Waterman returns to the black

Engineering and environmental consultancy Waterman enjoyed a return to profit for the year ended 30 June 2011 as it continues to reposition the business in core markets and countries.Profit before tax for the year was £0.6m compared to a pre-tax loss of £5m. Adjusted profit rose to £1.2m from £1.1m before. Revenue fell to £74.1m from £83.2m.Chief executive Nick Taylor said these were robust results in a market, which is still constrained by lack of significant investment."The implementation of our three point strategy will allow the business to sustain the current market environment. We have made significant progress towards repositioning the business in core markets and countries, which going forward will provide revenue growth," the engineer said in a company statement.The group introduced a three throng strategy including reducing costs, returning each business unit to profitability and delivering revenue growth.Net debt increased to £8.6m from £6.4m in 2010. The dividend payment has been slashed to 0.2p from 1.8p the year before "to allow for the continued investment in the business, resources and future workload." Taylor noted an improved performance in the second half with increased profitability and reduction in net debt following re-structuring.---cj