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Atkins reorganisation satisfies City

Consultant Atkins has told the City it is confident it will perform well over the rest of the financial year, thanks to cost-cutting measures taken early on in the recession.

Atkins estimates it will meet board expectations for the year, despite “turbulent” market conditions, thanks to restructuring and scaling-back its water business.

Water engineers have taken the brunt of the cuts, as workloads fall due to the hiatus of work between AMP periods.

However, the energy business is expanding due to increases in both renewables and nuclear workload.

The company’s Highways business has performed well on the back of the M25 widening and maintenance PFI deal. Rail work is also progressing well, the company said.

Interestingly, the Middle East business has: “Traded well during the period despite the ongoing liquidity issues that emerged in the region in November.  With just under 2,000 people now working in the Middle East, we are focused on extending both our geographic reach and sector skills as we expand our multi-disciplinary presence in the region.  Our Europe and China businesses are progressing in line with our expectations, with our rail business in Hong Kong remaining particularly busy.”

Atkins shares rose by close to 2% in early trading to 573p per share.

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