The fall in private commercial work has hit the bottom line at engineering and environmental consultant Waterman

In the six months to 31 December 2009, it announced a pre-tax profit of 拢456,000 on a turnover of 拢42.9m, which compared with a 拢3.1m profit on turnover of 拢71.1m in the same period in 2009. The group鈥檚 net debt has fallen 25% to 拢7.7m since June 2009.

Nick Taylor, chief executive, said: 鈥淭he property sector, which historically provides more than 75% of the group鈥檚 turnover, has remained depressed by the downturn in the economy. Trading conditions have been flat during the past six months, albeit at a consistent monthly level.鈥�

The company said it would target the growing markets of energy and power work.

The turnover split across its four UK divisions was as follows: civils (拢16.9m), structures (拢6.1m), building services (拢4.1m) and environmental (拢3.9m).

Overseas, turnover fell 21% from 拢19.6m to 拢15.5m, where it has also suffered with a drop in private property work.

Taylor said: 鈥淥ne third of Waterman鈥檚 revenue comes from overseas projects and the company is well placed with a first class range of clients. I am confident that when the property sector starts to recover, then we will see a return to growth.鈥�

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