• 29 February 2016

Waterman Delivers Strong Growth

Waterman Group plc, the engineering and environmental consultancy, today announces its Interim Results for the six months to 31 December 2015.

Please click here to view a pdf of the full interim report for the six months to 31 December 2015.

6 months to 31 December 2015 unaudited6 months to 31 December 2014 unaudited Increase from the comparative period
Earnings before interest, tax, depreciation, amortisation and exceptional items (EBITDA)£2.2m£1.7m+29%
Profit before tax£1.8m£1.1m+64%
Adjusted profit before tax *£1.8m£1.4m+29%
Basic earnings per share4.0p2.0p+100%
Adjusted earnings per share *4.0p2.6p+54%
Interim dividend per share1.2p0.8p+50%
Net funds£6.6m£3.6m+83%
Adjusted operating profit margin *4.1%3.3%+24%

•  Staff numbers increased to 1,317, up 10% since 31 December 2014 and up 5% since 30 June 2015.

•  Return on Capital Employed**(ROCE) increased to 44.7% (FY 2015 1st half: 18.8%), exceeding our strategic target published in 2013 to achieve 20% by June 2016.

* Adjusted for exceptional items.
** Return on Capital Employed is calculated as adjusted operating profit divided by average capital employed where capital employed is equity less goodwill less net funds.

Commenting on the Interim Results, Nick Taylor, Chief Executive said:

“ Waterman’s performance continues to strengthen. With the UK markets generating 90% of revenue, the Group delivered a 54% increase in adjusted earnings per share to 4.0p.”

“ The Board’s aspiration is to increase the Group’s adjusted operating profit margin towards 6.0% by June 2019. Compared with last year we have delivered a 24% improvement from 3.3% to 4.1%.”

“The Board’s focus on returns to shareholders is demonstrated by a 50% increase in the interim dividend to 1.2p. I am also pleased to report that, excluding Funds and AIM, Waterman was the 8th highest growth stock on the London Stock Exchange in 2015.”

“The Board looks forward to the remainder of the financial year and beyond with confidence.”

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For further information please contact:

  • Waterman Group plc
    Nick Taylor, Chief Executive
    Alex Steele, Chief Finance Officer
    020 7928 7888

  • Capital Access Group
    Simon Courtenay
    Harry Rippon
    020 3763 3400

  • N+1 Singer
    Sandy Fraser
    020 7496 3000