

**Includes revenue from discontinued operations of £5.3m.
***Includes losses from discontinued operations of £0.5m.
****Adjusted for amortisation of acquired intangible assets and exceptional items.

Commenting on the results, Nick Taylor, Chief Executive said:

“Waterman is continuing to deliver against our strategic target to achieve a tripling of adjusted profit before tax over the three year period up to June 2016 and a return of capital employed of 20%.”

“The UK is our core market, this generates 87% of our revenue and is continuing to grow. Overseas, our operations in Australia and Ireland are experiencing an improving trading environment.”

“Over the last twelve months our order book and prospects have grown in all sectors. We continue to attract and recruit high quality talent to service our existing and new clients and their projects.  As design consultants we experience the upside early in the construction cycle.”

-Ends-

For further information please contact:

  • Waterman Group Plc
    Nick Taylor, Chief Executive
    Alex Steele, Chief Finance Officer
    +44 20 7928 7888
    www.watermangroup.com

  • Broker Profile
    Jonathan Gillen
    Simon Courtenay
    +44 20 7448 3244

  • N+1 Singer
    Sandy Fraser
    +44 20 7496 3178