Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Scott Wilson slashes pension deficit

Consultant Scott Wilson cut its pension deficit by a better than expected £21.2M in the financial year ending 29 April 2006, it was revealed today.
The firm's annual results, released to the London Stock Exchange this morning, show Scott's Wilson gross pension deficit down to just £12.4M, a greater fall than predicted by the consultant due to tax relief applied to special pension payments.Cash generated by the consultant's flotation in March 2006 helped fund the reduction and also put Scott Wilson in the cash-rich position to be able to make four acquisitions during 2006/7.However, despite having already bought two firms during the current financial year, including the announcement today of the £2.7M purchase of Glasgow-based consultancy McLay Collier, Scott Wilson chairman Geoff French told NCE that it was unlikely Scott Wilson would be as acquisitive during 2007/8 as it was the previous year. 'We will continue to make acquisitions but not as the same last year, when we were able to make use of our newly floated status and firepower to take advantage of opportunities in the marketplace,' said French.Last year's acquisitions and internal restructuring costs combined to see Scott Wilson's operating profit fall from £21.1M in 2005/6 to £14.7M in 2006/7 against an increased revenue of £261M, up from £197.8M the previous year.However, when adjusted for the one-off restructuring and acquisition costs, the firm's operating profit actually jumped by 55.3%, up from £10.5M to £16.3M in 2006/7.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Please note comments made online may also be published in the print edition of New Civil Engineer. Links may be included in your comments but HTML is not permitted.