19 Nov 2010 07:00
WATERMAN GROUP PLC INTERIM MANAGEMENT STATEMENT
Waterman Group plc ("Waterman" or "the Group"), the international engineering and environmental consultant, today releases its Interim Management Statement for the period from 1st July 2010 to date.
The Group has begun the year with revenue in line with our expectations and the full year out-turn is expected to reflect the implementation of the Board's property cost saving strategy outlined in the recent full year results statement.
The property market in the UK is still challenging and fee levels have remained under pressure. Waterman has continued to win new commissions in the commercial, retail and residential sectors. Our environmental teams have witnessed an increase in due diligence commissions as a result of property transactions and the Environmental Impact Assessment workload associated with planning applications is also increasing as developers become more active.
The recent UK government comprehensive spending review announcements have removed some uncertainty regarding transport infrastructure projects such as CrossRail. We are also pleased to note that the Manchester Managed Motorway Programme, where Waterman have played a significant part in the planning and development process, will be proceeding to the implementation stage, subject to statutory process. Whilst in the first quarter of the financial year we witnessed less demand for our secondment services, now that the budgets are clearer, we are hopeful that demand may improve. We are currently re-bidding several major Highways Agency consultancy frameworks and an announcement of the successful companies is expected in early 2011.
Overseas, we have continued to focus on our core markets and geographical locations. The summer elections in Australia have affected decision making causing a delay to some of our healthcare and education projects in Melbourne and Sydney. The property markets in the Middle East and CIS have remained unpredictable in the first quarter, however new opportunities for future commissions are currently being discussed with clients.
Waterman continues to have a strong balance sheet underpinned by significant tangible assets and manageable levels of gearing. The outlook for the Group remains unchanged since our preliminary results which is one of renewed confidence, albeit with an element of caution due to challenges which still exist in the private and public sectors.
-ENDS-
Date: 19 November 2010
For further information please contact:
Waterman Group plc City Profile
Nick Taylor, Chief Executive Simon Courtenay
Alex Steele, Finance Director 020-7448-3244
020-7928-7888
Web: www.watermangroup.com