Click here to view to full announcement.
| Financial Highlights (unaudited): |
2007 |
2006 |
% Increase |
| Order Book |
£940m |
£700m |
34% |
| Adjusted Results1 |
|
|
|
| • Total revenue2 |
£577.4m |
£449.4m |
28% |
| • Adjusted profit before interest and tax |
£43.9m |
£30.7m |
43% |
| • Adjusted margin |
7.6% |
6.8% |
+0.8 pts |
| • Adjusted profit before tax |
£40.1m |
£27.5m |
46% |
| • Adjusted diluted earnings per share |
44.9p |
31.0p |
45% |
| Statutory Results |
|
|
|
| • Revenue |
£539.0m |
£416.7m |
29% |
| • Profit before interest and tax |
£41.2m |
£29.6m |
39% |
| • Profit before tax |
£37.4m |
£26.4m |
42% |
| • Diluted earnings per share |
42.3p |
30.4p |
39% |
| • Operating cash flow |
£47.4m |
£34.8m |
36% |
| • Net debt at 31 December |
£61.0m |
£34.9m |
75% |
| Total Dividend Per Share |
12.0p |
9.0p |
33% |
|
1. Adjusted to add back the amortisation on intangible assets arising on business combinations (including tax effect) and to reclassify the share of taxation on profits of the joint ventures and associated undertakings into taxation as the directors believe that this assists with understanding the underlying performance of the Group.
2. Total revenue is statutory revenue plus the Group’s share of revenue from joint ventures and associates. |
In the Chairman’s Statement, David Turner, says:
“I am very pleased to report that WSP has had another excellent year. The outstanding financial results and the successful delivery of our strategic objectives have ensured that our performance is ahead of market expectations.
I consider that our diverse range of regional and sector activity, together with the increasingly international project footprint, provides the Group with flexibility and resilience thereby continuing to deliver a sustainable strong performance and avoiding material cyclical change. For the last five years WSP’s strategy has been to ensure that the Group is not reliant on any individual client, sector or territory and we have a balanced diverse portfolio of work across many regions.
We will continue to improve operational efficiency and with our strong secured order book and clear visibility over 2008 and 2009 I am confident that the Group will continue to deliver increased revenue and profits in the year ahead.”
For further information please contact:
Christopher Cole, WSP Chief Executive, 020 7314 5000
Malcolm Paul, WSP Group Finance Director, 020 7314 5000
Charles Ryland, Buchanan Communications, 020 7466 5000
Richard Darby, Buchanan Communications, 020 7466 5000
Nicola Cronk, Buchanan Communications, 020 7466 5000
Click here to view to full announcement.
Click here to view the presentation by Chris Cole, Malcolm Paul and Stuart McLachlan to analysts and shareholders on 3rd March 2008 in the City of London.