12th May 2014 08:52
LONDON (Alliance News) - Engineering and environmental consultancy Waterman Group PLC Monday it is performing in line with expectations so far in 2014 and remains on track to deliver on its three-year strategic objective to triple adjusted pretax profit, despite its civil and transportation arm encountering a number of problems.
In the year to date, the company said it has recruited an additional 145 engineers and environmental consultants to service its growing workload. The firm currently employs 979 staff in the UK, an increase of 18% since June 2013 and 10% since December 31.
Waterman Group said its developer clients in the retail sector are moving forward with many projects, but its civil and transportation businesses are suffering from a lack of UK regional commissions.
"Delivering improved results from this segment is a key element of achieving the board's medium-term profit targets," the company said of the civil and transportation business.
However, the firm said an improved performance from its majority-owned Australian operations is compensating for the current shortfall within civil and transportation.
In Ireland, the company said it continue to experience an increase in opportunities in the residential and commercial markets in and around Dublin.
Overall, the group said it is continuing to make progress with its strategy to focus primarily on "mature markets with over 85% of its revenue in the current financial year being generated from UK clients".
Waterman Group shares were up 1.7% at 60.00 pence Monday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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