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Thu April 15 2021

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Waterman's UK focus reaps rewards

5 Oct 15 Publicly listed consulting engineer Waterman Group has reported a 25% increase in UK revenues and fourfold profits growth.

For the year to 30th June, Waterman Group banked revenues of £83.9m, up 22% from the previous year’s £68.8m. Pre-tax profit reached £2.0m, up from £800,000 the previous year.

Revenue growth was driven by strong UK demand. Domestic revenue rose 25% to £74.5m (2014: £59.8m). Overseas revenue, by comparison, was up only 4% from £9.0m to £9.4m. The focus on the UK is a deliberate strategy by the company. Over the last three years, Waterman has withdrawn from China, UAE and Russia.

Chief executive Nick Taylor said: “Waterman is in excellent shape. We are delighted with these results.”

He added: “The past year has seen Waterman continue to deliver against our three-year strategic plan to enhance shareholder value. Our profitability has improved significantly and we are proposing to double the dividend we are paying to our shareholders. The strategy announced in 2013 to re-focus the group primarily on the UK has been a significant success. As a result, during the last two years UK revenue has increased by 48%. Waterman now generates 89% of its revenue from the UK."

He concluded: “The board is looking to the future with confidence. We expect to deliver further growth in the current year.  Our future aspiration is to improve the group adjusted operating margin towards 6% over the next four years from the current level of 3.3%."

During the year Waterman recruited an additional 151 staff, an increase of 14%.

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