Scott Wilson today said its geographic diversity, specifically in growth regions such as China and India, would see it through the recession.
Scott Wilson chairman Geoff French said that whilst second half of the last year saw “a challenging trading environment” demand for infrastructure services around the world “remains robust”, especially in growth regions such as China and India where Scott Wilson has a strong reputation and presence.
“We are confident that this geographic diversity, combined with our technical and industry credentials, our strong order book and our financial strengths leave us well placed to continue to respond effectively to market developments,” he said.
Group chief executive Hugh Blackwood agreed: “There is no question about it, India and China are growing and there is little effect of the recession there. In China there is a resurgence of work in Hong Kong on top of the work on the mainland and there is an enormous spend in India - there is simply so much to go at.”
French and Blackwood were speaking as the firm presented preliminary results for the 53 week period ended 3 May 2009 which showed revenue up to £360M from £324M, adjusted operating profit stable at £22.6M and order book up £291M to £280M.
As previously announced the firm incurred an exceptional charge of £7M in making 550 redundancies worldwide and from losses incurred as a result of its work on the World Islands project in the Middle East being indefinitely postponed.
Blackwood said that growth next year would be limited, with international growth continuing but compensated by the flattening of the UK market.