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Waterman revenues up but job cuts confirmed

Consultant Waterman yesterday reported a 12% increase in revenue for the six months to December 2008, compared with the same period in 2007.

However, in trading conditions that Waterman chief executive Nick Taylor described as “challenging”, the firm also confirmed it had also made permanent and temporary staff redundant at a cost of £0.9M.

This would, said Taylor, generate annual savings of £9M.

“As is well documented, certain sectors and economies in various countries are showing significant signs of slowing which is providing uncertainty to our future workload and in particular Dubai is of concern to our business,” said Taylor.

“As a measure of prudent management, reductions to temporary and permanent staff have been made in the first half of the financial year and these actions will result in annual cost savings of £9M.”

Despite a rise in revenue, Waterman experienced a slight fall in pre-tax profit for the second half of 2008 compared to the same period in 2007, down from £3.5M to £3.3M.

Waterman was along with WYG identified by market analyst Numis as the consultant most unlikely to survive the current economic downturn.

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