- 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.”
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