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News releases 2015

PDF, 851KB - opens in a new window View the Half year results for the six months ended 30 September 2015 as a PDF.

PDF, 1.4MB - opens in a new window View the presentation as a PDF

View the webcast View the webcast

Good results, with strong revenue and profit growth.

Design, engineering and project management consultancy WS Atkins plc (Atkins or the Group) today announces its unaudited results for the six months ended 30 September 2015.

FINANCIAL SUMMARY

Key performance indicators      
  Note Six months to
30 Sept 2015
Six months to
30 Sept 2014
Change
Income Statement
Revenue 1 £904.6m £831.4m 8.8%
Operating profit £60.0m £44.6m 34.5%
Underlying operating profit 2 £59.0m £53.0m 11.3%
Operating margin 6.6% 5.4% 1.2pp
Underlying operating margin 2 6.5% 6.4% 0.1pp
Profit before tax £53.8m £39.0m 37.9%
Underlying profit before tax 3 £55.8m £46.9m 19.0%
Profit after tax £43.1m £31.2m 38.1%
Diluted EPS 42.9p 30.9p 38.8%
Underlying diluted EPS 42.8p 37.7p 13.5%
Dividend 4 11.7p 11.0p 6.4%
People
Staff numbers at 30 September 5 18,609 17,898 4.0%
Average staff numbers 18,506 17,569 5.3%
Net funds 6 £141.1m £155.3m (9.1)%
Work in hand 7 84.3% 89.1% (4.8)pp

HIGHLIGHTS

Financial highlights

  • Organic constant currency revenue up 4.7%
  • Underlying operating profit up 11.3%, margin of 6.5%
  • Underlying diluted EPS up 13.5% and interim dividend of 11.7p
  • Strong balance sheet with net funds of £141.1m

Operational highlights

  • Significant improvement in UK and Europe
  • Strong performance in Middle East
  • North America investing for growth with recent major win
  • Difficult first half in Energy, despite good growth in nuclear and power/renewables business
  • In line results in Asia Pacific, with challenging markets in mainland China

Commenting on the results, Uwe Krueger, chief executive officer, said:

‘This is another good set of results with strong growth in both revenue and underlying profitability. Our outlook for the full year remains unchanged. While short-term market uncertainty exists in some of our sectors, our strategic focus has put us in a strong position to benefit from longer-term growth. As urbanisation increases, infrastructure spending across the globe is predicted to grow significantly in the medium-term and we are well placed to benefit from this investment.’

Notes:

  • Revenue excludes the Group’s share of revenue from joint ventures.
  • Underlying operating profit excludes amortisation of acquired intangibles, deferred acquisition payments and exceptional profit on disposal of property. 2014 underlying operating profit excludes amortisation of acquired intangibles, exceptional transaction costs and impairment of goodwill.
  • Underlying profit before tax additionally excludes a loss on disposal of businesses of £3.0m (2014: profit £0.5m).
  • Interim dividend declared for the six months to 30 September.
  • Staff numbers are shown on a full-time equivalent basis, including agency staff.
  • Net funds comprise cash and cash equivalents plus financial assets and loan notes receivable less borrowings.
  • Work in hand is the value of revenue to date plus contracted and committed work at 30 September that is scheduled for the remainder of the financial year, expressed as a percentage of the forecast revenue for the year.

Enquiries

Heath Drewett, Group finance director + 44 20 7121 2000
Sara Lipscombe, Group communications director + 44 20 7121 2000
Kate Moy, Group investor relations director + 44 20 7121 2000

Notes to editors

1. Atkins
Atkins (www.atkinsglobal.com) is one of the world's most respected design, engineering and project management consultancies, employing some 18,600 people across the UK, North America, Middle East, Asia Pacific and Europe. We build long term trusted partnerships to create a world where lives are enriched through the implementation of our ideas. You can view Atkins’ recent projects on our website.

2. Attachments
Attached to this announcement are: the overview of the period, business review, finance review, statement of directors’ responsibilities, the unaudited: consolidated income statement, consolidated statement of comprehensive income, consolidated balance sheet, consolidated statement of cash flows, consolidated statement of changes in equity, notes to the condensed consolidated interim financial information and the independent auditor’s review report.

3. Analyst Presentation
A presentation for analysts will be held today at 0830. Dial-in details are available from +44 20 7121 2693 for those wishing to join the presentation by conference call. A webcast of the presentation will be available via the Company's website, www.atkinsglobal.com.

4. Cautionary Statement
This announcement has been prepared for the shareholders of Atkins as a whole and its sole purpose and use is to assist shareholders to exercise their governance rights. Atkins and its directors and employees are not responsible for any other purpose or use or to any other person in relation to this announcement and their responsibility to shareholders shall be limited to that which is imposed by statute.

This announcement contains 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 materially from those currently expected. No obligation is assumed to update any forward looking statements, whether as a result of new information, future events or otherwise.