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Royal Haskoning net profit dropped 46% in 2009

Royal Haskoning’s 2009 results show net profit has almost halved, but the company described itself as “financially healthy in a changing market”.

Dutch consultancy Royal Haskoning has published its headline financial results for 2009. Net profit amounted to €4.7M (£4.1M), down from £7.5M in 2008.

The result for 2009 was influenced by disappointments in the architecture & building division, provisions for debtors, reorganisation costs and an accelerated depreciation of goodwill, said the company.

Total revenue was 4% less than in 2008, at £310M. 2% of this was due to the devaluation of the pound resulting in a smaller contribution from UK business.

Operating results amounted to £20.2M (£27.7M in 2008), comprising the £4.1M net profit plus £4.4M of profit distribution to employees, £8.4M in depreciation, an £0.6M balance of interest and £2.8M of tax.

Royal Haskoning said the cash flow from operational activities was £13.6M (£5.5M in 2008), well above its target, which was a figure at least equal to the net profit. At the end of 2009, work in hand stood at 6.7 months (end of 2008: 7.3 months).

The company said 2009 was “a year of changes and challenges, during which business operations were enhanced through a range of efficiency improvements”.

In 2010 Royal Haskoining’s focus will be on countries and markets that benefit from investments in oil and gas. A statement from the company identified opportunities in Asia, Brazil, Australia and South Africa.

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