June 16, 2016 02:00 ET

Atkins (WS) PLC Announces Results for the Year Ended 31 March 2016

LONDON, UNITED KINGDOM--(Marketwired - Jun 16, 2016) - Atkins (WS) PLC (LSE: ATK)


Results for the year ended 31 March 2016

Strong performance, 8% margin target achieved and PP&T nuclear acquisition now completed

Design, engineering and project management consultancy WS Atkins plc (Atkins) today announces its preliminary results for the year ended 31 March 2016.


    Note   2016   2015   Change
  Income statement                
    Revenue       £1,861.9m   £1,756.6m   +6.0%
    Operating profit       £143.4m   £118.5m   +21.0%
    Underlying operating profit   1   £148.2m   £134.1m   +10.5%
    Operating margin       7.7%   6.7%   +1.0pp
    Underlying operating margin   2   8.0%   7.6%   +0.4pp
    Profit before tax       £131.1m   £106.7m   +22.9%
    Underlying profit before tax   3   £139.0m   £121.9m   +14.0%
    Profit for the year after tax       £103.4m   £85.7m   +20.7%
    Diluted EPS       103.0p   85.4p   +20.6%
    Underlying diluted EPS   4   107.3p   97.1p   +10.5%
  Dividend       39.5p   36.5p   +8.2%
  People   5            
    Staff numbers 31 March       18,052   18,462   -2.2%
    Average staff numbers       18,416   17,898   +2.9%
    Operating cash flow       £116.1m   £133.9m   -13.3%
    Net funds   6   £191.7m   £179.3m   +6.9%
  Work in hand   7   44%   51%   -7pp

Financial highlights
-    Revenue up 6% to £1.86bn
-    Underlying operating profit up 10.5%, 8.0% margin target achieved
-    Underlying profit before tax of £139.0m, ahead of market expectations
-    Underlying diluted EPS up 10.5%, full year dividend up 8.2%
-    Strong balance sheet with net funds of £191.7m at 31 March 2016

Operational highlights
-    Significant improvement in UK and Europe performance
-    Two recent major transportation project wins in North America underpin workload into the new financial year
-    Strong performance in Middle East driven by the Central Planning Office in Qatar and peak delivery on metro projects
-    In Asia Pacific we continue to pursue outbound investment opportunities with selected Chinese contractors
-    Difficult year for Energy, although good growth in nuclear, power and renewables
-    PP&T nuclear acquisition completed in April 2016.

"We are delighted to have achieved our 8% operating margin target against headwinds in certain markets. These are good results with strong growth in profitability and underlying diluted EPS. Overall, we remain confident for the year ahead despite continued uncertainty in some of our markets."

Allan Cook CBE
Prof Dr Uwe Krueger
Heath Drewett, Group finance director +44 (0) 20 7121 2000
Sara Lipscombe, Group communications director +44 (0) 20 7121 2000
Kate Moy, Investor relations director +44 (0) 20 7121 2000

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This information is provided by RNS
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