Consultant Waterman has revealed it has cut staff numbers by 9% over the last 12 months following the amalgamation of its UK civil and transportation businesses.
The firm said the move was in response to “subdued activity and margin pressure” and that it would create a “more focused and sustainable operation with concentrated centres of excellence”.
The cuts mean its headcount now stands at 961.
It revealed the move in results for the year ended 30 June 2012. These showed revenue of £68.8M, a 7% fall on £74.1M in 2011. Pretax profit was steady at £600,000.
Commenting on the results, chief executive Nick Taylor said the restructuring had strengthened the business and that it “will provide greater resilience and competiveness”.
The firm’s operations in the UK and Australia generate 85% of its revenue. Taylor said these were mature markets where Waterman’s brand strength and client relationships with senior employees “provides significant opportunities for repeat business”.
The firm has refocused its efforts on certain key clients in its other overseas locations in Russia, the Middle East and Europe to provide more profitable workload.