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Watermans posts strong year-end results

A 57% increase in overseas business saw Waterman Group beat market expectations with revenues of £136.4M for the year to June 2008.

The engineering and environmental consultancy announced adjusted after-tax profits of £7.4M; an increase of 42% on the £5.2M earned in 2007.

Waterman’s revenue from overseas operations generated 32% of the Group’s total turnover. International growth was prominent in the oil, gas and natural mineral-rich economies of the Middle East and former CIS and in particular Abu Dhabi and Kazakhstan where Waterman opened new offices in early 2007.

"Our plans for geographical diversification have progressed well with a strong input from our operations in the Middle East, Russia and China," said Waterman chief executive Nick Taylor.

"In early 2007, we established an office in Kazakhstan and I am pleased to announce that we have recently been appointed as lead engineering consultant on the 582,000m2 mixed use Abu Dhabi Plaza development in Astana, Kazakhstan which is being developed by Aldar Properties PJSC. It is with great pleasure that I can also announce the opening of a new office in Chennai, our first in India, to provide support consultancy services to our global operations," he said.


Watermans insist that the consultancy is in good shape to fight the current economic downturn.

"Looking ahead, our balance sheet is in good health and gearing across the Group is low. We are very conscious of the current difficulties in the financial sector, but the Group remain committed to maintaining our strong reputation and growth in expanding markets," said Taylor.

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