Waterman Trading Update
Waterman Group plc (“Waterman” or “the Group”), the engineering and environmental consultancy, today releases a period end trading update for the year ended 30th June 2016.
Waterman has experienced a successful trading period. The Board expects to report results which exceed its previously declared financial objective of tripling adjusted annual profit before tax to £3.3m over the three year period to 30th June 2016.
Our continuing emphasis on working capital management has resulted in a further significant improvement in the Group’s net cash position. Notwithstanding the increased levels of activity, the Group expects to report net funds at 30th June 2016 of £5.4m, up from £3.8m at 30th June 2015 (£6.6m at 31st December 2015).
Whilst the recent EU Referendum decision has generated a period of uncertainty for markets, it is too early to speculate what impact, if any, there will be on Waterman’s future prospects. In the five weeks since the Referendum we have continued to experience good levels of enquiries. We have been appointed for several new commissions across a wide range of development activities, some of which have been outlined in recent announcements.
The Group expects to announce its preliminary results for the year ended 30th June 2016 on 10th October 2016.