SOURCE: Atkins (WS) PLC

November 15, 2012 02:00 ET

WS Atkins plc Half Year Financial Report for the Six Months Ended 30 September 2012

In Line With Expectations and on Track for the Full Year

LONDON--(Marketwire - Nov 15, 2012) - Design and engineering consultancy group WS Atkins plc (Atkins) (LSE: ATK) today announces its unaudited results for the six months ended 30 September 2012.

FINANCIAL SUMMARY

Key Performance Indicators                    
                     
        Six months to
30 Sept 2012
    Six months to
30 Sept 2011
  Increase /
(Decrease)
 
                     
Income statement - on an underlying basis   a                
Underlying operating profit       £45.9m     £51.5m   (10.9) %
Underlying operating margin       5.6 %   6.1 % (0.5)pp  
Underlying profit before taxation       £43.9m     £46.4m   (5.4) %
Underlying diluted earnings per share       34.9p     36.2p   (3.6) %
                     
Income statement - as reported                    
Revenue       £815.7m     £842.9m   (3.2) %
Operating profit       £44.8m     £49.3m   (9.1) %
Operating margin       5.5 %   5.8 % (0.3)pp  
Profit before taxation       £50.4m     £44.2m   14.0 %
Profit after taxation       £41.5m     £34.9m   18.9 %
                     
Diluted earnings per share       41.8p     34.8p   20.1 %
Dividend   b   10.00p     9.75p   2.6 %
Average staff numbers   c   17,482     17,529   (0.3) %
Closing staff numbers   c   17,756     17,710   0.3 %
                     
Work in hand       89.5 %   88.2 % 1.3pp  
Net funds   d   £83.7m     £95.6m   (12.4) %

Notes:
a. Excludes amortisation of acquired intangibles in both 2012 and 2011, and profit on sale of RMPA in 2012
b. Interim dividend declared for the six months to 30 September 2012
c. Staff numbers are shown for continuing operations and on a full-time equivalent basis, including agency staff
d. Net funds comprise cash and cash equivalents plus financial assets and loan notes receivable less borrowings

Highlights

  • Revenue down 3.2% following UK asset management sale in 2011

  • Solid UK performance with growing headcount

  • Challenging first half in North America and the Middle East

  • Strong growth in Asia Pacific, Europe and Energy

  • Financial position remains strong, with new funding arrangements in place

  • Interim dividend increased by 2.6%

  • Overall outlook for the full year unchanged.

Commenting on the results, Uwe Krueger, chief executive officer, said:

"The Group has delivered encouraging results in line with our expectations, with the sector and geographic spread of our business continuing to provide resilience in challenging markets. Implementation of our strategy continues and the outlook for the full year remains unchanged.

We are pleased to be recruiting again and, in particular, are delighted to welcome over 500 graduates to the Group this autumn.

We have been proud to be the official engineering design services provider to the London 2012 Olympic Games. This project leaves an important regeneration legacy in London and is proving to be a valuable reference for both business development and staff recruitment."

Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/1678R_1-2012-11-14.pdf

Contact Information

  • Enquiries

    Atkins

    Uwe Krueger
    chief executive officer
    + 44 (0) 20 7121 2000

    Heath Drewett
    Group finance director
    + 44 (0) 20 7121 2000

    Kate Moy
    investor relations director
    + 44 (0) 20 7121 2000

    Sara Lipscombe
    Group communications director
    + 44 (0) 1372 726140

    Smithfield

    Alex Simmons
    + 44 (0) 20 7360 4900