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Downsizing helps put Waterman back on track

4 Oct 11 Cost-cutting at consulting engineer Waterman Group, including the shedding of one in seven employees, has helped put the practice back into profit.

Chief executive Nick Taylor
Chief executive Nick Taylor

Waterman’s Ebitda for the year to 30 June 2011 was £2.9m, turning around a loss of £2.3m last time.

Profit before tax was £600,000, compared to a loss of £5.0m in 2010. The pre-tax profits include a provision for exceptional items of £123,000 in 2011 but £5.6m in 2010.

Revenue fell 11% to £74.1m.

Employee numbers over the last 12 months have been cut from 1216 to 1052 – a 13.5% headcount reduction – and reporting structures have been simplified.

Cost reduction has also focused on releasing unused office space back to landlords.

Chief executive Nick Taylor said: “Our performance in the second half of the year improved relative to the first half with increased profitability and reduction in net debt as benefits materialised from the earlier re-structuring of the business with a greater focus on our core consultancy skills and geographical strengths."

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