27th Feb 2015 12:21
LONDON (Alliance News) - Engineering and environmental consultancy Waterman Group PLC Friday reported a big jump in first-half pretax profit and doubled its interim dividend, as it reported strong revenue growth, driven solely by strong demand in its UK business.
The company raises its interim dividend to 0.8 pence per share, from 0.4 pence last year, as it posted a pretax profit of GBP1.1 million for the six months to end-December, up from GBP0.7 million last year, while revenue rose to GBP41.4 million from GBP33.2 million.
Revenue growth was driven solely by Waterman's UK operations, as international revenue remained flat at GBP4.7 million. It said it has a solid order book of GBP120 million driven by strong UK demand.
"We have focused our resources on the UK market which is now generating 89% of group revenue and delivered 29% growth. Overseas, our European operations in Ireland and Poland are experiencing positive and improving trading environments whilst demand in Australia remains stable," said Chief Executive Nick Taylor in a statement.
The company said it ended the half-year with net funds of GBP3.6 million, up from GBP1.6 million at the end of December last year.
"The board looks forward to the remainder of the financial year and beyond with confidence," Taylor added.
Waterman shares were trading 0.4% lower at 68.00 pence Friday early afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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