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Half Year Results for the six months ended 30 September 2010
25 November 2010

Half Year Results for the six months ended 30 September 2010 PDf, 130KB View the full Announcement as a PDF.

Atkins reports good results in a challenging environment and is well positioned for future growth

Design and engineering consultancy group WS Atkins plc (Atkins) today announces unaudited results for the six months ended 30 September 2010.

FINANCIAL SUMMARY

Six months
to
30 Sept
2010 		Six months
to
30 Sept
2009		Increase /
(Decrease)
Income statement – on a comparable basis a
Operating profit £48.3m £48.5m (0.4)%
Operating margin 7.3% 6.9% 0.4pp
Profit before taxation £41.7m £40.9m 2.0%
Diluted earnings per share 32.5p 31.6p 2.8%
Income statement – as reported
Revenue £664.2m £701.2m (5.3)%
Operating profit £45.3m £51.1m (11.4)%
Operating margin 6.8% 7.3% (0.5)pp
Profit before taxation £38.7m £43.5m (11.0)%
Profit after taxation £29.4m £33.9m (13.3)%
Diluted earnings per share 29.5p 34.3p (14.0)%
Dividend b 9.5p 9.25p 2.7%
People
Staff numbers at 30 September c 15,329 16,235 (5.6)%
Average staff numbers c 15,470 16,923 (8.6)%
Cash
Net funds d £279.2m £230.6m 21.1%

Notes:

  1. Comparable basis excludes transaction costs of the PBSJ acquisition in 2010 and a pension curtailment gain in 2009
  2. Interim dividend declared for the six months to 30 September
  3. Staff numbers are shown for continuing operations and on a full-time equivalent basis, including agency staff
  4. Net funds comprise cash and cash equivalents plus financial assets and loan notes receivable less borrowings

Highlights

  • Good results in a challenging market, demonstrating resilience
  • We anticipated difficult conditions and continued to take timely action to operate in an uncertain environment, delivering improved operating margins on a comparable basis
  • We acquired The PBSJ Corporation on 1 October for $280m, giving us significant business in North America and growing the Group’s headcount to around 18,500
  • A more balanced geographic footprint and targeted investment in technical skills mean that we are well positioned for medium term opportunities
  • The Board remains confident, with its outlook for the full year unchanged

Commenting on the results, Keith Clarke, chief executive, said:

“These good results demonstrate our resilience as we have continued to perform in challenging conditions. We have anticipated difficult markets and continue to take timely action to ensure we are in the best position to respond to our clients’ changing needs. The scale, breadth and depth of our technical skills and our more balanced geographic footprint mean we are well positioned for future growth.”

Enquiries

Atkins
Keith Clarke
chief executive		 + 44 (0) 1372 726140
Heath Drewett
Group finance director		 + 44 (0) 1372 726140
Sara Lipscombe
Group communications director		 + 44 (0) 1372 726140
Smithfield
Alex Simmons +44 (0) 20 7360 4900

Notes to editors

1. Atkins

Atkins (www.atkinsglobal.com) plans, designs and enables the delivery of complex infrastructure and buildings for clients in the public and private sectors across the world. Atkins is the largest engineering consultancy in the UK and the world's eleventh largest international design firm (sources: New Civil Engineer Consultants File, 2010; Engineering News-Record, 2010).

Atkins is the official engineering design services provider for the London 2012 Olympic and Paralympic Games.

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 at 8.30am today at JPMorgan Cazenove, 20 Moorgate, London EC2R 6DA. Dial-in details are available from Smithfield for those wishing to join the presentation by conference call.

A webcast of the presentation will subsequently be available via the Company’s website, www.atkinsglobal.com.

4. Cautionary Statement

This interim financial information 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.

The report 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. No obligation is assumed to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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