The London Borough of Bexley has extended Waterman’s ongoing highways framework agreement. The extension is renewable on an annual basis for up to four more years and is estimated to be worth £1.5m to Waterman in its first year.
The new contract includes provision of traffic and transportation engineering services over and above the current services of civil, highway, bridgeworks, drainage, construction design management co-ordinators and staff secondment.
Waterman’s Infrastructure and Environment team will be supported on the contract by the company’s subsidiary Waterman Aspen, which specialises in highway and transportation secondment services.
Secondly, in partnership with Aecom, Waterman's transportation outsourcing business has secured a £30m contract with the Midlands Highway Alliance (MHA). Aecom previously had the MHA professional services partnership framework on its own. Now in partnership with Waterman, it will support the MHA’s 20 councils on highway projects for another three years.
Services include highway improvements, maintenance and road safety projects, town centre regeneration schemes and transport studies.
Aecom and Waterman will work as part of an integrated team with MHA members to bolster their in-house design capability.
Waterman Aspen will continue to second up to 70 professional and technical staff via the Midlands Highways Alliance.
Waterman chief executive Nick Taylor said: "We are targeting longer term projects and framework agreements as part of improving the group's earnings profile.
He added: "Looking ahead, we remain confident about the group's prospects. We anticipate continuing revenue growth throughout the UK during 2015, most particularly from retail and residential developments and in the highways infrastructure market. The board believes that the group remains on track to make significant progress towards delivering the strategic targets of tripling annual adjusted profit before tax to £3.3m over the three year period up to June 2016."