好色先生TV

Engineer Waterman has been dragged to a 拢1.3m half-year after-tax loss after taking a 拢1.7m hit from winding down its businesses in Russia and the UAE, although the firm鈥檚 underlying performance improved.

The firm posted an after-tax loss of 拢1.3m for the six months to 31 December 2013, after posting a 拢27,000 after-tax profit the previous year.

In Waterman鈥檚 statement to the stock exchange this morning, only the after-tax profit figure took into account the exceptional costs of pulling out of Russia and the UAE.

Pre-tax profit grew six-fold to 拢0.6m, up from 拢0.1m the previous year, and Waterman said it was on course to triple pre-tax profit over the next three years.

Revenue grew 8% to 拢34m, up from 拢31.4m.

Waterman chief executive Nick Taylor told 好色先生TV: 鈥淭he business that鈥檚 continuing is very profitable and is growing鈥�.

Taylor said the firm decided to pull out of Russia and the UAE just over a year ago after a review of its operations concluded it should 鈥渞efocus back on the UK鈥�.

The UK business grew 18% over the period to 拢28.4m revenue and now accounts for 86% of Waterman鈥檚 business.

The UK division reported an operating profit of 拢613,000 for the period, with all its professional businesses posting an operating profit except its civil and transportation business, which made a 拢583,000 loss, in part due to restructuring to take out 拢300,000 of management costs.

Taylor said the firm鈥檚 improving financial performance, when the costs of pulling out of Russia and the UAE are discounted, showed its 鈥渟trategy is working鈥�.

He said: 鈥淲e see the UK as a solidly performing area and the recovery that started in London is now starting to impact on our regional businesses.鈥�

Taylor added significant recent wins in the retail sector on Hammerson and Westfield鈥檚 拢1bn Croydon mall and Hammerson鈥檚 拢150m Victoria Gate retail development in Leeds would 鈥渟tart to come through in design work in 2015 and benefit the UK business鈥�.

The UK division increased its headcount of engineers and environmental consultants by 5% to 1,041 over the past eight months.

Overseas, the firm鈥檚 remaining businesses in Ireland, Poland and Australia 鈥済enerated an operating profit,鈥� Waterman said.