Waterman Group Plc Interim Management Statement and Notice of Annual General Meeting
Waterman Group plc (“Waterman” or “the Group”), the engineering and environmental consultancy, today releases its Interim Management Statement for the period from 1st July 2015, being the commencement of the current financial year, to date.
During the first quarter of the year to 30th September 2015, the Group’s trading performance has been in line with the Board’s expectations with revenue 8% above the prior year period. In particular, cash collection in the first three months has been strong, such that the Board now believes that the Group’s net cash at the year end on 30th June 2016 will be higher than current market forecasts.
In line with the positive trends we reported on 5th October 2015 when issuing the Group’s Preliminary Results for the year ended 30th June 2015, to service our current and future workload recruitment of new employees has continued in the four months to the end of October and our staff numbers have increased by 5% from 1,259 to 1,317. Around two thirds of this increase has been within our Highways and Transportation specialist outsourcing business where the demand for our resources from public sector clients continues to strengthen.
Our Property team in the UK, which encompasses our Structures and Building Services businesses, continues to win and deliver exciting new projects. NEO Bankside, a residential development in Bankside, London designed by Waterman was one of the six final nominees in October for the RIBA Stirling prize. The prestigious 42,000m2 Victoria Gate retail development in Leeds, on which Waterman are the structures and building services designers, recently reached a significant milestone for the completion of the highest structural point of the development. Friars Walk, a 38,000m2 retail development in Newport, South Wales opened last week and construction has commenced on the 80,000m2 retail development at Westgate Oxford by Land Securities and The Crown Estate. Waterman designed the structures on both these projects.
Our Environmental and Transportation Planning and Due Diligence teams remain very active advising clients across all markets including infrastructure, residential, commercial offices, retail and leisure developments throughout the UK. Many of these schemes should provide future opportunities for our Structures and Building Services businesses. The Infrastructure and Environment team continues to provide pre-planning support on major urban regeneration projects including Battersea Power Station, Brent Cross, Old Oak Park and Canada Water. Recent appointments have included advising on the proposed development of the Old Shredded Wheat Factory Site in Welwyn Garden City for Spen Hill Developments Ltd, the redevelopment of Royal Mint Court opposite the Tower of London, for Delancey and LRC, and the redevelopment of the Elephant and Castle shopping centre for Delancey and APG.
Overall, the Board is pleased with the progress that continues to be made with further new project wins supporting the Group’s ability to deliver continuing strong returns on capital employed and an improving trend in operating profit margins, consistent with the Board’s new aspirational targets.
The Annual General Meeting will be held at 10.30 am on Friday 11th December at Glaziers Hall, 9 Montague Close, London Bridge, SE1 9DD.