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

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."

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