Half year results for the six months ended 30 September 2014

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Results for the year ended 31 March 2013 - 13 June 2013, PDF, 696KB View the Results for the year ended 31 March 2013 - 13 June 2013 as a PDF.

View the presentation, PDF, 930KB View the presentation as a PDF.

Results for the year ended 31 March 2013 Webcast View the webcast

Video interview with Uwe View the video interview with Uwe

View the CNBC interview with Uwe Kreuger View the CNBC interview with Uwe Krueger

“Good results, despite challenges in some markets.”

Design and engineering consultancy group WS Atkins plc (Atkins) today announces its preliminary results for the year ended 31 March 2013.

RESULTS SUMMARY

Notes 2013 2012 Increase /
Decrease
Income statement        
Revenue 1 £1,705.2m £1,711.1m -0.3%
Operating profit £104.1m £137.2m -24.1%
Underlying operating profit 2 £109.8m £110.5m -0.6%
Operating margin   6.1% 8.0% -1.9pp
Underlying operating margin 2 6.4% 6.5% -0.1pp
Profit before taxation £103.3m £135.5m -23.8%
Underlying profit before tax 3 £104.5m £101.6m +2.9%
Profit after taxation £88.4m £106.8m -17.2%
Diluted EPS   88.8p 106.6p -16.7%
Underlying diluted EPS 4 86.7p 79.0p +9.7%
Dividend 32.0p 30.5p +4.9%
People 5
Staff numbers 31 March   17,899 17,420 +2.7%
Average staff numbers 17,648 17,489 +0.9%
Cash
Operating cash flow £82.9m £68.6m +20.8%
Net funds £143.0m £122.6m +16.6%
Work in Hand 6 55% 56% -1.0pp

HIGHLIGHTS

  • Underlying profit before tax up 2.9% to £104.5m, on flat revenue
  • Underlying diluted EPS up 9.7%
  • Strong UK performance, with revenue up 4.7% and operating profit up 9.7%
  • Investment in growth continues, with Energy revenue up 18.3%
  • North America and Middle East markets remain challenging
  • Improved operating cash flow, with net funds of £143.0m (2012: £122.6m)
  • Full year dividend increased by 4.9% to 32.0 pence (2012: 30.5p)
  • Positive momentum continues into 2013/14, with outlook unchanged and in line with expectations.

“We have delivered another year of good results and made notable progress towards the implementation of our strategy over the past 12 months. We have continued to optimise our portfolio with the agreed sale of our UK highways services business and sustained positive momentum in our UK, Asia Pacific and Europe and Energy businesses. We remain focused on driving operational excellence throughout the Group to improve margins, optimise our portfolio and meet the evolving needs of our clients. We are confident we will achieve further underlying growth in the year ahead.”

Allan Cook CBE Prof Dr Uwe Krueger
Chairman Chief executive officer

Notes:

  • Revenue excludes the Group’s share of revenue from joint ventures.
  • Underlying operating profit excludes amortisation and impairment of intangibles recognised on the acquisition of PBSJ of £10.0m (2012: £4.2m) and a pension curtailment gain of £4.3m (2012: £30.9m).
  • Underlying profit before tax additionally excludes profit on disposal of subsidiary undertakings and investments in joint ventures of £8.3m (2012: £7.2m) and costs associated with the sale of our UK highways services business of £3.8m (2012: nil).
  • Underlying diluted EPS is based on underlying profit after tax and allows for the dilutive effect of share options.
  • Staff numbers are shown on a full time equivalent basis, including agency staff.
  • Work in hand is the value of contracted and committed work as at 31 March that is scheduled for the following financial year, expressed as a percentage of budgeted revenue for the year. In both years it excludes the UK highways services business, the disposal of which is expected in the summer.

Enquiries

Atkins

Uwe Krueger, Chief executive officer +44 (0) 20 7121 2000
Heath Drewett, Group finance director +44 (0) 20 7121 2000
Sara Lipscombe, Group communications director +44 (0) 20 7121 2000

Kate Moy, Investor relations director

+44 (0) 20 7121 2000
Smithfield  
Alex Simmons +44 (0) 20 7360 4900

Notes to editors

1. Atkins

Atkins (www.atkinsglobal.com) is one of the world's leading design, engineering and project management consultancies*, employing some 17,900 people across the UK, North America, Middle East, Asia Pacific and Europe. Over 75 years, from post-war regeneration and the advent of nuclear engineering to high speed rail and the integrated sustainable cities of the future, our people’s breadth and depth of expertise and drive to ask why has allowed us to plan, design and enable some of the world’s most complex projects.

*14th largest global design firm (Engineering News-Record 2012) and the third largest multidisciplinary consultancy in Europe (Svensk Teknik och Design 2012).

2. Attachments

Attached to this news release are the overview of the year, extracts from the business review, the consolidated income statement, consolidated statement of comprehensive income, consolidated balance sheet, consolidated cash flow statement, consolidated statement of changes in equity and notes to the preliminary financial information for the year.

3. Analyst Presentation

A presentation for analysts will be held today at the London Stock Exchange at 08.30am. Dial-in details are available from Smithfield 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 news release and preliminary financial information (news release) have been prepared for the shareholders of the Company as a whole and their sole purpose and use is to assist shareholders to exercise their governance rights. In particular, this news release has not been audited or otherwise independently verified and no warranty is given as to its accuracy or completeness (other than any such warranty which is mandatorily implied by statute). The Company and its directors and employees are not responsible for any other purpose or use or to any other person in relation to this news release and their responsibility to shareholders shall be limited to that which is imposed by statute.

This news release 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.