29th Feb 2016 10:37
LONDON (Alliance News) - Waterman Group PLC on Monday lifted its interim dividend, reported a jump in first-half pretax profit and said it expects further improvement in its operating margins to come.
The engineering and environmental consultancy's pretax profit rose to GBP1.8 million in the six months ended December 31, from GBP1.1 million the corresponding half the prior year, as revenue rose by 10% to GBP45.4 million and operating expenses rose by 8.1% to GBP43.2 million.
The company said its adjusted operating margins have improved to 4.1% from 3.3% over the last 12 months, with further progress expected in the second half of the current financial year and beyond. Waterman wants to grow its adjusted operating margin towards 6.0% by June 2019.
"The results have benefited from the board's strategy of focusing primarily on the UK, where 90% of Waterman's revenue is now generated and this focus is anticipated to continue for the foreseeable future. Waterman's long-standing relationships with blue chip companies continue to generate repeat business year on year and the board expects this to continue whilst the UK economy is strong," Chairman Michael Baker and Chief Executive Nick Taylor said.
Waterman increased its interim dividend by 50% to 1.2 pence.
The stock was up 9.0% at 98.12 pence on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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