Waterman Group Plc Interim Management Statement
Waterman Group plc (“Waterman” or “the Group”), the engineering and environmental consultancy, today releases its Interim Management Statement for the period from 31 December 2015, being the interim period end, to date.
The Group’s trading performance has remained in line with the Board’s expectations with revenue during the first nine months of the year to the end of March 2016 10% above the prior year period.
As a result, the Group remains on target to exceed its previously declared financial objectives to triple adjusted annual profits before tax to £3.3m over the three year period to 30 June 2016.
As previously announced, the Board’s future aspiration is to increase the Group’s adjusted operating profit margin towards 6% by 30 June 2019 compared to the 3.3% delivered in the last financial year ending 30 June 2015. The Board continues to anticipate that the results for the current financial year will show a significant increase in adjusted operating margin, consistent with delivery of this new aspirational target.
Cash collection has remained strong and the Board now expects that the Group’s net cash at the year end will be above the current market forecast.