Waterman beats three-year targets
Listed consulting engineer Waterman Group has reported a 50% rise in profits on revenue up 9% and beaten its three-year targets.
For the year ended 30th June 2016, Waterman generated revenue of £91.3m (2015: £83.9m) and profit before tax of £4.3m (2015: £3.4m).
The board had previously set targets for the three years to 30th June 2016 of making £3.3m pre-tax profit and increasing return on capital employed to more than 20%. On the latter count, it delivered 47% in the past year.
Chief executive Nick Taylor said: “Waterman is in excellent shape, having reported results which exceed its previously declared financial objectives.”
He said: “Over the last three years, the group has delivered a six times increase in the annual dividend paid to shareholders to 3.0p from 0.5p and during the same period, after paying shareholders dividends of £1.4m, net funds have increased to £5.5m from £1.1m.
“Our future aspiration remains to improve the group’s adjusted operating profit margin towards 6% over the next three years and to continue to increase our dividend payout consistent with the cash generative nature of the business.”
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This article was published on 10 Oct 2016 (last updated on 10 Oct 2016).