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WS Atkins H1 statutory profit down, underlying profit up

Thu, 17th Nov 2016 08:02

(ShareCast News) - FTSE 250 engineering consultancy WS Atkins reported a 14% rise in first-half underlying pre-tax profit but a drop in statutory profit, as it maintained its outlook for the year.In the six months to the end of September, underlying pre-tax profit rose to £63.6m from £55.8m on revenue of £994.7m, up 10% from the previous year.However, statutory pre-tax profit fell 58.4% to £22.4m due to a £18.5m impairment of goodwill and a £18.7m charge from amortisation and impairment of acquired intangibles.In the UK and Europe, profit was up 32% thanks to strong markets and improved operational delivery, while North American experienced a good first half, underpinned by two major transport projects.The Middle East, meanwhile, was hit by more difficult transportation and infrastructure markets and demobilisation of metro projects although the company did have good wins in the Dubai property market.WS Atkins said it continues to face challenges in some of its oil and gas markets and it has reviewed and impaired the carrying value of goodwill and intangible assets in its North America oil and gas business by £23.3m.Still, the green light on the Hinkley Point C new build nuclear project is an encouraging signal of commitment from the UK government to building crucial energy infrastructure, the group said.Chief executive officer Uwe Krueger said: "Despite challenges in some markets, we have delivered good underlying profitability and the near term outlook in our UK and North American businesses is particularly positive. We are confident that our focus on differentiation in nuclear, digital innovation and advisory will deliver further growth over the longer term. Our outlook for the full year is unchanged." At 0900 GMT, WS Atkins shares were down 2.4% to 1,620p.
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8 Feb 2017 07:52

WS Atkins trades well though Middle East remains shaky

(ShareCast News) - Design, engineering and project management consultancy WS Atkins provided its third quarter trading update for the period from 1 October 2016 to date on Wednesday, saying it traded in line with expectations during the period with continued currency benefits as anticipated, and the

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30 Jan 2017 15:30

WS Atkins climbs despite silence over CH2M talk

(ShareCast News) - Although its shares climbed steadily on Monday, engineer WS Atkins has refused to comment on reports that it has been approached by US peer CH2M Hill over a possible $4bn merger. The Times said privately owned CH2M, which has worked with the UK company on projects such as the T

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30 Dec 2016 12:27

UK Dividends Calendar - Next 7 Days

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12 Dec 2016 07:13

Atkins to sell minority stake in M25 for £66m

(ShareCast News) - Engineering firm WS Atkins has agreed to sell its minority investment in the M25 motorway to a consortium of institutional investors for £66.3m. The FTSE 250 company will sell its private finance initiative in the motorway to Edge Orbital Holdings, which is being advised by broker

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5 Dec 2016 09:33

BROKER RATINGS SUMMARY: Citi Raises BHP, Anglo, Rio Tinto And South32

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21 Nov 2016 15:01

Broker tips: European recruiters, Mitie, WS Atkins

(ShareCast News) - HSBC upgraded staffing groups Page, Hays and SThree to 'buy' ratings as the sector is seen as a key beneficiary of impending inflation. Trading down at the low end of where they would expect to be in the cycle compared to industrial stocks, HSBC said recruiters are cheaper relativ

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21 Nov 2016 10:32

WINNERS & LOSERS SUMMARY: Essentra Shares Sink After Profit Warning

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21 Nov 2016 09:36

WS Atkins slumps on Liberum downgrade

(ShareCast News) - WS Atkins was under the cosh on Monday as Liberum downgraded the stock to 'hold' from 'buy' and cut the price target to 1,600p from 1,720p after the company's first-half results last week. The brokerage said first-half fully diluted earnings per share were exactly in line, with 13

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21 Nov 2016 08:23

LONDON BRIEFING: Essentra And Mitie Woes Sink Midcap Index

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17 Nov 2016 07:50

WS Atkins Says Outlook Unchanged Despite US Period Of Uncertainty

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10 Nov 2016 16:17

UK Earnings, Trading Statements Calendar - Next 7 Days

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8 Nov 2016 12:11

FTSE 250 movers: JLT and Tullett jag lower, Evraz rides steel spike

(ShareCast News) - The FTSE 250 was led moderately lower on Tuesday as most markets moved skittishly sideways ahead of a US election that is seen as having potentially widespread implications for the global economy. The expected boost to volatility from global markets was behind a rise of interde

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13 Oct 2016 13:50

Broker tips: United Utilities, Prudential, service sector

(ShareCast News) - United Utilities got a boost on Thursday as Societe Generale upgraded the stock to 'buy' from 'hold', noting that recent share price weakness now implies a total shareholder return of 18%. The stock has underperformed the FTSE 100 by 11% since the 2 October Tory Party conference.

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