Canadian infrastructure giant and new Atkins owner SNC Lavalin has said that the acquisition of Atkins has contributed £468M (CA$800M) of revenues in its third quarter results, but costs for the quarter have also gone up.
The results are the first time Atkins’ figures have been included within SNC Lavalin’s financial results.
Atkins had a margin of 9.1% for the quarter, and has anticipated revenues of £1.16bn.
For SNC Lavalin overall, selling, general and administrative expenses in Q3 2017 were £233M compared with £82M, in Q3 2016.
It said cost synergies of £70M related to the acquisition of Atkins are on track to be made by the end of 2018. In June New Civil Engineer reported that Atkins was to make 92 redundancies across its infrastructure business.
President and chief executive Neil Bruce said: “Our results overall for Q3 are as we expected and we’ve got great results from the integration of Atkins and Atkins business in particular. So Atkins have contributed $800M of revenues, an EBIT margin of 9.1% and added $2bn to the backlog which is great.”
He said the vast majority of 100 day integration programme had been completed and projects on cost and revenue synergies had been completed. The firm has now started to announce and implement changes related to the Atkins takeover and there will be more announcements over the next four weeks.