Atkins builds on Maersk Oil relationship with support contract win - 23 April 2014

> Find out more

Media

Print Bookmark

News releases 2012

Results for the year ended 31 March 2012 - 14 June 2012

PDF, opens in a new window View Results for the year ended 31 March 2012 as a PDF

Results for the year ended 31 March 2012 Webcast View the webcast

“Good results, with a return to headcount growth in an economic environment that continues to be challenging.”

Design and engineering consultancy group WS Atkins plc (Atkins) today announces its preliminary results for the year ended 31 March 2012.

RESULTS SUMMARY

Notes 2012 2011 Increase /
Decrease
Income statement
Revenue 1 £1,711.1m £1,564.3m +9.4%
Operating profit £137.2m £107.0m +28.2%
Underlying operating profit 2 £110.5m £118.7m -6.9%
Operating margin   8.0% 6.8% +1.2pp
Underlying operating margin 2 6.5% 7.6% -1.1pp
Profit before taxation £135.5m £91.0m +48.9%
Underlying profit before tax 3 £101.6m £102.7m -1.1%
Profit after taxation £106.8m £72.6m +47.1%
Diluted EPS   106.6p 72.7p +46.6%
Normalised diluted EPS 4 79.0p 75.0p +5.3%
Dividend 30.5p 29.0p +5.2%
People 5
Staff numbers 31 March - continuing 6 17,420 16,978 +2.6%
Average staff numbers 17,489 16,582 +5.5%
Cash
Net funds £122.6m £123.3m -0.5%
Work in Hand 7 60% 55% 5.0pp

HIGHLIGHTS

  • Revenue up 9%, normalised EPS up 5%
  • Diversification now delivering more than 50% of Group revenue from outside the UK
  • North American consultancy business margin further improved to 6.6% (2011: 5.7%)
  • Strengthened balance sheet, with net funds of £122.6m and a reduced pension deficit
  • Improved work in hand of 60% (2011: 55%)
  • Full year dividend increased by 5.2% to 30.5 pence
  • Outlook for 2012/13 remains unchanged and in line with expectations.

“We have made good progress in the last twelve months despite the challenging economic environment. During the second half we continued to diversify the business, improved cash flow, reduced our pension liabilities and are returning to growth. We remain focused on driving operational excellence throughout the business to improve margins, optimise our portfolio and meet the evolving needs of our clients. Our strategy is clear and the Group is well positioned to deliver further growth in the year ahead.”

Allan Cook CBE Dr Uwe Krueger
Chairman Chief executive officer

Notes:

  • Revenue excludes the Group’s share of revenue from joint ventures.
  • Underlying operating profit excludes amortisation of intangibles of £4.2m (2011: £3.7m) recognised on the acquisition of PBSJ and a pension curtailment gain of £30.9m (2011: Nil). In addition, 2011 excludes £8.0m of transaction costs associated with the acquisition of PBSJ.
  • Underlying profit before tax additionally excludes profit on disposal of our UK asset management business of £7.2m (2011: Nil).
  • Normalised diluted EPS is based on underlying profit after tax (2011: underlying profit is adjusted to add back the £8.0m of transaction costs associated with acquisition of PBSJ referred to in note 2 above) and allows for the dilutive effect of share options.
  • Staff numbers are shown on a full time equivalent basis, including agency staff.
  • Continuing staff numbers removes from the 2011 comparative figures 544 members of staff who left the Group with the sale of the UK asset management business in November 2011.
  • 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.

Enquiries

Atkins  
Uwe Krueger, Chief executive officer + 44 (0) 20 7121 2000
Sara Lipscombe, Group communications director +44 (0) 1372 726140
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) 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 (New Civil Engineer Consultants File 2012) and the 13th largest global design firm (Engineering News-Record 2011).

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

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 8.30am. 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.

View the full statement at www.atkinsglobal.com/investors