RNS Number : 6010D
Waterman Group PLC
18 May 2012
WATERMAN GROUP PLC INTERIM MANAGEMENT STATEMENT
Waterman Group plc ("Waterman" or "the Group"), the international engineering and environmental consultant, today releases its Interim Management Statement for the period from 1(st) January 2012 to date.
In the UK, the second half of the year has progressed largely as the Board anticipated. The London property market has remained buoyant with continuing opportunities in many areas and we have responded by recruiting additional staff for our environmental and structural teams. Outside London, our markets have continued to exhibit challenging trading conditions both in the public and private sector. In these regions we have continued to rationalise those parts of the UK business which are underperforming and where we do not anticipate a recovery in the short term.
In keeping with our strategy to target UK Public Sector opportunities it is pleasing to report that good progress has been made and the Group has identified and won several appointments which will generate fee income over a 3 to 4 year period. In the last six months we have secured new frameworks with Angus Council, Crawley Borough Council, Fife Council, London Borough of Bexley, Yorconsult, Sussex Consortium and London Borough of Haringey. We are currently one of three consultants tendering a significant six year Local Authority framework and an announcement of the successful party should be made in July this year.
Overseas, we have experienced mixed trading conditions. In Australia, our performance has remained strong even though the private property market continues to be depressed. During the last month our Middle East and Kazakhstan businesses have suffered significant set backs with four projects not progressing as planned. In view of this, options to overcome the low utilisation in these offices are currently being considered. We have commenced discussions with our clients to establish the value of work we have completed to date in relation to the delayed projects.
Whilst the economic climate remains challenging we have continued to win our fair share of the available opportunities in a competitive environment and as a result our underlying operating profit remains broadly in line with expectations.
Date: 18(th) May 2012
For further information please contact:
Waterman Group plc City Profile
Nick Taylor, Chief Executive Simon Courtenay
Alex Steele, Finance Director 020-7448-3244
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