1st Nov 2006 11:31
Waterman Group PLC01 November 2006 WATERMAN GROWTH CONTINUES WITH ACQUISITION OF AHW VICTORIA CONSULTING ENGINEERS Waterman Group plc ("Waterman"), one of the UK's leading multidisciplinaryengineering and environmental consultancies working on major internationalprojects, is pleased to announce that it has completed the acquisition of a 51%interest in the business and assets of AHW Consulting Engineers (Victoria) PtyLtd ("AHW Victoria"), a multidisciplinary consulting engineer based inMelbourne, Victoria, Australia. This acquisition is part of Waterman's strategyof investing in sectors and regions that will deliver long term growth. Founded in 1992, AHW Victoria is one of the largest independent buildingservices and structural consultants in Victoria. It employs 50 staff and hasestablished a wide-ranging client base. Their work includes Federation Square inMelbourne, The Alfred Hospital Medical Research & Educational Precinct, a40,000m(2) office building at 15 William Street, Melbourne and ChevronResidential Development consisting of 306 apartments. The business has beenacquired by the Group's Waterman International (Asia) business, based in Sydney,Australia, the Group's regional headquarters for Asia. With this important acquisition Waterman International Asia's multidisciplineengineering staff now numbers 130 in offices in Sydney, Melbourne and Dubai withcurrent projects throughout Australia, China, Abu Dhabi, Dubai, Vietnam andRussia, with a combined turnover of A$20M (£8M). In the year ended June 2006, AHW Victoria made an operating profit of A$1.5M(£620K) on a turnover of A$8.2M (£3.3M). The initial consideration for the 51% interest has been satisfied by the paymenton completion of A$3.9M (£1.6M) in cash. A deferred payment of up to A$1.725M(£700K) in aggregate over the first 3 years following completion is payable incash or shares subject to the achievement of agreed performance targets. Uponcompletion, the business will have net assets of A$700K (£285K). The acquisition of AHW Victoria will strengthen Waterman's access to theAustralian and Asian markets for multidisciplinary engineering services and theMelbourne business will trade as Waterman AHW (Vic) Pty Ltd in line with theGroup's corporate strategy. AHW Victoria is also working on a number of key appointments, which include: • Royal Children Hospital Redevelopment • Geelong Technical & Medical School for Deakin University • Geelong LeisureLink Aquatic Centre • Whitten Oval Redevelopment • Atlantis Tower Development • Inverloch Broadbeach Resort Bob Campbell, Managing Director of Waterman, said: " I am delighted to announce this acquisition. It represents an importantcontinuation of our successful expansion into the Asia-Pacific region. Ourinternational business is performing well and has significant potential forfurther growth." -ends- Date: 1 November 2006For further information contact: Waterman Group plc cityPROFILEBob Campbell, Managing Director Simon CourtenayGraham Hiscocks, Finance Director 020 7448 3244020 7928 7888Web: www.waterman-group.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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