• 27 February 2015

Confident Waterman Remains on Track With Half Year Results

Waterman Group plc, the engineering and environmental consultancy, today announces its interim results for the six months to 31 December 2014.

View the Interim Results as a pdf, please click here.

Highlights from continuing operations:6 months to 31 Dec 2014, unaudited6 months to 30 June 2014, unaudited (restated)6 months to 31 Dec 2013, unaudited (restated)Change from the comparative period
Revenue - UK£36.7m£31.3m28.5m+29%
Revenue - International£4.7m£4.4m£4.7mnil
Revenue - Group£41.4m£35.7m£33.2m+25%
Earnings before interest tax, depreciation, amortisation and exceptional items (EBITDA)£1.7m£0.8m£1.1m+55%
Profit before tax£1.1m£0.1m£0.7m+57%
Adjusted profit before tax*£1.4m£0.6m£0.8m+75%
Basic earnings/(loss) per share2.0p(0.7p)1.3p+54%
Adjusted earnings per share*2.6p0.4p1.6p+63%
Interim dividend per share0.8p0.6p0.4p+100%
Net funds£3.6m£1.6m£1.6m+125%
  • Solid order book of £120m driven by strong UK demand.
  • Employee numbers have increased by 15% during the last twelve months to service the growth in the UK market.
  • ROCE increased to 18.8% (FY 2014 1st Half: 12.6%) as the Group drives towards its target of 20%

*Adjusted for amortisation of acquired intangible assets and exceptional items.

Commenting on the results, Nick Taylor, Chief Executive said:-

“ Waterman operates in the Property and Infrastructure markets where our niche position enables us to focus on our loyal clients and recruit high quality talent to service our expanding workload.”

“ The period has seen Waterman make significant progress towards delivering the strategic targets of tripling annual adjusted profit before tax to £3.3m over the three year period up to June 2016 and generating a return on capital employed of 20%.”

“ In line with this strategy we have focused our resources on the UK market which is now generating 89% of Group revenue and delivered 29% growth. Overseas, our European operations in Ireland and Poland are experiencing positive and improving trading environments whilst demand in Australia remains stable.” 

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

-Ends-

For further information please contact:

  • Waterman Group Plc
    Nick Taylor, Chief Executive
    Alex Steele, Chief Finance Officer
    +44 20 7928 7888
    www.watermangroup.com

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