18th Aug 2014 06:36
LONDON (Alliance News) - WS Atkins PLC said Monday that it has reached an agreement to sell off its Polish business to a Norwegian consultancy and design company in a GBP2.8 million cash deal.
The engineering and consulting firm said it has sold the business to Multiconsult AS in a deal that is set to complete in September 2014.
The Polish business employs 77 people and reported revenue of GBP5.0 million in the year to March 31, 2014, said WS Atkins.
"The sale of our Polish business is a further step forward in the implementation of our strategy to optimise our portfolio of businesses, and focus our investment in markets where the Group can deliver profitable growth," said Chief Executive Uwe Krueger.
In a trading update in July FTSE 250-listed WS Atkins said that it had traded in line with expectations since April, despite currency headwinds, as its Middle East business continues to win contracts. The company retained its outlook for the full-year and reported that its UK highways consultancy business is operating in a buoyant market and its rail arm is experiencing high volumes of work.
By Alice Attwood; [email protected]; @AliceAtAlliance
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