The company now believes, however, that it has done enough to get through what it expects to be another difficult year ahead.
WSP has secured the support of its banks, signing a new committed credit facility under the same terms as before. The company’s current £150m facility, signed in 2008, was due to expire in May 2013. This will be replaced by a four-year £152.5m facility with the same banking group, expiring in December 2015.
In a pre-close trading update the board said that it: “…currently expects the market dynamics and characteristics for 2012 to follow a similar pattern to 2011 and our expectations for 2012 remain unchanged. The UK market is likely to stay subdued with ongoing constraints on public sector spending and a private sector where confidence and financing remain under pressure. We have absorbed £3.5m of restructuring costs in 2011 to better position our UK business for its current markets and believe it is now appropriately structured and positioned.”