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Consultant Atkins has admitted that it is set to lose 拢3m on Metronet, the London Underground consortium in which it has a 20% stake, because of missed targets.

Atkins has made a 拢3m provision because it expects Metronet to miss its own deadline for completing station improvements. Metronet has made a provision of 拢14m, 拢3m of which would be Atkins鈥� share.

Atkins revealed the charge when it announced its results for the year to 31 March 2005 on Monday.

Keith Clarke, Atkins chief executive, said Metronet could turn the situation around, not least because Andrew Lazala, formerly chief operating officer at Jarvis, took up his new role as chief executive this week.

鈥淥ur underlying performance is improving,鈥� said Clarke. 鈥淭here is less graffiti on the trains and fewer signal failures. We are improving the Tube and we have a new chief executive.鈥�

Clarke will represent Metronet鈥檚 five shareholders as non-executive chairman.

Atkins鈥� best performing division in 2004 was the design and engineering business. It accounted for 30% of turnover and 43% of operating profit.

Group pre-tax profit fell 3% to 拢60.1m on a turnover of 拢955m, 1% up on the previous year.

Clarke said Atkins was not 鈥渃hasing turnover, and we don鈥檛 need to be all things to all men鈥�.

He added that although the company wanted to expand in the Middle East and China, it did not want to become a global company.

The figures reflect Atkins鈥� pension deficit and also take into account exceptionals. Atkins will make annual pension contributions of 拢3.5m; an additional contribution of 拢8.6m was made in January. The group said it anticipated making future contributions of 拢10m a year to make up the deficit.

Atkins also faced an exceptional charge of 拢1.8m associated with its subsidiary Hanscond, but after that and the pension payments were taken into account, adjusted pre-tax profit rose 31% to 拢73.6m.

Clarke said the slowdown in rail work would continue in the short term and the firm had cut overheads in response. Rail turnover fell from 拢410.3m to 拢394.4m; operating profit tumbled 9% to 拢21.3m.

Atkins increased its total dividend for the year to 12p, up from 9p.