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AGM Statement

8 Sep 2011 16:30

RNS Number : 9124N
Atkins (WS) PLC
08 September 2011
 



WS Atkins plc AGM Trading Statement

8 September 2011

 

Outlook for the year unchanged

 

At the Annual General Meeting held today the Chairman of WS Atkins plc ("Atkins" or the "Group"), Allan Cook, made the following statement to shareholders in relation to current trading. This statement also acts as the Group's pre-close trading update in advance of its half-year results for the six months to 30 September 2011 which will be announced on 17 November 2011.

 

"I am pleased to report to shareholders that, as confirmed in our Interim Management Statement of 3 August 2011, the Group has continued to navigate well through challenging market conditions in many of its markets. As a result, the earnings performance for the six months to 30 September 2011 is anticipated to be in line with our expectations.

 

Although overall economic conditions in the UK remain difficult, our business here continues to benefit from both the resilience of its diversified portfolio in a number of well-funded markets and its support for the Group's Middle East operations.

 

In North America our consultancy business continues to perform well. However, as previously noted, our Peter Brown construction management at risk business has had a poor start to the year and this is expected to impact revenues and limit overall margin growth for our North American business as a whole this year.

 

In the Middle East, as anticipated, our workload has increased during the year to date as investment continues in the growing infrastructure market.

 

Our Asia Pacific and Europe businesses are trading in line with our expectations, with continuing weak market conditions in both Ireland and Portugal.

 

In our Energy business we are making good progress in the core growth markets of nuclear, oil and gas and power. Our two recent acquisitions in this business are trading well following their successful integration.

 

Overall Group staff numbers have increased during the year to date to around 17,700, with growth in our Middle East and Energy businesses exceeding reductions in the UK, where we have continued to adjust our resource levels to meet expected demand.

 

We announced in June that the Group had commenced a consultation process with those employees who are members of the UK defined benefit pension plan in relation to a proposal to remove the link between employees' accrued pension and future increases in salary. The consultation process, which concludes at the end of September, is progressing.

 

Overall, the outlook for the Group for the current year remains unchanged."

 

Ends

 

 

Enquiries

 

Heath Drewett

Group finance director

+44 (0) 20 7121 2000

 

 

Sara Lipscombe

Group communications director

+44 (0)1372 726140

 

 

Notes to editors

 

1. Cautionary Statement

 

This 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.

 

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

 

2. Analyst conference call

 

There will be a conference call for analysts at 08.30 on Friday 9 September 2011. Details are available from Alex Simmons at Smithfield (+44 (0)20 7903 0669).

 

3. Atkins

 

Atkins (www.atkinsglobal.com) is a multinational engineering and design consultancy, providing expertise to help resolve complex challenges presented by the built and natural environment. Atkins is the largest multidisciplinary consultancy in Europe, the largest engineering consultancy in both the UK and the Middle East, and the UK's second largest architecture firm.

 

Atkins won Engineering Consultant of the Year 2008 at the prestigious Building Awards. The company was named among the "20 Best Big Companies to Work For 2008' by The Sunday Times; The Times Top 100 Graduate Employers 2008; and The Times Top 50 Companies Where Women Want to Work 2008. The company was construction sector winner for the third consecutive year in the Target National Graduate Recruitment Awards 2008.

 

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

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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