9th Sep 2010 16:30
WS Atkins plc - AGM Trading Statement
Group continues to perform well in difficult market conditions
At the Annual General Meeting held today the Chairman, Allan Cook, made the following statement to shareholders in relation to current trading. This statement also acts as the Group's pre-close trading update in advance of its half-year results for the six months to 30 September 2010 which will be announced on 25 November 2010.
"I am pleased to report to shareholders that, as confirmed in our Interim Management Statement of 2 August 2010, the resilience of the Group has continued to enable it to perform well in difficult market conditions. The Group's results for the six months to 30 September 2010 are anticipated to be in line with our expectations.
Consistent with our previous approach, we have continued to adjust our resource levels to meet expected demand and our headcount is now around 15,500. We remain prepared for a period of tighter UK Government spending.
Our Design and Engineering Solutions segment has begun the year well, with particularly encouraging performances from our water operations and energy businesses.
We maintain a strong baseload of work in our UK highway services business. However, the remainder of our Highways and Transportation segment has been impacted by reduced spending by our public sector clients.
Our Middle East business continues to make steady progress, and since the start of the year we have benefited from improving liquidity in the region.
Finally, further to our announcement on 2 August that the Group had entered into a definitive merger agreement to acquire The PBSJ Corporation ("PBSJ") in the United States, we have made good progress towards completion which we now anticipate will be achieved in early October. PBSJ's performance for the three months to 30 June 2010, filed with the SEC on 16 August 2010, was consistent with our acquisition assumptions.
We are looking forward to PBSJ joining the Group as we continue to develop and grow our business through our multi-skill, multi-local strategy.
Overall, the outlook for the Group for the current year, excluding any benefit from the PBSJ acquisition in the second half, remains unchanged."
Ends
Enquiries
Heath Drewett Group finance director |
+44 (0)1372 726140 |
|
|
Sara Lipscombe Group communications director |
+44 (0)1372 726140 |
Notes to editors
1. Cautionary statement
This announcement may contain indications of likely future developments and other forward-looking statements that are subject to risk factors associated with, among other things, the economic and business circumstances occurring from time to time in the countries, sectors and business segments in which the Group operates. These and other factors could adversely affect the Group's results, strategy and prospects. Forward-looking statements involve risks, uncertainties and assumptions. They relate to events and/or depend on circumstances in the future which could cause actual results and outcomes to differ. No obligation is assumed to update any forward-looking statements, whether as a result of new information, future events or otherwise.
2. Analyst conference call
There will be a conference call for analysts at 08.00 on Friday 10 September 2010. Details are available from Alex Simmons at Smithfield (+44 (0)20 7903 0669).
3. Atkins
Atkins (www.atkinsglobal.com) is the UK's largest engineering and design consultancy and the world's 11th largest design firm. We have the depth and breadth of expertise to respond to the most technically challenging and time critical infrastructure projects and the urgent transition to a low-carbon economy. Whether it's the concept for a new skyscraper, the upgrade of a rail network, the modelling of a flood defence system or the improvement of a management process, we plan, design and enable solutions.
Atkins was named Consultancy of the Year in the CIBSE Low Carbon Performance Awards 2010; received the first ever certification of the Carbon Trust Standard awarded to an engineering consultancy in the construction sector; and was named among The Times Top 50 Companies Where Women Want to Work 2009 and The Times Top 100 Graduate Employers 2009. Atkins was also construction and civil engineering sector winner for the fifth consecutive year in the Target National Graduate Recruitment Awards 2010 and was awarded a RoSPA Gold Award 2010 for excellence in control of health and safety in the workplace.
Atkins is the official engineering design services provider for the London 2012 Olympic and Paralympic Games.
Related Shares:
ATK.L