- Solid order book of £130m (FY2014: £120m) driven by strong UK demand.
- Staff numbers increased by 14% to 1,259 during the last twelve months to service the growth in the UK market.
- Return on Capital Employed**(ROCE) increased to 30.3% (FY 2014: 11.4%), exceeding our published strategic target to achieve 20% by June 2016.
* Adjusted for amortisation of acquired intangible assets and 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.
***Previously reported results exclude the effects of discontinued operations.
Commenting on the results, Nick Taylor, Chief Executive said:-
“ Waterman is in excellent shape. We are delighted with these results.”
“ The Group operates in the property and infrastructure markets. Our niche position is helping us todevelop further our reputation as the “Go to Consultant” for both our clients and staff.”
“ The past year has seen Waterman continue to deliver against our three year strategic plan to enhance shareholder value. Our profitability has improved significantly and we are proposing to double the dividend we are paying to our shareholders.”
“ The strategy announced in 2013 to re-focus the Group primarily on the UK has been a significant success. As a result, during the last two years UK revenue has increased by 48%. Waterman now generates 89% of its revenue from the UK.”
“ Overseas, our operations in Australia and Europe are performing well.”
“ The Board is looking to the future with confidence. We expect to deliver further growth in the current year. Our future aspiration is to improve the Group adjusted operating margin towards 6% over the next four years from the current level of 3.3%.”
– Ends –